OKX, a popular cryptocurrency exchange, has officially made its Layer-2 blockchain, named X Layer, publicly available on the main network.
X Layer, formerly called X1, now uses Polygon‘s Chain Development Kit (CDK) for its construction, featuring zero-knowledge tech that empowers developers to build tailor-made chains.
The “X” in the name signifies openness and interoperability, indicating how different systems can seamlessly connect and exchange information. The term “LAYER” denotes various protocols that collaborate to enhance the ability of a blockchain network to handle increased transactions efficiently.
Major crypto exchanges, including Coinbase and Kraken, are following a recent trend by developing their own layer-2 networks for improved transaction speeds and lower fees. In August, Coinbase unveiled its Base blockchain, which is built on Optimism’s OP Stack. There are also rumors that Kraken is looking into creating its own layer-2 solution.
Hello innovators, architects, and pioneers! 👩💻👨💻
ATTENTION: X Layer Mainnet is now open to the general public 🚨
Over 200 decentralized applications (dApps) are currently under development, making X Layer an approachable platform for all, not just developers.
Gain direct exposure to our secure and powerful zkEVM L2 network.
Join the building process:…
— X Layer (@XLayerOfficial) April 16, 2024
According to an announcement from OKX, the exchange’s team plans to make active improvements to the CDK project’s source code. Additionally, the X Layer of OKX will collaborate with Polygon by implementing AggLayer, a system developed by Polygon to aggregate liquidity across various chains using their technology.
Users of OKX with a total number of 50 million now have a convenient way to join X Layer and other connected chains through AggLayer.
Mark Boiron, CEO at Polygon Labs
Back in November, X Layer started out as a trial on a test network. Now, it’s home to over 170 decentralized apps (dapps), and there are intentions to welcome even more soon.
The network is intended to form the base structure for the web3 environment, with Layer-2 chains acting as efficient byways that grant users seamless access to decentralized applications (dApps) and personal wallets.
The launch of X Layer on the platform occurs concurrently with a focus on regulatory compliance in the US market. Regulators such as the SEC in the US have consistently expressed that most cryptocurrencies fall under securities regulations, but have yet to clarify their stance on memecoins specifically.
Due to growing concerns over the regulatory challenges faced by offshore exchanges, OKX has taken the unusual step of removing USDT from its European platforms and cooperating with Tether to put a hold on USDT assets.
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2024-04-16 11:24