OKX Debuts Layer 2 on Mainnet, Targets 50 Million Users

OKX, a leading centralized cryptocurrency exchange, has officially launched X Layer on its public mainnet. This new development is an Ethereum-based, zero-knowledge Layer 2 network using the Polygon Chain Development Kit. The rollout occurred on Monday evening, aiming to integrate 50 million users into the blockchain environment.

OKX’s Chief Marketing Officer, Haider Rafique, highlighted the strategic vision behind this innovation. He explained, “We envision X Layer and other Layer 2 chains as the highway infrastructure of the Web3 world, with dApps as the marketplaces and self-hosted wallets as the vehicles that take you there. In pursuit of this vision, we are building an ecosystem that is as seamless and interoperable as possible.”

Previously known as “X1,” X Layer made its debut on a testnet in November, quickly attracting over 50 decentralized applications, including prominent names like The Graph, Curve, and QuickSwap. These applications are now operational, leveraging the new network’s capabilities to enhance performance and user experience.

One of X Layer’s significant features is its compatibility with Ethereum, allowing existing Ethereum-based apps to transition smoothly without extensive redevelopment. The platform supports a variety of functions, such as token swaps and staking, through access to over 170 decentralized applications.

Moreover, OKX has positioned its platform token, OKB, as the native asset for transaction fee payments on X Layer, integrating its user base and financial ecosystem more closely with the new network’s operations.

OKX stands as the second-largest crypto exchange by monthly trading volume, trailing only behind Binance. This month alone, it has facilitated over $60 billion in trades, underlining its substantial influence and liquidity, which are likely to boost X Layer’s adoption.

In addition to using Polygon’s CDK, X Layer benefits from connection to the AggLayer, a blockchain aggregation layer. This facilitates unified liquidity and shared state across multiple networks, enhancing the overall scale and efficiency of the Web3 ecosystem.

Marc Boiron, CEO of Polygon Labs, commented on the integration. “X Layer’s link to the AggLayer addresses the current fragmentation across chains, allowing for collective growth,” he stated. “With OKX’s vast user base, the path to onboarding X Layer and other connected chains is now straightforward.”

This development promises to substantially enhance the scalability of blockchain applications, potentially accelerating the adoption of blockchain technology among OKX’s 50 million global user base. 

As of press time, OKX’s platform token, OKB, has reacted to the launch as the price records a significant increase of over 10% on the daily chart. OKB rallied from the $52 region, crossing above the $60 mark only to face a minor pullback to the current price at $59.11. The market capitalization is at $3.5 billion, an increase of 11% since yesterday’s close, while the trading volume has gained massively, standing at $44 million.

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