Crypto alternate OKX lastly opened its Ethereum layer-2 community X Layer mainnet to most of the people on April 15.
The scaling answer’s testnet was launched in November 2023 to a lot acclaim and was constructed with Polygon’s Chain Improvement Package (CDK). This toolkit empowers builders to assemble their chains utilizing zero-knowledge know-how.
OKX Chief Advertising and marketing Officer Haider Rafique defined that the agency constructed its layer-2 community as a result of it believes the “greatest method to obtain mainstream adoption is to assist scale the biggest present Web3 neighborhood, Ethereum, as a substitute of competing with it.”
Consequently, the agency seeks to leverage Polygon and Ethereum communities to carry its 50 million customers on-chain.
X Layer
X Layer is a extremely performant and safe Ethereum-based Zero Data (ZK) Layer-2 community.
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 stay, our focus is to onboard as many builders and customers as doable. Our goal is so as to add worth by offering a seamless and environment friendly expertise on-chain, to encourage and facilitate new improvements based mostly on L2 and ZK applied sciences.”
Furthermore, the alternate’s native OKB token might be used for fuel funds on the layer-2 community. 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 called 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.
In line with 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.