By
Godfrey Benjamin
April 29th, 2024
As an Ethereum Virtual Machine (EVM) compatible network, the protocol grants the opportunity to build, deploy, or migrate Ethereum-based applications without having to rewrite the underlying code.
Cryptocurrency exchange OKX has joined the likes of Coinbase to venture into the world of decentralized finance (DeFi) with the official launch of its layer-2 blockchain project dubbed X Layer on the Ethereum ecosystem.
The network, initially launched on testnet in November 2023 is designed to provide lower transaction fees and solve the interoperability challenges of the layer-1 blockchains giving users the opportunity to interact with other decentralized applications (dApps) outside Ethereum.
X Layer Now Available to the Public
Formerly known as X1, the project was built using Polygon’s Chain Development Kit (CDK), a modular, open-source software toolkit used by blockchain developers to create personalized L2 chains fueled by zero-knowledge (ZK) proofs on the Ethereum ecosystem.
IT professionals working at OKX will also contribute to the CDK’s codebase used in developing the network.
Sharing the news on social media, X Layer said the mainnet debut opens doors for developers, founders, and the broader crypto community interested in building decentralized applications (dApps) atop the platform.
Hiya creators, builders, founders 👩💻👨💻
🚨 We're opening X Layer Mainnet to the Public 🚨
With +200 dApps building, X Layer is now accessible to everyone, not just developers.
Experience the power & security of our zkEVM L2 network firsthand.
Start building:… pic.twitter.com/K59dg0sJrG
— X Layer (@XLayerOfficial) April 16, 2024
As an Ethereum Virtual Machine (EVM) compatible network, the protocol grants the opportunity to build, deploy, or migrate Ethereum-based applications without having to rewrite the underlying code.
So far, the protocol boasts over 170 decentralized applications which are accessible to everyone interacting with X Layer. In the future, OKX’s layer-2 blockchain plans to bring more dApps to the chain as the ecosystem expands.
Building a Seamless and Interoperable Ecosystem
In a separate press release accompanying the social media post, OKX said the blockchain project provides faster, cheaper transaction capabilities when interacting with on-chain applications. It also uses ZK-proofs for improved security and scalability.
Additionally, X Layer will integrate with Polygon’s broader ecosystem through AggLayer, a software infrastructure designed by Polygon to consolidate liquidity across different chains.
Polygon’s chief executive officer Mark Boiron said that the planned integration to Polygon will make it easier for OKX users to onboard on X Layer as well as other chains using the AggLayer. OKX’s chief marketing officer Haider Rafique said that X Layer and similar layer-2 networks are poised to become crucial infrastructure components within a connected Web3 ecosystem.
“We are building an ecosystem that is as seamless and interoperable as possible. We think X Layer has limitless potential thanks to our strong community and its connectivity with other Ethereum-based networks,” Rafique said.
Not the First
Meanwhile, the launch of X Layer by OKX is not the first time a centralized exchange is tapping the Ethereum blockchain to launch a decentralized platform.
In August last year, Coinbase introduced Base, a layer-2 scaling solution developed with Optimism’s OP Stack into the market. Since then, the network has grown to become among the top ten scaling solutions for Ethereum. Earlier this week, Coinspeaker reported that Base hit a major milestone, recording up to 400 transactions per second (TPS).
Apart from Coinbase, another exchange Kraken is also reportedly exploring the creation of its own layer-2 blockchain. The company is currently looking to partner with Polygon, Matter Labs, and the Nil Foundation to help build the protocol.