Cryptocurrency exchange OKX announced on Monday that its Ethereum-based Layer 2 scaling network, X-Layer, has entered the public mainnet. This will be the latest name-brand blockchain to offer crypto users faster and cheaper transactions than Ethereum's own mainnet.
OKX's X Layer, built using the Polygon CDK, uses Polygon's so-called agri layer. The solution, announced by Polygon in January, makes many different blockchains feel like one by sharing network state and liquidity, allowing funds to flow from one network to the next. network.
“We are building the most seamless and interoperable ecosystem possible,” OKX Chief Marketing Officer Haider Rafiq said in a statement. “The possibilities are endless with X Layer.” he added. [OKX’s] A strong community. ”
The Singapore-based exchange has over 50 million users worldwide and is one of the largest exchanges for cryptocurrencies by trading volume. In the past day, OKX has confirmed his $4.9 billion worth of cryptocurrency transactions. This exceeds his $4 billion in trading volume recorded during that time at Coinbase, America's leading cryptocurrency exchange. CoinGecko.
Similar to OKX's adoption of Polygon's technology, Coinbase's Layer 2 network Base is built using Optimism's OP stack, another popular Ethereum Layer 2 network toolkit. Since launching last July, Base has attracted approximately 8 million users and processed a total of 154 million transactions, according to the company. data From Dune Analytics.
In addition to cheaper transactions, Layer 2 networks have a lower cost of use, making it more achievable for users to interact with decentralized applications (dapps). Through X Layer, users have access to 170 dapps, which is “scheduled to grow exponentially,” OKX said in a statement.
Some notable dapps released on X Layer to date include decentralized exchange QuickSwap, community-building platform Galxe, and infrastructure platform Thirdweb.
One notable difference between Base X and Layer X is that the latter network employs zero-knowledge (ZK) proofs. The concept of cryptography, which allows someone to prove that a statement is true without revealing the statement itself, is at the core of Polygon's updated architecture and vision for increased interoperability between chains.
“X Layer is a monumental next step in the industry's ambition to build a truly unified Web3,” Polygon CEO Marc Boiron said in a statement. “The connection between X-Layer and his AggLayer solves inter-chain liquidity and user fragmentation.”
Edited by Andrew Hayward
