Cryptocurrency exchange OKX announced the launch of the X Layer network, a major step in the development of Web3, putting it on par with companies that have built their own Layer-2 networks.
X Layer is an innovative and secure Ethereum-based Layer-2 (L2) Zero-Knowledge (ZK) network built by OKX in collaboration with Polygon Labs, according to PR Newswire.
X Layer's advanced technologies enable faster user interactions and lower costs. The ZK Zero-Knowledge Proof-of-Concept protocol provides the network with a high level of security and scalability and reduces transaction costs. The network is Ethereum-compatible, enabling seamless and secure deployment of decentralized EVM-based applications (dApps) and connectivity to a wide range of smart contracts, wallets, and tools.
"X Layer is for forward-thinking developers who are building applications to connect millions of people on a blockchain. We envision X Layer and other Layer-2 chains as the road infrastructure of a Web3 world, with dApps as marketplaces and self-distributed wallets as vehicles. In pursuit of this goal, we are building an ecosystem that should be as seamless and interoperable as possible. We believe X Layer has limitless potential due to our strong community and its connections to other Ethereum-based networks," said Haider Rafique, Chief Marketing Officer at OKX.
The X Layer test network was launched in the fourth quarter of 2023. In a short period of time, it has deployed more than 50 Web3 dApps. The X Layer test network was optimized in the same quarter. It is worth noting that many applications on the X Layer, such as The Graph, Curve, LayerZero, QuickSwap, and Galxe, are still in the process of being deployed.
Through the X Layer network, users around the world can transfer assets, deposit and withdraw cryptocurrencies on OKX, and have access to more than 170 decentralized applications that offer the ability to exchange, stake, and interact with smart contracts.
OKX expects the number of dApps to increase significantly after the official launch.
The exchange emphasized that OKX's OKB platform token will serve as its own X Layer token for charging gas on the network.
X Layer, based on Polygon CDK, uses a ZK-based toolkit for blockchain developers. They can use it to create new L2 chains for Ethereum.
In addition, OKX developers will continue to work with Polygon CDK, which will ensure that the network continues to evolve according to external and internal factors and requirements. In addition, other chains running on Polygon CDK will join X Layer through AggLayer, increasing the network's community and access to liquidity.
"X Layer is the next step in the industry's quest to create a truly unified Web3. Connecting X Layer to AggLayer solves the problem of liquidity and user fragmentation between chains on AggLayer, so they can all grow together. OKX's 50 million users now have an easy way to connect to X Layer and all other chains connected to AggLayer. The impressive lineup of talented developers who have already begun building X Layer is a testament to the potential of the network, and we look forward to continuing to work with OKX to achieve our shared industry goals," said Marc Boiron, CEO of Polygon.
Earlier in August 2023, Coinbase also launched Base, a L2 network for Ethereum, while Kraken is actively taking steps to build its own L2 blockchain.
