The Ethereum-based layer-2 scaling network, X Layer, has made its public mainnet debut, according to a Monday announcement from cryptocurrency exchange OKX. This makes it the newest well-known blockchain that allows users to transfer cryptocurrency more quickly and affordably than Ethereum’s own mainnet.
Developed with the help of the Polygon CDK, OKX’s X Layer is also among the first to make use of Polygon’s “AggLayer.” The concept, which was unveiled by Polygon in January, aims to create a shared network state and liquidity that allows money to move easily between networks, giving the impression that numerous distinct blockchains are one.
According to a statement from OKX’s Chief Marketing Officer Haider Rafique, “We are building an ecosystem that is as seamless and interoperable as possible,” and “X Layer has limitless potential thanks to [OKX’s] strong community.”
With more than 50 million users worldwide, the Singapore-based exchange is among the biggest in terms of trading volume for cryptocurrencies. According to CoinGecko, OKX has transacted $4.9 billion worth of cryptocurrency in the last day, above the $4 billion in trade volume recorded by Coinbase, the largest cryptocurrency exchange in the United States.
The OP Stack from Optimism, a toolkit from another well-known Ethereum layer-2 network, is used in the construction of Coinbase’s layer-2 network Base, just like OKX did with Polygon’s technology. Dune Analytics data shows that since Base’s July launch, it has processed 154 million transactions and drawn about 8 million users.
Layer-2 networks not only offer low-cost transactions but also lower operating costs, which makes engaging with decentralized applications (dapps) more feasible for users. Users can access 170 dapps using X Layer; this number is “slated to increase exponentially,” according to a statement from OKX.
Currently, some of the noteworthy decentralized applications (dapps) available on X Layer are the infrastructure platform Thirdweb, community-building platform Galxe, and decentralized exchange QuickSwap.
The acceptance of zero-knowledge (ZK) evidence by Layer X is one obvious distinction between Base and Layer X. A key component of Polygon’s new design and a goal for more interoperability across chains is the cryptographic notion of proof, which permits someone to demonstrate the truth of a statement without disclosing the statement itself.
Marc Boiron, CEO of Polygon, stated in a statement that “X Layer is a monumental next step in the industry’s ambition to build a truly unified Web3.” By connecting the X Layer to the AggLayer, the fragmentation of users and liquidity across chains is resolved.
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