OKX Launches L2 Network X Layer Mainnet, Aiming to Bring 50 Million Users into the Blockchain

OKX Launches L2 Network X Layer Mainnet, Aiming to Bring 50 Million Users into the Blockchain

OKX Launches L2 Network X Layer Mainnet, Aiming to Bring 50 Million Users into the Blockchain

Cryptocurrency exchange OKX announced on Tuesday (16th) the launch of the public mainnet of X Layer, an Ethereum Layer 2 network. The network is developed based on Zero Knowledge Proof (ZK) technology and built using the Polygon Chain Development Kit (CDK). OKX’s native asset, OKB, will be used for transaction fees on the X Layer network.

Haider Rafique, the Marketing Director of OKX, stated that X Layer was previously known as “X1” and was launched on the testnet in November last year. Within a week, it deployed over 50 dApps. According to a statement shared with The Block, many Web3 and DeFi applications are already using this Layer 2 network, including The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap.

According to the statement, X Layer has been integrated with the OKX exchange and OKX Web3 wallet, allowing users to seamlessly bridge assets from both platforms to X Layer. This enables interaction with multiple dApps deployed on the network, facilitating token trading, staking, and other smart contract applications. OKX added that its 50 million global users provide a large potential user base and sufficient liquidity for X Layer.

Source:
OKX

As the news of the launch of the public mainnet of X Layer emerged, the price of the OKB token rose from around $54 to $60 within 12 hours, representing a more than 10% increase.

Utilizing Polygon’s CDK and AggLayer

X Layer is a ZK rollup solution built using the CDK of Polygon, an Ethereum scaling solution. It aims to increase transaction throughput and reduce costs while maintaining the security of the Ethereum network. As X Layer is compatible with the Ethereum Virtual Machine (EVM), existing Ethereum-based applications can be easily deployed on the network without extensive development work.

Polygon Labs released the CDK software toolkit in August 2023, enabling developers to build ZK rollup chains for Ethereum. Multiple projects, including Immutable, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network, are already using or planning to use Polygon CDK to develop their Layer 2 networks. OKX has also contributed to this technology stack.

X Layer will connect with other networks driven by Polygon CDK, including the blockchain aggregation layer “AggLayer,” to expand the ecosystem’s scale and achieve state sharing and unified liquidity between multiple chains.

Data source