crypto exchange OKX finally opened its ethereum Layer-2 x Layer mainnet to the general public on April 15.
The scaling solution testnet was launched in November 2023 to great success and was built using Polygon's Chain Development Kit (CDK). This toolset allows developers to build their chains using zero-knowledge technology.
OKX CMO Haider Rafique explained that the company built its Layer 2 network because it believes “the best way to achieve widespread adoption is to help scale the largest existing Web3 community, ethereum, rather than compete with she”.
Consequently, the company seeks to take advantage of the Polygon and ethereum communities to incorporate its 50 million users into the chain.
Layer
x Layer is a secure, high-performance, ethereum-based zero-knowledge (ZK) Layer 2 network.
The platform already enjoys some level of adoption, with over 200 decentralized applications, including famous names like Etherfi, Chainlink, Curve Finance, Eigen Layer and Renzo Protocol, being built on it.
Rafique x.com/xlayerofficial/status/1780056275898048562?s=46&t=aw6ZR-6aD050XLPVXY8AQA”>aggregate:
“Now that the x LAYER public mainnet is live, our goal is to onboard as many developers and users as possible. “Our goal is to add value by providing a seamless and efficient on-chain experience, to encourage and facilitate new innovations based on L2 and ZK technologies.”
Furthermore, the exchange's native OKB token will be used for gas payments on the layer 2 network. The launch of this mainnet caused a positive increase in the value of OKB, recording a 5% increase despite the market slowdown affecting large-cap digital assets.
There was some controversy over the branding of the chain, which was initially promoted as X1. Another platform built by XEN developers, originally called XONE, now known as X1, had raised concerns about users confusing the two chains. OKX eventually settled on x Layer, apparently to avoid trademark issues following a lawsuit from XEN developers.
Layer 2 networks
Layer 2 blockchain networks are designed to bolster the scalability of ethereum, a trend that has gained popularity and integration within the cryptosphere.
According data According to L2Beat, these networks collectively facilitate 117 transactions per second, marking a substantial jump over the main ethereum chain by a factor of 9.67.
Furthermore, the total value of assets insured in these networks soared to an unprecedented $45 billion before declining slightly to $37 billion at the time of writing.
