The world’s fourth largest cryptocurrency exchange, OKX, announced the launch of its own Layer 2 network named X Layer on its public mainnet. This development marks a significant progression in the cryptocurrency sector where major companies are increasingly establishing their own distributed networks.
X Layer Now Available
Previously known as X1 and now branded as X Layer, the network offers developers a versatile toolkit from Polygon‘s Chain Development Kit (CDK) to create customized chains using zero-knowledge technology. The strategic use of Polygon’s CDK is part of OKX’s commitment to innovation and scalability in its blockchain infrastructure.
In its official statement regarding X Layer, OKX highlighted a collaborative approach to advancing blockchain technology, expressing its intention to actively contribute to the development of the CDK’s codebase. X Layer is also preparing to seamlessly integrate into Polygon’s extensive ecosystem through a Polygon initiative called AggLayer, which aims to facilitate unified liquidity across various chains built using the project’s technology.
Mark Boiron, CEO of Polygon Labs, emphasized the importance of OKX’s integration with AggLayer, noting that OKX’s broad user base of 50 million now has easy access to a wider range of interconnected chains through X Layer and AggLayer.
Initially launched on a test network in November, X Layer will provide users access to over 170 decentralized applications (dApps) and is expected to undergo further expansion and development in the near future. This demonstrates OKX’s commitment to developing a dynamic and diversified ecosystem, promoting accessibility and innovation in the decentralized finance (DeFi) world.
Haider Rafique, OKX’s Marketing Director, articulated the broader vision behind X Layer and similar Layer 2 networks, likening them to foundational infrastructure within the emerging Web3 paradigm. In this framework, while dApps serve as marketplaces, self-hosted wallets facilitate smooth movement and interaction within the DeFi ecosystem.
Competition in Layer 2 Networks Among Crypto Exchanges
The launch of X Layer follows a general trend observed in the crypto world, where various leading cryptocurrency exchanges have begun to establish their own Layer 2 networks.
Particularly, the US-based major cryptocurrency exchange Coinbase introduced its “Base” network last August using Optimism’s OP Stack, while the Kraken exchange is also reported to be researching the development of its own Layer 2 network.
