Using Ethereum as its foundation, the OKX cryptocurrency exchange has released a layer-2 network.
Launch of OKX’s Ethereum Layer 2 Network to Facilitate Interoperability Announced
With OKX, the Ethereum layer-2 network will be able to communicate with one another.
In order to facilitate user interaction with decentralized apps (dApps) and minimize costs, cryptocurrency exchange OKX has introduced its own layer-2 network, X Layer, which is based on Ethereum. Coinbase, another cryptocurrency exchange, has already introduced a layer-2 network based on Ethereum.
It is worth mentioning that OKX started its zero-knowledge (zk) proof-powered network, X Layer, on the public mainnet on April 15th. Acquired via Polygon’s Chain Development Kit (CDK), the X Layer network reportedly makes use of the aggregation layer of the Ethereum scaling protocol to facilitate the sharing of state and liquidity across several blockchain networks.
When interfacing with on-chain apps, OKX’s X Layer network offers quick and low-cost transaction capabilities. Several Ethereum layer-2 solutions rely on ZK-proof technology, which the network employs for improved scalability and security. Notably, X Layer is EVM-compatible, so programmers may start or move DApps built on Ethereum without having to rewrite any code.
In a statement on the X Layer network, OKX’s Chief Marketing Officer Haider Rafique said that it and similar layer networks are prepared to form the backbone of a Web3 ecosystem that is interdependent. He went on to say that X Layer’s limitless potential is a result of our robust community and connection with other Ethereum-based networks. Importantly, in November 2023, OKX released X Layer’s mainnet beta, which enticed over fifty Web3 decentralized applications to deploy on the testnet.
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