Cryptocurrency exchange OKX announced Monday that its Ethereum-based layer 2 scaling network, X Layer, has entered the public mainnet. It has become the latest name-brand blockchain to offer cryptocurrency users faster and cheaper transactions than Ethereum’s own mainnet.
OKX’s X Layer, built using Polygon CDK, is one of the first layers to leverage Polygon’s so-called capabilities. AggLayer. The solution, unveiled by Polygon in January, appears to make various blockchains feel as if they are one, with shared network state and liquidity that allows funds to flow seamlessly from one network to the next.
“We are building an ecosystem that is as seamless and interoperable as possible,” Haider Rafique, OKX’s chief marketing officer, said in a statement. “The X layer has limitless potential thanks to (OKX’s) strong community. “I have it,” he said.
With over 50 million users worldwide, the Singapore-based exchange is one of the largest cryptocurrency exchanges by trading volume. In the past day, OKX recorded $4.9 billion worth of cryptocurrency transactions. This is more than the $4 billion registered trading volume on Coinbase, the leading cryptocurrency exchange in the United States. CoinGecko.
Similar to how OKX embraced Polygon’s technology, Coinbase’s layer 2 network base was built using Optimism’s OP stack, a toolkit for another popular Ethereum layer 2 network. Since launching last July, Base has reportedly attracted around 8 million users and processed a total of 154 million transactions. data From Dune Analytics.
In addition to cheaper transactions, Layer 2 networks are cheaper to use, making interaction with decentralized applications (dapps) more feasible for users. Through the
Notable dapps currently launched on X Layer include decentralized exchange QuickSwap, community-building platform Galxe, and infrastructure platform Thirdweb.
One notable difference between Base and Layer X is that the latter network accepts 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 heart of Polygon’s updated architecture and its vision for increasing interoperability across chains.
“X Layer is a monumental next step in our industry’s ambition to build a truly unified Web3,” Polygon CEO Marc Boiron said in a statement. “The connection between X Layer and AggLayer solves liquidity and user fragmentation across the chain.”
Editor: Andrew Hayward
