Cryptocurrency exchange OKX is stepping into the realm of Ethereum scaling solutions with the mainnet launch of its layer-2 network, X Layer, providing users with lower fees and interoperability when interacting with decentralized applications.
Built using Polygon’s Chain Development Kit (CDK), X Layer leverages zero-knowledge proofs (ZK-proofs) for enhanced security and scalability, allowing for the verification of transactions without revealing all the underlying data, resulting in faster and more cost-effective interactions with decentralized applications (dApps).
X Layer is compatible with the Ethereum Virtual Machine (EVM), allowing developers to seamlessly deploy or migrate existing Ethereum-based dApps without extensive code modifications.
The project has already garnered interest, with over 50 Web3 dApps launching on the X Layer testnet since its November 2023 debut. The Layer-2 network allows OKX users to transfer, deposit and withdraw cryptocurrencies on the exchanges and access nearly 200 decentralized applications. Its native token, used to pay for gas fees on the network, is OKX’s OKB.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/apr/16/
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