Cryptocurrency exchange OKX has followed in the footsteps of Coinbase by introducing its own Ethereum-based layer-2 network called X Layer. This network, which utilizes zero-knowledge proofs, was launched on April 15 and aims to provide users with lower fees and improved interoperability when interacting with decentralized applications (DApps).
X Layer, built using Polygon’s chain development kit (CDK), enables shared state and liquidity across multiple blockchain networks by utilizing the Ethereum scaling protocol’s Aggregation Layer. By leveraging ZK-proofs, the network enhances security and scalability, making transactions faster and cheaper when engaging with on-chain applications.
One of the key advantages of X Layer is that it is EVM-compatible, meaning developers can launch or migrate Ethereum-based DApps without the need to rewrite the underlying code. OKX’s chief marketing officer, Haider Rafique, believes that layer-2 networks like X Layer will play a crucial role in creating a seamless and interoperable Web3 ecosystem.
Since launching the mainnet beta version of X Layer in November 2023, OKX has attracted over 50 Web3 DApps to join its testnet. DApps such as the Graph, Curve, LayerZero, QuickSwap, Galaxy, and Timeswap are currently in the process of deploying on OKX’s layer-2 network.
With X Layer, OKX users can transfer assets, deposit and withdraw cryptocurrencies, and access nearly 200 DApps offering token swaps, staking, and smart contract functionality. The network’s native token, OKB, acts as the native token for X Layer and is used to pay gas fees.
OKX’s partnership with Polygon CDK provides mutual benefits for both parties. X Layer connects to other chains built on Polygon CDK through the AggLayer, allowing for the seamless transfer of liquidity between these chains. According to Polygon CEO Marc Boiron, this integration solves the issue of liquidity fragmentation across different blockchain protocols.
Investment management firm VanEck predicts that Ethereum layer-2 networks could surpass $1 trillion in market capitalization by 2030. These networks have become essential in scaling Ethereum, enabling secure, low-fee, and decentralized transactions and applications.
In other news, a recent study revealed that 1 in 6 new Base meme coins are scams, and 91% of them have vulnerabilities.