OKX Unveils New Layer 2 Blockchain ‘X Layer’

Today, top crypto exchange OKX announced the launch of X Layer, an Ethereum-based Zero Knowledge (ZK) Layer 2 blockchain built with Polygon’s Chain Development Kit (CDK). The new L2 from OKX will enable shared liquidity across multiple chains via the decentralized protocol AggLayer, making it cheaper and faster for OKX users to interact with on-chain apps.

According to a press release shared with Rarity Sniper, X Layer boasts cheap, secure, and scalable transactions and a customizable toolkit that allows developers to build their own L2 chains via zero-knowledge (ZK) proofs. Users can leverage the X Layer blockchain to deposit and withdraw crypto on OKX and access over 170 dApps that offer staking, swapping, and smart contract interaction. It is also compatible with EVM so that Ethereum-based dApps can be seamlessly deployed.

Haider Rafique, the Chief Marketing Officer at OKX, said the exchange sees X Layer as “the highway infrastructure of the Web3 world.” It is part of the company’s vision to create “an ecosystem that is as seamless and interoperable as possible.” Marc Boiron, Polygon’s Chief Executive Officer, added that the new blockchain is a huge “step in the industry’s ambition to build a truly unified Web3.”

X Layer’s mainnet beta was first launched in November 2023. In its first week, over 50 Web3 dApps were deployed. Currently, popular dApps in the process of being deployed on X Layer include Curve, The Graph, Galxe, Timeswap, LayerZero, QuickSwap, and others. Now that X Layer has been released to the public, the number of dApps is expected to increase exponentially.

OKX is currently the fourth largest crypto exchange by daily trading volume. It has custody of over $22 billion in crypto assets and boasts over 50 million daily users. Its OKX Wallet offers users access to over 90 blockchains and aggregators for NFT and DEX marketplaces. According to the report, $OKB token is set to serve as the native token for X Layer.

Crypto Exchanges Continue to Innovate

A new Layer 2 blockchain from the fourth largest crypto exchange in the world is a big deal, and certainly exciting for users of OKX and Web3 developers looking for new options. But crypto exchanges launching new features, innovations, and even L2 blockchains is nothing new.

As competition heats up, exchanges are looking to distance themselves from the crowd through innovation and by rewarding their communities. Here are some of the top headlines about crypto exchanges making moves in the space recently:

But perhaps the most significant move from a crypto exchange was the launch of Coinbase’s Layer 2 blockchain Base in August 2023. So far, Base has been a huge success, especially in regards to attracting NFT creators and collectors.

We’ll have to be patient to see if X Layer is as popular as Base with its users. If it is, there’s a good chance we’ll see other crypto exchanges around the world undertake similar initiatives. At Rarity Sniper, we’ll be on the lookout for any updates to the story.