OKX [formerly OKEx] has launched its Ethereum layer-2 network on the mainnet. Dubbed the “X Layer,” it is now open to users and developers and is poised to deliver faster and more cost-efficient transactions than the Ethereum base layer. So far, chainlink, curve finance, ether_fi, Renzo protocol, and Eigen layer have already been deployed on the X layer.
Hiya creators, builders, and founders. We’re opening the X-Layer Mainnet to the public. With +200 dApps built, X Layer is now accessible to everyone, not just developers. Experience the power & security of our zkEVM L2 network firsthand. We’re collaborating with 0xPolygon, so Polygon’s AggLayer allows a seamless flow of users and assets across the many L2s built with Polygon’s CDK.
Additionally, OKX has partnered with the Polygon blockchain. Through Polygon’s CDK, the scaling platform leverages Polygon’s AggLayer and enables a smooth flow of users and assets across the various L2s built with Polygon’s broader suite of products. This expands X Layer’s user base and access to liquidity while fostering a more robust ecosystem for all.
Layer 2 solutions have become an indispensable part of the crypto industry, emerging favorites among digital asset exchanges as they strive to enhance scalability, reduce transaction costs, and improve the user experience on their platforms. These scaling solutions come to the rescue of exchanges during periods of high network congestion on the underlying main chains like Ethereum, where they can significantly mitigate issues such as high gas fees and slow transaction times.
A Look at OKX L-2 Initiative
Following Ethereum’s Dencun upgrade, TVL metrics for layer two solutions reached unprecedented levels. Coinbase’s Base, launched in Aug, is the 4th largest network in the Ethereum layer 2 ecosystem, with a 5.7% market share. Arbitrum and Optimism still dominate the Layer 2 ecosystem, with a total TVL of $24 billion and market shares of 42% and 23%, respectively. Currently, the total locked-up volume of the Ethereum Layer 2 network is $36.6 billion.
Last year, OKX launched its own blockchain called OKXChain, which is geared towards creating and supporting trading-specific decentralized applications. This blockchain serves as a foundation for developing a range of financial services, including but not limited to a decentralized exchange [DEX] that can operate with much lower fees and faster transaction times than typical on Ethereum.
