OKX Launches Mainnet for Its Own Layer-2 "X Layer"
OKX exchange has officially launched the mainnet for its dedicated layer-2 solution named "X Layer," following over a year since the initial announcement.
OKX launches mainnet for its own layer-2 "X Layer". Image: X Layer Website
Since last year, OKX has disclosed its intention to develop the "X Layer" layer-2, utilizing the OKB token for transaction fees on the network.
X Layer (formerly known as X1) is built on Polygon CDK, a toolkit enabling developers to build their own chains using zero-knowledge technology. Within just the first week of its testnet, X Layer integrated over 50 dApps such as The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap...
Hiya creators, builders, founders 👩💻👨💻
— X Layer (@XLayerOfficial) April 16, 2024
🚨 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
Now transitioning to its mainnet phase, the project aims to onboard over 50 million current users of the exchange into the web3 space.
OKX's CMO, Haider Rafique, shared their vision:
"We position X Layer and other layer-2 solutions as the high-speed infrastructure of the Web3 space, where dApps are the marketplace and self-custody wallets are the means to get there. To pursue this mission, we are building a seamless and highly interactive ecosystem."
Additionally, X Layer will connect with Polygon's extensive ecosystem through AggLayer, a solution aimed at bridging blockchains to enhance overall liquidity.
According to data compiled by The Block, OKX is currently the second-largest cryptocurrency exchange by monthly trading volume, trailing only behind Binance. This month alone, OKX has generated over $60 billion in trading volume.
Monthly trading volumes of top exchanges. Source: The Block
The price of OKB has responded positively to the launch of X Layer. Within the last 24 hours, OKB has surged over 15% and is trading hands at $61.25.
OKB price fluctuation over the daily timeframe, CoinMarketCap screenshot at 10:35 AM on 04/16/2024
In related developments, several other exchanges have also been embracing the layer-2 trend over the past year. Coinbase led the charge with the launch of Base in July last year, while Kraken is also in the process of creating its own layer-2 solution.
