OKX Unveils Ethereum Scaling Protocol ‘X Layer’

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  • OKX has launched an Ethereum scaling layer known as X Layer
  • The exchange wants to use the platform to enhance interaction with decentralized apps
  • X Layer uses Polygon’s chain development kit (CDK)

Cryptocurrency exchange OKX has unveiled an Ethereum scaling platform dubbed X Layer to improve interaction with Dapps by lowering transaction fees. The network is powered by Polygon’s chain development kit (CDK) which allows blockchain developers to launch new Ethereum layer two networks. OKX joins other exchanges like Coinbase and Binance that operate blockchain-based networks, an indication that crypto trading platforms are working to bring more people to the web3 space.

The Highway to Web3

In an announcement, the exchange said that the platform will have a “shared state and liquidity across multiple chains.” It added that X Layer employs superior technology that makes it faster and cost-effective for entities to transact on X Layer-powered applications.

The exchange disclosed that the network allows Ethereum-based Dapps to be migrated to the scaling layer “without much development effort.”

OKX’s CMO Haider Rafique noted that the scaling network is designed to accommodate “visionary” developers looking to bring more people into the blockchain world. He added that layer twos are the “highway” to the web3 space.

According to Rafique, Dapps and non-custodial crypto wallets also play a critical role in pushing for the adoption of blockchain-based products.

The Graph and Curve Preparing to Launch on X Layer

The exchange disclosed that over 170 Dapps are already operating on the network, adding that others like Curve, Galaxy and The Graph are in the process of being deployed on the platform. 

X Layer’s launch comes five months after the exchange announced the platform in November last year. At the time, OKX said that the platform would focus on driving “the future of web3.”

OKX is already thriving in other layers such as NFT trading with its NFT platform surpassing leading marketplaces like OpenSea and Blur in NFT trading volume.

With similar scaling layers like Base and Blast recording sizable uptake, it’s to be seen whether developers will see a reason to migrate to X Layer.