- Dozens of top-tier Web3 and DeFi apps, including The Graph, Curve, LayerZero, QuickSwap, Galxe, Timeswap and many more are already leveraging OKX's innovative L2 network.
SINGAPORE, April 16, 2024 /PRNewswire/ -- OKX, a leading crypto exchange and Web3 technology company, today launched the public mainnet of X Layer, its innovative and secure Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network built with the Polygon CDK to enable shared state and liquidity across multiple chains via the AggLayer.
X Layer uses advanced technology to make it cheaper and faster for millions of users to interact with on-chain applications. The network utilizes ZK proofs, making transactions secure and scalable while also reducing costs. It is also EVM-compatible, meaning Ethereum-based decentralized apps (dApps) can be seamlessly deployed on it without much development effort.
OKX Chief Marketing Officer Haider Rafique said: "X Layer is for visionary builders who are creating applications to help bring millions of people on-chain. 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. We think X Layer has limitless potential thanks to our strong community and its connectivity with other Ethereum-based networks."
X Layer has experienced rapid growth in adoption since its mainnet beta unveiling in November 2023, with over 50 Web3 dApps deploying on it within a week of its testnet launch. Many other prominent applications are also in the process of being deployed on X Layer, including The Graph, Curve, LayerZero, QuickSwap, Galxe, Timeswap and others. Users around the world can now leverage the X Layer network to transfer assets, deposit and withdraw crypto on OKX and access over 170 dApps offering the ability to swap, stake and interact with smart contracts. The number of dApps is slated to increase exponentially with the official opening of X Layer to the general public.
Today, OKX is one of the biggest crypto exchanges by daily trading volume (both spot and derivatives) and custodies over US$22 billion of crypto on its platform. Meanwhile, the OKX Wallet is one of the most advanced gateways to the Web3 world, offering access to over 90 blockchains and aggregators for DEX and NFT marketplaces. The exchange boasts over 50 million users globally, making it a worldwide hub for a diverse community and ensuring the network launches with a significant potential user base with ample liquidity. OKX's platform token OKB will serve as X Layer's native token for the purpose of gas fees on the network.
Powered by Polygon CDK, X Layer benefits from a cutting-edge, ZK-based software toolkit tailored for blockchain developers. This innovative toolkit empowers developers to effortlessly build new L2 chains for Ethereum. At a technical level, OKX developers will also be contributing to Polygon CDK, ensuring that the core tech stack powering X Layer continues to innovate and improve. Additionally, X Layer will be joined by other chains powered by Polygon CDK via the AggLayer. Connecting to the AggLayer allows seamless transition of liquidity between X Layer and these other chains, thus bolstering X Layer's overall community size and access to liquidity.
Polygon Chief Executive Officer Marc Boiron said: "X Layer is a monumental next step in the industry's ambition to build a truly unified Web3. The X Layer's connection to the AggLayer solves the fragmentation of liquidity and users across chains on the AggLayer so they can all grow together. OKX's 50M users now have an easy path to onboarding to X Layer and all the other chains connected to the AggLayer. The impressive roster of talented developers who have already started to build on X Layer is a testament to the potential of the network, and we look forward to continuing to collaborate with OKX to achieve our shared goals for the industry."
For further information, please contact:
Media@okx.com
About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1 and Olympian Scotty James. OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
The OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
About Polygon Labs
Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including Layer 2s (zero-knowledge rollups), sidechains, app-specific chains and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 400 million, 2 million smart contracts created and 3.5 billion total transactions processed since inception. The existing Polygon network is home for some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and well-known enterprises, including Adidas, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.
If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon's fast and secure transactions for dApps you develop, get started here.
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This content is provided for educational and informational purposes only. It does not constitute and shall not be considered (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets (including NFTs or otherwise); or (iii) financial, accounting, legal or tax advice.
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