Summary
TLDR: OKX launched X Layer, a layer 2 network on Ethereum, to reduce transaction costs and improve scalability. It aims to bridge the gap with leading L2s and has onboarded over 200 dApps. Popular dApps like Curve and QuickSwap are building on the network. OKB token will be used for gas fees. However, the launch comes amidst key executive departures, raising questions about organizational stability.
Key Points
1. OKX announced the mainnet launch of its layer 2 network named X Layer on April 16, 2024, built on Ethereum and powered by zero-knowledge technology.
2. X Layer aims to reduce transaction costs and improve scalability for exchange users and wallet services by utilizing Polygon’s Chain Development Kit (CDK).
3. The launch of X Layer coincides with the recent trend of large exchanges developing their own L2 solutions, such as Coinbase’s Base network, which quickly gained significant traction and recorded a 70% increase in total value locked in just one week.