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OKX Unveils X Layer: Can It Compete With Leading Layer 2 Networks?

Cryptocurrency exchange OKX has announced the launch of its Layer 2 (L2) network mainnet called X Layer. Built on Ethereum and powered by zero knowledge (ZK) technology, the X Layer network integrates with the OKX exchange and OKX Web3 wallet.

It uses Polygon's Chain Development Kit (CDK) and aims to reduce transaction costs and improve scalability for users of its exchange and wallet services.

Can X Layer quickly close the gap with primary and primary Layer 2?

Haider Rafiq, marketing director at OKX, sees X Layer as an integral part of the Web 3 infrastructure.

He said Rafiq: “We envision X Layer and other Layer 2 chains as the road infrastructure of a Web 3 world, with decentralized applications (dApps) as marketplaces and self-hosted wallets as transportation. »

During the X Layer network test phase, OKX during the X Layer network test phase, Hosted by More than 200 decentralized applications (dApps). Current applications include around 40 dapps, 20 frameworks, 12 bridges, 5 growth tools, 16 wallets, 10 NFT and gaming dapps, 10 SocialFi social finance apps, and many other dapp development tools.

👈Read more: What is the difference between layers 1 and 2 of the blockchain?

Additionally, popular dApps such as Curve, QuickSwap, and LayerZero are among those built on the new network. Commenting on the launch, Marc Boiron, CEO of Polygon Labs, expressed optimism about the potential of X Layer.

books Boiron on his X account (formerly Twitter): “X Layer = The majority of the world's population is not bound by bad laws and is ready to have fun. »

OKB, the native token of OKX, will be used to pay gas fees on layer X.

The launch of X Layer follows the recent trend of major exchanges developing their own Layer 2 (L2) solutions. It is worth noting that Coinbase launched its Base network, which quickly gained popularity.

OKX's launch of L2 coincides with the recent departure of several key executives

BeInCrypto reported that Biz Network recorded a 70% increase in total value locked (TVL) in just one week. It quickly caught up with established L2 networks, such as Arbitrum One and Optimism.

According to L2Beat data, Biz currently ranks third in terms of total value locked (TVL), just behind Arbitrum One and Optimism. Biz also has $5.29 billion in TVL and a 14.17% market share at the time of writing.

👈Read more: OKX Review: your guide to trading cryptocurrencies with a leading platform & How to trade futures on the Okx platform?

Total Fundamental Value Locked (TVL).
Total Fundamental Value Locked (TVL). Source: L2Beat

However, OKX's launch of L2 coincides with the recent departure of several key executives, including Tim Byun and Wei Lan. This departure also raises questions about the company's organizational stability.

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