Minority Mindset

Smart investments

Crypto News

Crypto Exchange OKX’s Polygon-Powered Layer 2, ‘X Layer,’ Hits Public Mainnet

Apr 15, 2024

The fourth-largest cryptocurrency exchange, OKX, announced that its newly developed layer-2 blockchain, named X Layer, is now active on its main public network. This marks another step in the trend of significant crypto companies creating their own distributed networks.

X Layer, formerly called X1, now utilizes Polygon‘s versatile Chain Development Kit (CDK). This kit empowers developers to create their unique chains through the application of zero-knowledge tech.

Major cryptocurrency exchanges, including Coinbase and Kraken, have been developing their own layer-2 networks over the past year as an alternative to Ethereum‘s congested network. In August, Coinbase unveiled its “Base” blockchain, which utilizes Optimism’s OP Stack technology. It appears that Kraken is also considering building its own layer-2 blockchain.

In the announcement made through a press release, OKX revealed that their team of developers intends to add to CDK’s source code. Moreover, they mentioned that X Layer, an offering from OKX, will link up with Polygon’s broader network via AggLayer. AggLayer is a Polygon solution designed to bring together liquidity across multiple chains built using Polygon technology.

“Mark Boiron, CEO of Polygon Labs, announced in a statement that OKX’s 50 million users can now seamlessly join X Layer and all the other chains linked to AggLayer through a straightforward onboarding process.”

Starting in November, the X Layer was introduced on the test network. This feature grants users entry to an extensive collection of around 170 decentralized apps (dapps), and further additions are under development.

“According to OKX CMO Haider Rafique in a press statement, he sees X Layer and other layer-2 chains as essential infrastructure for the Web3 universe, comparable to highways. In this metaphor, decentralized applications (dApps) serve as bustling marketplaces, while self-managed wallets act as personal vehicles that transport users between these destinations.”

Read more: Cryptocurrency Exchange OKX Coming Out With Layer 2 ‘X1’ Built on Polygon Technology

Read More

2024-04-16 05:11