OKX envisions that its Layer 2 network will serve as the ”highway infrastructure of the Web3 world.”
OKX’s layer 2 network Layer X has launched on the mainnet.
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Posted April 16, 2024 at 2:11 am EST.
Crypto exchange OKX has launched the public mainnet of its Ethereum Layer 2 network X Layer, built using the Polygon Chain Development Kit.
In a Monday announcement, the exchange said that X Layer had hit the public mainnet and its exchange token OKX would serve as the network’s native gas token. The price of OKB was up over 16% over the last day, trading at around $61.54 at the time of writing.
X Layer is built with Polygon’s Chain Development Kit (CDK) and will enable shared liquidity across multiple chains using Polygon’s AggLayer – a decentralized protocol that aggregates zero-knowledge (ZK) proofs from connected chains and ensures safety for near-instant cross chain transactions.
According to Polygon CEO Marc Boiron, the connection to AggLayer will solve the issue of fragmented liquidity and users across chains. He said that this layer 2 would serve as a path to onboard OKX’s 50 million users.
“We envision X Layer and other Layer-2 chains as the highway infrastructure of the Web3 world, with dApps as the marketplaces and self-hosted wallets as the vehicles that take you there,” said OKX Chief Marketing Officer Haider Rafique.
After the Layer 2 network went live on the testnet in November, more than 50 decentralized applications (dApps) deployed on the network within a week. Now, a number of well-known names in decentralized finance (DeFi), like Curve and LayerZero, are in the process of deploying their applications on Layer X.
Users will be able to use the network for asset transfers, deposits and withdrawals of crypto on OKX and access more than 170 dApps with the ability to swap, stake and interact with smart contracts.
OKX is the second largest crypto exchange after Binance by monthly trading volume and commands 6.87% of market share, according to data from The Block. It is the second major exchange to launch its own layer 2 network, following Coinbase’s Base, which has seen massive growth over the last few months.
