Crypto alternate OKX introduced Monday that its Ethereum-based layer-2 scaling community, X Layer, has entered public mainnet—turning into the most recent name-brand blockchain to supply crypto customers quicker and cheaper transactions than Ethereum’s personal mainnet.
Constructed utilizing the Polygon CDK, OKX’s X Layer can also be one of many first to make the most of Polygon’s so-called AggLayer. Unveiled by Polygon in January, the answer seems to be to make many alternative blockchains really feel as if they’re one by a shared community state and liquidity that lets funds seamlessly movement from one community to the subsequent.
“We’re constructing an ecosystem that’s as seamless and interoperable as doable,” OKX’s Chief Advertising and marketing Officer Haider Rafique mentioned in an announcement, including that “X Layer has limitless potential due to [OKX’s] robust group.”
The Singapore-based alternate, which has over 50 million customers globally, is one in every of crypto’s largest by buying and selling quantity. Over the previous day, OKX has seen $4.9 billion price of crypto change fingers—greater than the $4 billion in buying and selling quantity registered in the meantime at Coinbase, America’s main crypto alternate, in response to CoinGecko.
Just like OKX’s embrace of Polygon’s tech, Coinbase’s layer-2 community Base is constructed utilizing the OP Stack from Optimism, a toolkit from one other common Ethereum layer-2 community. Since launching final July, Base has attracted round 8 million customers whereas processing 154 million whole transactions, in response to information from Dune Analytics.
Along with low cost transactions, layer-2 networks make interacting with decentralized functions (dapps) extra possible for customers as a result of they price much less to make use of. By X Layer, customers have entry to 170 dapps, which is “slated to extend exponentially,” OKX mentioned in an announcement.
As of now, notable dapps launched on X Layer embody the decentralized alternate QuickSwap, community-building platform Galxe, and the infrastructure platform Thirdweb.
One noticeable distinction between Base and Layer X is the latter community’s embrace of zero-knowledge (ZK) proofs. Permitting somebody to show {that a} assertion is true with out divulging the assertion itself, the idea in cryptography is core to Polygon’s up to date structure and a imaginative and prescient for better interoperability throughout chains.
“X Layer is a monumental subsequent step within the trade’s ambition to construct a very unified Web3,” Polygon CEO Marc Boiron mentioned in an announcement. “The X Layer’s connection to the AggLayer solves the fragmentation of liquidity and customers throughout chains.”
Edited by Andrew Hayward
