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

Crypto alternate OKX lastly opened its  Ethereum layer-2 network 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 Growth 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 network as a result of it believes the “best way to achieve mainstream adoption is to help scale the largest existing Web3 community, Ethereum, instead 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 network.

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

Rafique added:

“Now that the X LAYER public mainnet is live, our focus is to onboard as many developers and users as possible. Our aim is to add value by providing a seamless and efficient experience on-chain, to encourage and facilitate new innovations based on L2 and ZK technologies.”

Furthermore, the alternate’s native OKB token might be used for gasoline funds on the layer-2 network. This mainnet’s launch triggered a constructive surge in OKB’s worth, registering a 5% uptick regardless of the prevailing market downturn affecting large-cap digital property.

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 known as X1, had raised considerations over customers doubtlessly 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 recognition and integration throughout the crypto sphere.

Based on data 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 entire worth of property 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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