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Crypto Exchange OKX Launches Ethereum Layer-2 Network X Layer Mainnet
On April 15, crypto exchange OKX made a significant move by opening its Ethereum layer-2 network X Layer mainnet to the general public. The journey to this momentous occasion began with the testnet launch in November 2023, which received widespread acclaim. The layer-2 network was developed utilizing Polygon’s Chain Development Kit (CDK), a powerful toolkit empowering developers to create their chains using cutting-edge zero-knowledge technology.
OKX’s Vision and Strategy
Haider Rafique, the Chief Marketing Officer of OKX, elucidated that the decision to develop a layer-2 network stemmed from the belief that mainstream adoption could best be achieved by aiding in scaling Ethereum, the largest existing Web3 community, rather than competing with it. This strategic approach aims to leverage the robust communities of Polygon and Ethereum to seamlessly transition OKX’s 50 million users onto the blockchain.
The X Layer Platform
X Layer stands out as a highly performant and secure Ethereum-based Zero Knowledge (ZK) layer-2 network. The platform has already gained traction with over 200 decentralized applications, including popular names like Etherfi, Chainlink, Curve Finance, Eigen Layer, and Renzo Protocol, choosing to build on it.
Haider Rafique emphasized, “Now that the X LAYER public mainnet is live, our focus is to onboard as many developers and users as possible. Our aim is to add value by providing a seamless and efficient experience on-chain, to encourage and facilitate new innovations based on L2 and ZK technologies.”
Furthermore, OKB, the exchange’s native token, will play a key role in facilitating gas payments on the layer-2 network. The launch of this mainnet resulted in a notable 5% increase in OKB’s value, defying the prevailing market downturn that had impacted several large-cap digital assets.
Resolving Branding Controversy
Initially, the chain was marketed as X1, leading to concerns of potential confusion with another platform built by XEN developers, originally known as XONE and now rebranded as X1. In a bid to avoid any branding issues following a lawsuit from the XEN developers, OKX ultimately decided on the name X Layer for its network.
Layer-2 Networks in the Crypto Sphere
Layer-2 blockchain networks play a pivotal role in enhancing Ethereum’s scalability, a trend that has gained significant traction and integration within the crypto space. Data from L2Beat illustrates that these networks collectively support 117 transactions per second, representing a remarkable improvement over Ethereum’s mainchain by a factor of 9.67.
Additionally, the total value of assets secured on layer-2 networks reached an all-time high of $45 billion before experiencing a slight decrease to $37 billion at the time of this report.
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