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OKX launches ETH layer-2 community X Layer following Coinbase’s Base success

Crypto trade OKX lastly opened its  Ethereum layer-2 community X Layer mainnet to most people on April 15.

The scaling resolution’s testnet was launched in November 2023 to a lot acclaim and was constructed with Polygon’s Chain Improvement Equipment (CDK). This toolkit empowers builders to assemble their chains utilizing zero-knowledge expertise.

OKX Chief Advertising Officer Haider Rafique defined that the agency constructed its layer-2 community as a result of it believes the “greatest approach to obtain mainstream adoption is to assist scale the biggest present Web3 group, Ethereum, as an alternative of competing with it.”

Consequently, the agency seeks to leverage Polygon and Ethereum communities to deliver its 50 million customers on-chain.

X Layer

X Layer is a extremely performant and safe Ethereum-based Zero Information (ZK) Layer-2 community.

The platform already enjoys some degree of adoption, with over 200 decentralized functions, together with well-known names resembling Etherfi, Chainlink, Curve Finance, Eigen Layer, and Renzo Protocol, constructing on it.

Rafique added:

“Now that the X LAYER public mainnet is reside, our focus is to onboard as many builders and customers as potential. Our purpose is so as to add worth by offering a seamless and environment friendly expertise on-chain, to encourage and facilitate new improvements based mostly on L2 and ZK applied sciences.”

Furthermore, the trade’s native OKB token can be used for gasoline funds on the layer-2 community. This mainnet’s launch triggered a optimistic surge in OKB’s worth, registering a 5% uptick regardless of the prevailing market downturn affecting large-cap digital belongings.

There had been some controversy over the chain’s branding, which had initially been promoted as X1. One other platform constructed by XEN builders, initially going by XONE, now often called X1, had raised issues over customers probably complicated the 2 chains. OKX has lastly settled on X Layer, seemingly to keep away from any branding points following a lawsuit from the XEN builders.

Layer-2 networks

Layer-2 blockchain networks are engineered to bolster Ethereum’s scalability, a pattern that has surged in reputation and integration throughout the crypto sphere.

In keeping with knowledge from L2Beat, these networks collectively facilitate 117 transactions per second, marking a considerable leap over Ethereum’s mainchain by an element of 9.67.

Furthermore, the overall worth of belongings secured on these networks soared to an unprecedented $45 billion earlier than barely declining to $37 billion on the time of reporting.

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