OKX Launches X Layer for Enhanced Crypto Transactions

Crypto exchange OKX has officially launched its Ethereum-based layer-2 scaling network, X Layer, marking its transition to public mainnet. This strategic move positions OKX alongside other major blockchain networks striving to provide crypto users with faster and more economical transaction options than those currently available on Ethereum’s mainnet.

Developed with the Polygon CDK, X Layer not only enhances transaction efficiency but also pioneers the integration of Polygon’s AggLayer. Introduced in January, AggLayer aims to unify various blockchains into a cohesive network, enabling seamless liquidity and fund transfers across different platforms.

Haider Rafique, the Chief Marketing Officer of OKX, emphasized the company’s goal to create an ecosystem that boasts seamless interoperability. Rafique expressed optimism about X Layer’s potential, attributing its promising outlook to OKX’s robust community support.

OKX, headquartered in Singapore, stands as one of the globe’s largest crypto exchanges by trading volume, boasting over 50 million users worldwide. In recent statistics, OKX recorded $4.9 billion in crypto transactions over a single day, surpassing Coinbase’s $4 billion—highlighting its significant market presence.

Comparatively, Coinbase has also launched its own layer-2 network, Base, using the OP Stack from another popular Ethereum layer-2 network, Optimism. Since its inception, Base has attracted approximately 8 million users and processed 154 million transactions, showcasing the growing appeal of layer-2 networks.

Layer-2 networks are crucial for reducing transaction costs and making decentralized applications (dapps) more accessible to users. OKX’s X Layer currently supports 170 dapps, with expectations for this number to rise sharply. Notable dapps on X Layer include QuickSwap, Galxe, and Thirdweb, broadening the scope of decentralized services available to users.

A distinctive feature of X Layer, as compared to Coinbase’s Base, is its implementation of zero-knowledge (ZK) proofs. This cryptographic method allows for the verification of truths without revealing the data itself, aligning with Polygon’s vision for enhanced cross-chain interoperability.

Marc Boiron, CEO of Polygon, lauded X Layer as a critical advancement towards achieving a unified Web3 environment. He highlighted that the integration with AggLayer addresses the longstanding issue of fragmented liquidity and user bases across different blockchain platforms.

This initiative by OKX signifies a notable progression in the crypto space, aiming to refine and expand the blockchain ecosystem’s functionality and user experience.