The launch of X Layer network by OKX, positioned as the world's fourth-largest cryptocurrency exchange, signifies a notable advancement within the cryptocurrency industry. As companies increasingly venture into creating their own decentralized networks, OKX pioneers the introduction of its Layer 2 network named X Layer on the public mainnet.
Previously recognized as X1 and rebranded as X Layer, this network equips developers with a diverse toolkit derived from Polygon's Chain Development Kit (CDK) to craft tailored chains utilizing zero-knowledge technology. Leveraging Polygon's CDK underscores OKX's dedication to fostering innovation and scalability within its blockchain framework.
In a collaborative endeavor to propel blockchain technology forward, OKX expressed its commitment to actively contribute to the enhancement of the CDK's codebase in their official statement regarding X Layer. Additionally, X Layer is poised to seamlessly integrate into Polygon's expansive ecosystem through the AggLayer initiative, designed to facilitate interconnected liquidity across chains constructed with the project's technology.
Acknowledging the significance of OKX's integration with AggLayer, Mark Boiron, CEO of Polygon Labs, commended the broad user base of 50 million now afforded effortless access to a multitude of interconnected chains through X Layer and AggLayer.
Launched initially on a test network in November, X Layer promises users access to over 170 decentralized applications (dApps) with plans for further expansion and development in the pipeline. This evolution underscores OKX's dedication to cultivating a dynamic and diverse ecosystem that fosters accessibility and innovation within the decentralized finance (DeFi) domain.
Haider Rafique, OKX’s Marketing Director, articulated the overarching vision behind X Layer and akin Layer 2 networks, painting them as fundamental infrastructure within the burgeoning Web3 landscape. In this ecosystem, where dApps function as marketplaces, self-hosted wallets enable seamless navigation and interaction within the DeFi sphere.
Rise of Layer 2 Networks Competition among Crypto Exchanges
The launch of X Layer by OKX echoes an overarching trend within the crypto realm, witnessing prominent cryptocurrency exchanges delve into establishing their Layer 2 networks.
Notably, the US-based Coinbase exchange unveiled its "Base" network in August, utilizing Optimism's OP Stack, while reports suggest that the Kraken exchange is exploring the development of its Layer 2 network.
