- OKX has launched its new Layer-2 blockchain network, X Layer, enhancing connectivity and scalability in the cryptocurrency market.
- X Layer leverages Polygon’s technology to provide seamless access to decentralized applications, fostering an accessible transition to Web3.
Following the recent Napoli Upgrade on Polygon, reported by CNF, the fourth-largest cryptocurrency exchange, OKX, has successfully launched its Layer-2 blockchain network, X Layer. Previously referred to as X1, X Layer is now operational on the public mainnet. It harnesses the Polygon Chain Development Kit, allowing developers to craft custom chains utilizing zero-knowledge technology, a method enhancing both efficiency and scalability within the crypto exchange realm.
Enhancing Connectivity Across Chains
As detailed in a CNF YouTube video, X Layer mirrors similar advancements by other major exchanges like Coinbase and Kraken. Through integration with Polygon’s AggLayer, X Layer unites liquidity from various chains. This setup grants OKX’s extensive user base—over 50 million—uninterrupted access to more than 170 decentralized applications.
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The core aim here is to smooth the transition to Web3, thereby making decentralized systems more approachable and useful for everyday applications.
X Layer and Polygon: A Strategic Collaboration
The collaboration between OKX and Polygon Labs marks a significant step in blockchain development. The launch of X Layer’s testnet showcases a robust, Ethereum-based, Zero Knowledge Layer-2 network designed for high performance and security, made possible with the Polygon Chain Development Kit.
This initiative not only facilitates on-chain development but also positions X Layer to significantly influence the future of Web3. It promises to connect developers from diverse sectors, including DeFi and enterprise, linking them with the vast communities of Ethereum and Polygon.
Current Impact and Future Projections
As noted in CNF’s recent coverage, the strategic developments within Polygon are poised to propel MATIC prices, with projections pointing towards substantial growth by 2024. As of the latest updates, the price of Polygon (MATIC) is $0.7171, showing a promising increase of 2.73% in the last hour, reflecting the positive market response to these advancements.
In conclusion, The launch of X Layer by OKX, powered by Polygon technology, is a pivotal moment in the ongoing expansion of Layer-2 solutions within the cryptocurrency sector, promising enhanced scalability, efficiency, and connectivity for developers and end-users alike in the evolving digital landscape.
