Crypto alternate OKX lastly opened its Ethereum layer-2 community X Layer mainnet to most of the people on April 15.
The scaling answer testnet launched in November 2023 to nice acclaim and was constructed with Polygon’s Chain Growth Equipment (CDK). This toolkit allows builders to construct their chains utilizing zero-knowledge know-how.
OKX Chief Advertising Officer Haider Rafique defined that the corporate constructed its layer 2 community as a result of it believes the “finest approach to obtain mainstream adoption is by serving to scale the most important present Web3 neighborhood, Ethereum, fairly than with it.” to compete.”
That is why the corporate is attempting to make use of Polygon and Ethereum communities to deliver its 50 million customers on-chain.
X-low
X Layer is a really highly effective and safe Ethereum-based Zero Information (ZK) Layer-2 community.
The platform already has a sure degree of adoption, with greater than 200 decentralized functions, together with family names similar to Etherfi, Chainlink, Curve Finance, Eigen Layer and Renzo Protocol, constructing on it.
Rafique added:
“Now that the general public X LAYER mainnet is reside, our focus is on onboarding as many builders and customers as doable. Our aim is so as to add worth by offering a seamless and environment friendly expertise alongside the chain, and to encourage and facilitate new improvements based mostly on L2 and ZK applied sciences.”
Moreover, the alternate’s personal OKB token might be used for fuel funds on the layer-2 community. The launch of this mainnet induced a constructive enhance within the worth of OKB, registering a 5% enhance regardless of the prevailing market downturn that affected main digital property.
There had been some controversy over the chain’s branding, which was initially promoted as X1. One other platform constructed by XEN builders, initially from XONE, now often called X1, had raised considerations about customers probably complicated the 2 chains. OKX has lastly settled on X Layer, apparently to keep away from branding points after a lawsuit from the XEN builders.
Layer 2 networks
Layer-2 blockchain networks are designed to boost the scalability of Ethereum, a pattern that has skyrocketed in recognition and integration inside the crypto sphere.
In line with information from L2Beat, these networks collectively facilitate 117 transactions per second, which represents a considerable leap over Ethereum’s primary chain by an element of 9.67.
Moreover, the whole worth of property secured on these networks rose to an unprecedented $45 billion, earlier than declining barely to $37 billion on the time of reporting.
