OKX Launches X Layer, Ethereum-Based L2 Network, Boosting OKB Token
Centralized crypto exchange OKX has taken a major step into the Layer 2 scaling solution space with the launch of its public mainnet, X Layer. This Ethereum-based network, powered by Polygon’s technology, aims to provide users with faster, cheaper transactions while maintaining the security of the Ethereum blockchain.
“We see X Layer and other Layer 2 chains as the essential infrastructure for Web3,” said OKX CMO Haider Rafique. “Our goal is to build a seamless and interoperable ecosystem for users to explore decentralized applications (dApps).”
Early Traction and User Base Advantage
X Layer, previously known as “X1,” has already garnered significant interest. Launched in testnet phase last November, it attracted over 50 dApps within a week. Now, live on the mainnet, established projects like The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap are leveraging X Layer’s functionalities.
Users of OKX, boasting over 50 million globally, benefit from seamless integration with X Layer. They can deposit and withdraw crypto through OKX while accessing over 170 dApps for token swaps, staking, and other DeFi activities. This existing user base positions X Layer for significant adoption and liquidity.
OKB Token Surge
The launch of X Layer has directly impacted the price of OKX’s native token, OKB. At the time of writing, OKB is up over 14.7%, currently trading at just above $60. This price increase suggests investor confidence in the utility and future potential of OKB within the X Layer ecosystem. As the network’s native asset, OKB is used to pay transaction fees.
Technical Details and Interoperability
X Layer is a zero-knowledge (ZK) rollup solution built using Polygon’s Chain Development Kit (CDK). This technology helps scale Ethereum by processing transactions off-chain before settling them on the mainnet, leading to faster and cheaper transactions. Additionally, X Layer’s compatibility with the Ethereum Virtual Machine (EVM) allows developers to easily deploy existing Ethereum dApps without extensive modifications.
X Layer takes interoperability a step further with its “AggLayer.” This blockchain aggregation layer connects X Layer to other networks built using Polygon’s CDK. This fosters a larger ecosystem with shared liquidity and a unified user experience across multiple chains.
“X Layer represents a significant step towards a truly unified Web3,” said Marc Boiron, CEO of Polygon Labs. “By connecting to the AggLayer, X Layer addresses the issue of fragmented liquidity and user base across different chains. This allows all connected networks to grow together, and OKX’s 50 million users now have a smooth path to explore X Layer and the broader AggLayer ecosystem.”
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