On April 15, 2024, the OKX cryptocurrency exchange announced the launch of the second level network X Layer. This is reported by Cointelegraph with reference to the company's press release.
The statement said that OKX launched the L2 network in collaboration with the Polygon Labs team. The X Layer (X1) zero-knowledge proof protocol aims to provide lower fees on the Ethereum network and compatibility for users interacting with decentralized applications.
According to the press release, X Layer is fully compatible with the Ethereum Virtual Machine (EVM). This will allow developers to create and run decentralized applications (dApps) on Ethereum without having to rewrite the underlying code.
According to OKX Marketing Director Haider Rafique, X Layer and other second-layer networks should become an integral part of the Web3 infrastructure.
OKX introduced a beta version of X Layer in November 2023. The initiative has contributed to the launch of more than 50 dApps, including applications from the Graph, Curve, LayerZero, QuickSwap, Galaxy and Timeswap projects.
It is reported that the proprietary L2 protocol will allow exchange users to transfer assets, deposit and withdraw cryptocurrency on OKX. In addition, it will open access to almost 200 dApps offering token exchange, staking and various smart contract functions.
The company clarified that the OKX platform token will be used to pay commissions on the L2 network.
Source: Cryptocurrency
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