Introduction to OKX’s New Layer 2 Network
OKX, a leading centralized cryptocurrency exchange, has officially launched its Layer 2 network, X Layer, on the public mainnet. This Ethereum-based network is designed to enhance transaction efficiency using Polygon’s Chain Development Kit.
OKX’s Vision for X Layer
OKX CMO Haider Rafique envisions X Layer, along with other Layer 2 networks, as pivotal infrastructure in the Web3 world, likening them to highways that connect decentralized applications (dApps) and self-hosted wallets. “Our goal is to create an ecosystem that is as seamless and interoperable as possible,” Rafique stated.
Early Success and dApp Integration
X Layer, initially tested as “X1,” saw rapid adoption on its testnet in November, with over 50 dApps deploying in just one week. Prominent Web3 and DeFi applications such as The Graph, Curve, and QuickSwap are already utilizing this network. With access to more than 170 dApps, X Layer users can engage in token swaps, staking, and various other smart contract functionalities.
OKX Token Integration and User Base
The platform’s native token, OKB, which recently saw a 5.53% increase, is now the designated medium for transaction fees on X Layer. OKX’s vast user base of 50 million is expected to provide substantial liquidity and adoption potential for the new network.
Market Position and Trading Volume
According to The Block, OKX is currently the second-largest crypto exchange by monthly trading volume, just behind Binance, with over $60 billion traded this month. This robust trading volume underscores OKX’s significant impact on the cryptocurrency market.
Technical Foundations and Future Integration
X Layer employs Polygon’s CDK for a zero-knowledge (ZK) rollup solution, boosting transaction throughput while maintaining the Ethereum network’s security. Thanks to its EVM compatibility, developers can seamlessly migrate existing Ethereum apps to X Layer.
Industry Collaboration and Ecosystem Expansion
Several projects including Immutable, Astar, and Manta Network are also leveraging Polygon’s CDK for their Layer 2 solutions. X Layer will integrate with these networks via a blockchain aggregation layer, AggLayer, facilitating shared liquidity and state across multiple chains.
Statements from Industry Leaders
Polygon Labs CEO Marc Boiron highlighted the significance of X Layer’s integration with AggLayer: “X Layer represents a crucial step in our industry’s effort to unify Web3 infrastructure. This integration alleviates liquidity fragmentation and fosters collective growth across platforms.”
