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OKX Launches X Layer on Ethereum-based Layer-2 Scaling Network
Crypto exchange OKX made a significant announcement on Monday, revealing that its Ethereum-based layer-2 scaling network, X Layer, has officially entered the public mainnet. This development positions X Layer as a prominent player in the blockchain industry, offering users faster and more cost-effective transactions compared to Ethereum’s native mainnet.
Utilizing the Polygon CDK, OKX’s X Layer stands out as one of the pioneering platforms leveraging Polygon’s innovative AggLayer technology. Introduced by Polygon earlier this year, the AggLayer solution aims to unify various blockchains into a cohesive ecosystem by establishing a shared network state and seamless liquidity flow between networks.
Haider Rafique, Chief Marketing Officer at OKX, expressed the company’s commitment to creating an interoperable ecosystem with limitless potential for growth. Rafique emphasized X Layer’s boundless opportunities, underpinned by OKX’s robust community support.
As one of the leading cryptocurrency exchanges globally, with a user base exceeding 50 million traders, OKX has witnessed substantial trading volume, surpassing $4.9 billion in transactions within a single day. This volume supersedes the trading activity recorded at Coinbase, a prominent U.S.-based exchange, as reported by CoinGecko.
Comparison with Coinbase’s Base Layer-2 Network
Analogous to OKX’s integration of Polygon’s technology, Coinbase has developed its layer-2 network, Base, utilizing the OP Stack from Optimism. Since its launch in July, Base has accumulated an impressive user base of approximately 8 million individuals and facilitated over 154 million transactions, according to data sourced from Dune Analytics.
Besides enhancing transaction affordability, layer-2 networks significantly enhance user engagement with decentralized applications (dapps) due to their lower operational costs. Through X Layer, users gain access to a diverse array of 170 dapps, with continuous expansion projected by OKX.
Key dapps currently available on X Layer include the decentralized exchange QuickSwap, community-focused platform Galxe, and the infrastructure provider Thirdweb. Notably, X Layer distinguishes itself from Base by incorporating zero-knowledge (ZK) proofs, a cryptographic concept facilitating secure statement validation without revealing the underlying data.
Polygon’s CEO, Marc Boiron, commended X Layer’s strategic alignment with the AggLayer, emphasizing the solution’s role in addressing liquidity fragmentation and promoting cross-chain interoperability. Boiron highlighted X Layer as a pivotal advancement in the industry’s pursuit of a unified Web3 ecosystem.
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