OKX envisions its Layer 2 network to serve as the “Web3 World Highway Infrastructure.”
OKX's Layer 2 network Layer X has been launched on mainnet.
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Posted on April 16, 2024 at 2:11am EST.
Cryptocurrency exchange OKX has launched the public mainnet of its Ethereum Layer 2 network X-layer built using the Polygon Chain development kit.
on monday announcement, the exchange said that X Layer has reached the public mainnet and its exchange token OKX will serve as the network's native gas token. OKB price has increased over 16% from the previous day and was trading at around $61.54 at the time of writing.
X Layer is built with Polygon's Chain Development Kit (CDK) and enables the sharing of liquidity across multiple chains using Polygon's AggLayer. AggLayer is a decentralized protocol that aggregates zero-knowledge (ZK) proofs from connected chains to secure near-instantaneous cross-chain transactions.
According to Polygon CEO Marc Boiron, the connection to AggLayer solves the problem of fragmented liquidity and users between chains. He said this Layer 2 will serve as a path to onboard OKX's 50 million users.
“We envision the X layer and other Layer 2 chains as the highway infrastructure of the Web3 world, with dApps as marketplaces and self-hosted wallets as a way to get there,” OKX said. said Haider Rafique, Chief Marketing Officer.
When the Layer 2 network went live on the testnet in November, over 50 decentralized applications (dApps) were deployed on the network within a week. Many of the biggest names in decentralized finance (DeFi), such as Curve and LayerZero, are currently in the process of deploying their applications on Layer X.
Users can use the network to transfer assets on OKX, deposit and withdraw cryptocurrencies, and have access to over 170 dApps with smart contract exchange, staking, and interactivity capabilities.
According to the report, OKX is the second-largest cryptocurrency exchange by monthly trading volume after Binance, accounting for 6.87% of the market share. data From the block. This is his second major exchange to launch its own Layer 2 network, after his Coinbase Base, which did large scale trades. growth For the past few months.
