Cryptocurrency alternate OKX lastly opened its X Layer mainnet to the general public on April 15.
The testnet for this scaling answer launched in November 2023 to crucial acclaim and was constructed utilizing Polygon’s Chain Improvement Equipment (CDK). The toolkit allows builders to construct their chains utilizing zero-knowledge know-how.
OKX chief advertising and marketing officer Haider Rafique defined that the corporate constructed the layer 2 community as a result of it believed “one of the simplest ways to attain mainstream adoption is to assist develop the most important current Web3 group, Ethereum, somewhat than compete with it.”
As such, the corporate seeks to leverage Polygon and the Ethereum group to convey its 50 million customers on-chain.
X layer
X Layer is a high-performance and safe zero-knowledge (ZK) layer 2 community primarily based on Ethereum.
The platform has already seen a degree of adoption, with over 200 decentralized purposes, together with well-known ones comparable to Etherfi, Chainlink, Curve Finance, Eigen Layer and Renzo Protocol.
Rafiq added:
“Now that the X LAYER public mainnet is on-line, our focus is to draw as many builders and customers as doable. Our purpose is so as to add worth by offering a seamless and environment friendly on-chain expertise, encourage and promote tasks primarily based on L2 and ZK New improvements in know-how.
As well as, the alternate’s native OKB token will likely be used for gasoline funds on the second-layer community. Regardless of the present market downturn affecting the broader digital property, the launch of the mainnet triggered a constructive surge in OKB’s worth, nonetheless attaining a 5% acquire.
The chain’s model was initially promoted as “X1,” resulting in some controversy. One other platform constructed by XEN builders (initially named XONE, now referred to as X1) raised considerations that customers would possibly confuse the 2 chains. OKX finally selected X Layer, seemingly to keep away from any branding points if XEN builders filed a lawsuit.
Layer 2 community
Layer 2 blockchain networks are designed to reinforce Ethereum’s scalability, a development that’s rising in recognition and integration inside the crypto area.
In keeping with L2Beat information, these networks deal with a complete of 117 transactions per second, a big soar of 9.67 occasions in comparison with the Ethereum most important chain.
Moreover, the whole worth of property protected on these networks soared to an unprecedented $45 billion, however fell barely to $37 billion on the time of the report.
