OKX, a cryptocurrency exchange, has introduced its own Ethereum layer-2 network in-house. This move allows users to engage with decentralized apps at reduced fees and seamless interoperability, similar to what Coinbase offers.
On April 15, OKX introduced the main public network for X Layer, their zero-knowledge proof network. This network was constructed utilizing Polygon‘s chain development kit (CDK). It allows for shared state and liquidity among various blockchain networks through Ethereum scaling protocol’s Aggregation Layer.
CryptoMoon received information that X Layer claims faster, more affordable transactions when dealing with on-chain apps. This network employs ZK-proofs, similar to what Ethereum layer-2 networks use for heightened security and efficiency.
Developers can easily deploy or transfer Ethereum DApps to X Layer because it is EVM-compliant, meaning they don’t need to rewrite the code beneath.
According to OKX’s Chief Marketing Officer, Haider Rafique, X Layer and similar layer-2 networks are poised to become essential building blocks in the interconnected framework of the Web3 community.
“Rafique shared that we’re constructing a unified system where everything works smoothly and effortlessly with other Ethereum networks. He expressed his belief in the boundless possibilities of X Layer due to our robust community and interconnections.”
In November 2023, OKX initiated the beta phase of X Layer’s mainnet, drawing over 50 Web3 Decentralized Applications (DApps) to experiment on their testnet. Notably, DApps such as The Graph, Curve, LayerZero, QuickSwap, Galaxy, and Timeswap are currently in the process of integrating with OKX’s custom layer-2 network.
With the introduction of X Layer, OKX users can now effortlessly transfer assets, make deposits and withdrawals for cryptocurrencies on OKX, and gain access to approximately 200 Decentralized Applications (DApps). These DApps provide features such as token swaps, staking, and smart contract execution. As the native token of X Layer, OKB from OKX is utilized for paying gas fees within this network.
Polygon CDK is praised for offering mutually advantageous results for OKX, X Layer, and other chains linked to Polygon’s Aggregation Layer (AggLayer). Essentially, X Layer bridges connections to chains built on Polygon CDK via the AggLayer, enabling seamless transfer of liquidity between these interconnected chains.
In simpler terms, Marc Boiron, the CEO of Polygon, explains that this setup forms a connected web of liquidity among various blockchain systems.
“The link between X Layer and AggLayer eliminates the issue of liquidity and user division across different chains within AggLayer, enabling them to expand in unison. Now, OKX’s 50 million users have a seamless onboarding process to X Layer and all other connected chains on the AggLayer.”
According to VanEck’s assessment, the total value of Ethereum layer-2 networks could reach an astounding $1 trillion by the year 2030. These networks play a crucial role in enhancing Ethereum’s capabilities, enabling affordable, secure, and decentralized transactions and applications.
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2024-04-15 17:07