OKX, one of the top global cryptocurrency exchanges, has officially launched a new Layer 2 network, named X Layer, on its mainnet. This significant step highlights the exchange’s push towards enhancing its blockchain architecture and providing advanced tools and technologies within the cryptocurrency sector.
X Layer Now Available
Initially referred to as X1, X Layer now utilizes technology from Polygon’s Chain Development Kit (CDK) that allows developers to create customized blockchain solutions with zero-knowledge proofs. This move leverages Polygon’s established technology to expand OKX’s blockchain capabilities and foster scalability and innovation.
In a recent announcement, OKX expressed its commitment to contributing to the codebase of CDK while integrating X Layer into Polygon’s broader ecosystem via an initiative called AggLayer. This integration is designed to enhance liquidity among various blockchain networks developed with Polygon’s technology.
Mark Boiron, CEO of Polygon Labs, highlighted the strategic importance of the integration, pointing out the access it provides to OKX’s vast user base, potentially enriching the user experience with a more interconnected network of blockchain solutions.
Competition in Layer 2 Networks Among Crypto Exchanges
The launch aligns with an emerging trend where major cryptocurrency platforms like Coinbase and Kraken are also venturing into their own Layer 2 solutions, emphasizing the competitive landscape in developing scalable and efficient blockchain networks.
Points to take into account
- X Layer’s strategic use of Polygon’s CDK highlights a trend of leveraging existing technologies for new blockchain solutions.
- The integration with AggLayer could potentially streamline liquidity and user transactions across different blockchain platforms.
- OKX’s initiative could attract more users and developers, offering them comprehensive tools for innovation in the DeFi space.
X Layer was first tested in November and is set to expand its capabilities, including supporting over 170 decentralized applications. This development underscores OKX’s aim to cultivate a diverse and dynamic ecosystem in the DeFi sector, positioning itself as a foundational player in the evolving Web3 landscape.