OKXs L2 blockchain X Layer goes live on public mainnet

OKXs L2 blockchain X Layer goes live on public mainnet

Crypto exchange OKX has announced the official launch of its Layer-2 blockchain, X Layer, on the public mainnet.

X Layer, previously known as X1, is built utilizing Polygons Chain Development Kit (CDK), which incorporates zero-knowledge technology to allow developers to create customized chains. ⁤

The letter “X” in the name stands for openness and interoperability, while the word “LAYER” represents different types of protocols that work together to improve the scalability of a blockchain network.

⁤The latest development follows a broader trend among major crypto exchanges to develop their own layer-2 networks. ⁤ In August, Coinbase introduced its Base blockchain, which uses Optimisms OP Stack. ⁤⁤Reports also state that Kraken is exploring the possibility of developing its own layer-2 blockchain. ⁤

Per a press release by OKX, the exchange‘s developers will actively contribute to the CDK codebase. ⁤⁤X Layer will also integrate with Polygon’s broader ecosystem through the AggLayer, a solution designed to consolidate liquidity across multiple chains developed with Polygons technology. ⁤

“OKXs 50 million users now have an easy path to onboarding to X Layer and all the other chains connected to the AggLayer.”

Mark Boiron, CEO at Polygon Labs

X Layer initially launched on a testnet in November and currently supports over 170 decentralized applications (dapps), with plans to add more in the near future.

⁤⁤The network is envisioned as part of the foundational infrastructure for the web3 ecosystem, likening Layer-2 chains to highways that facilitate access to dApps and self-hosted wallets.

The platforms debut of X Layer coincides with its prioritization of compliance activities in the United States. Regional regulators, including the SEC in the US, have repeatedly said that most cryptocurrencies are subject to securities regulations, though these agencies have yet to explain their view on memecoins.

With mounting worries about the regulatory issues associated with offshore exchanges, OKX recently pulled USDT from its European services and initiated an unprecedented freeze of USDT assets in collaboration with Tether.