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OKX Launches Ethereum-Based Layer 2 Network "X-Layer"

L2 networks offer a way to process transactions off the main Ethereum blockchain, alleviating congestion and reducing costs.

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OKX has officially launched its public mainnet for X-Layer, its innovative Ethereum-based Layer-2 (L2) network, the crypto exchange giant announced on Tuesday.

This development comes amid a growing trend of major crypto companies building their own L2 solutions to address scalability limitations on the Ethereum mainnet.

Ethereum, the leading blockchain platform for decentralized applications (dApps), has struggled with scalability issues for some time. This translates to slow transaction speeds and high fees, hindering user experience and hindering wider adoption of dApps. Several L2 solutions are emerging, each with its own approach.

OKX's X-Layer positions itself as a strong contender in this space. Built with Polygon's Chain Development Kit (CDK), X-Layer leverages zero-knowledge (ZK) proofs, a technology that allows for verification of transactions without revealing all the underlying data. This translates to faster and cheaper transactions while maintaining the security of the Ethereum blockchain.

Additionally, X Layer will be joined by other chains powered by Polygon CDK via the AggLayer. Connecting to the AggLayer allows seamless transition of liquidity between X Layer and these other chains, thus bolstering X Layer's overall community size and access to liquidity.

Growing ecosystem

"X Layer is for visionary builders who are creating applications to help bring millions of people on-chain. We envision X Layer and other Layer-2 chains as the highway infrastructure of the Web3 world, with dApps as the marketplaces and self-hosted wallets as the vehicles that take you there," OKX chief marketing officer Haider Rafique said in a statement.

According to OKX, X Layer has experienced rapid growth in adoption since its mainnet beta unveiling in November 2023, with over 50 Web3 dApps deploying on it within a week of its testnet launch.

The company also said that applications including The Graph, Curve, LayerZero, QuickSwap, Galxe, Timeswap and others are in the process of being deployed on X Layer.