In the words of Haider Rafique, the Chief Marketing Officer at OKX, “X Layer is for visionary builders who are creating applications to help bring millions of people on-chain.”
Crypto exchange OKX has released the mainnet version of X Layer, its layer-2 Ethereum-based network.
Previously called X1, the X Layer was initially launched as a testnet in November 2023. Compatible with the Polygon (MATIC) Chain Development Kit, the X Layer utilizes Polygon’s AggLayer service to provide liquidity across multiple blockchains.
OKX’s native token, OKB, will serve as the main utility cryptocurrency on the X Layer. As such, all the transaction and gas fees will be paid in the OKB coin. The Singapore-based exchange also asserted that since the layer-2 solution utilizes zero-knowledge rollups, transactions on the X Layer are not only secure, but they also possess high scalability and require low gas fees, with Rafique adding,
"We think X Layer has limitless potential thanks to our strong community and its connectivity with other Ethereum-based networks."
Since X-Layer is based on the Ethereum Virtual Machine (EVM), most dApps released on the ETH blockchain can be launched on OKX’s new layer-2 network without requiring additional tweaks. Currently, X Layer is compatible with over 170 dApps, with OKX expecting the number to grow exponentially as the new network gains more popularity.
It is worth noting that OKX is not the first exchange to release a layer-2 solution. Earlier in 2023, Coinbase released Base, an L2 network to X Layer, except Coinbase's offering is based on Optimism’s OP Stack technology. Similarly, Kraken is reportedly in the process of creating a layer-2 blockchain network, though the exchange hasn’t disclosed a lot of details about the project.
