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Crypto Exchange OKX Launches Proprietary New Ethereum Layer-2 Solution Called ‘X-Layer’

April 17, 2024

The crypto exchange OKX has launched the public mainnet of its new Ethereum (ETH) layer-2 (L2) network.

The L2, called “X Layer,” onboarded more than 200 decentralized apps (DApps) during its testnet stage, according to a new announcement from the exchange.

OKX says the network’s DApps include roughly 40 decentralized finance (DeFi) projects, 12 infrastructure projects, five growth tools, 12 bridges, 16 wallets, 10 social finance (SocialFi) platforms, and 10 non-fungible token (NFT) and gaming-focused projects.

Popular DeFi projects on X Layer include Curve (CRV), Renzo and the decentralized exchange (DEX) QuickSwap.

OKX Chief Marketing Officer Haider Rafique says X Layer’s current focus is onboarding as many developers and users as possible.

“Our objective is to make it cheaper and faster for millions of people to go in and out of on-chain applications through our Zero-Knowledge Proof (ZK) powered, EVM compatible L2 network.”

Rafique says the X Layer aims to reduce transaction fees and increase transactions per second by “optimizing transaction batching and approvals.”

“X Layer aims to unlock and accelerate the global adoption of the Web3 economy, ensuring greater individual freedom and opportunity for millions worldwide. We’re incredibly excited about what’s to come and welcome you to join us as we work to bring the vision of X Layer to life.”

OKX, which is headquartered in the Seychelles, is currently the third-largest crypto exchange by trading volume, behind only Binance and Bybit, according to CoinGecko.

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