OKX Introduces Ethereum Layer-2 Network; Competing with Coinbase’s Base

OKX launched its new Ethereum-based network, X Layer, to the public on Monday. This network is designed to make crypto transactions faster and cheaper, directly challenging Ethereum’s main network. Additionally, OKX has introduced AggLayer, a Polygon-based feature, to attract more users.

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OKX’s X Layer, created with the Polygon CDK, is among the pioneering projects to utilize Polygon’s AggLayer. Introduced by Polygon in January, AggLayer aims to unify various blockchains by enabling a shared network state and fluid fund transfer between networks. This integration allows for seamless interaction across different blockchain platforms.



OKX and Coinbase: Competing in the Layer-2 Landscape

OKX, led by Chief Marketing Officer Haider Rafique, aims to create a seamless and interoperable ecosystem with its latest project, X Layer. Rafique emphasizes the limitless potential of X Layer, attributing it to OKX’s strong community support. The Singapore-based exchange boasts a user base of over 50 million globally, positioning itself as one of the largest players in the cryptocurrency market.

OKX’s recent trading volume surpasses that of Coinbase, the leading crypto exchange in America, according to CoinGecko. Over the past day, OKX recorded $4.9 billion worth of crypto transactions, exceeding Coinbase’s $4 billion trading volume. This highlights OKX’s significant presence and influence in the crypto trading sphere.

In response to the growing demand for layer-2 solutions, Coinbase launched Base, its own layer-2 network. Base utilizes the OP Stack from Optimism, leveraging technology from another prominent Ethereum layer-2 network. Since its launch in July, Base has attracted approximately 8 million users and processed a total of 154 million transactions, as reported by data from Dune Analytics.

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Layer-2 networks offer cheaper transactions and improved accessibility to decentralized applications (dapps) for users. OKX’s X Layer provides access to 170 dapps, with plans for exponential growth in the future. These developments signify a shift towards enhanced user experiences and scalability within the cryptocurrency ecosystem.

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Exploring X Layer’s DApp Ecosystem and Advancements

Notable decentralized applications (dapps) recently launched on X Layer include QuickSwap, a decentralized exchange, Galxe, a community-building platform, and Thirdweb, an infrastructure platform. These additions enrich X Layer’s ecosystem and offer users diverse opportunities for engagement and interaction within the decentralized finance (DeFi) space.

A key distinction between Base and X Layer lies in the latter network’s integration of zero-knowledge (ZK) proofs. This cryptographic concept enables users to prove the truth of a statement without revealing the statement itself. Polygon’s updated architecture places a significant emphasis on ZK proofs, enhancing security and privacy while fostering greater interoperability across blockchain networks.

Polygon CEO Marc Boiron views X Layer as a significant advancement towards realizing the industry’s vision of a unified Web3. Boiron highlights the importance of X Layer’s connection to the AggLayer, which addresses the fragmentation of liquidity and users across various blockchain networks. This integration reflects a commitment to streamlining user experiences and promoting seamless interaction within the decentralized ecosystem.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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