Cryptocurrency exchange OKX has taken major step towards mass adoption for Ethereum applications by launching its much-anticipated X Layer mainnet . X Layer is a secure and high-performance Ethereum Layer-2 network, aiming to solve the scalability issues currently plaguing the leading blockchain platform.
Built using Polygon’s innovative Chain Development Kit (CDK) and leveraging Zero-Knowledge (ZK) proofs, X Layer promises significantly faster and cheaper transactions compared to Ethereum’s mainnet. This technology empowers developers to construct secure and scalable blockchains, paving the way for wider adoption of decentralized applications (dApps).
“Our goal is to achieve mainstream adoption for Web3 by helping Ethereum scale, not by creating a separate ecosystem,” explained Haider Rafique, OKX Chief Marketing Officer. This strategic move positions OKX to capitalize on the existing Ethereum community, estimated at over 50 million users, and integrate them seamlessly into the world of decentralized finance (DeFi) and other Web3 applications.
The X Layer platform has already garnered significant traction, with over 200 dApps building on it during the testnet phase. These include established names like Curve Finance, Chainlink, and Etherfi, signaling strong developer confidence in the project’s potential.
“With the X Layer mainnet live, our focus is on attracting developers and users,” said Rafique. “We want to provide a smooth and efficient on-chain experience, fostering innovation based on Layer-2 and ZK technologies.”
OKB Token and Market Response
The launch also provided a welcome boost for OKX’s native token, OKB. Used for gas fees on the X Layer network, OKB witnessed a 5% price increase despite the ongoing market downturn impacting large-cap cryptocurrencies.
OKX’s Layer-2 solution aligns with a growing trend within the crypto space. Layer-2 networks are specifically designed to address Ethereum’s scalability limitations. According to L2Beat data, these networks currently process a staggering 117 transactions per second, a massive 9.67 times faster than Ethereum’s mainnet. Additionally, the total value locked (TVL) on these networks reached a record high of $45 billion before settling at $37 billion at press time.
The launch of X Layer signifies a significant step forward for OKX and the broader Ethereum ecosystem. By offering a scalable and secure platform, X Layer has the potential to unlock the full potential of DeFi and Web3 applications for millions of users.
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