Crypto trade OKX has introduced the official launch of its Layer-2 blockchain, X Layer, on the general public mainnet.
X Layer, beforehand known as X1, is constructed using Polygon’s Chain Growth Package (CDK), which contains zero-knowledge know-how to permit builders to create custom-made chains.
The letter “X” within the title stands for openness and interoperability, whereas the phrase “LAYER” represents various kinds of protocols that work collectively to enhance the scalability of a blockchain community.
The most recent improvement follows a broader pattern amongst main crypto exchanges to develop their very own layer-2 networks. In August, Coinbase launched its Base blockchain, which makes use of Optimism’s OP Stack. Experiences additionally state that Kraken is exploring the opportunity of growing its personal layer-2 blockchain.
Per a press launch by OKX, the trade’s builders will actively contribute to the CDK codebase. X Layer may even combine with Polygon’s broader ecosystem via the AggLayer, an answer designed to consolidate liquidity throughout a number of chains developed with Polygon’s know-how.
“OKX’s 50 million customers now have a simple path to onboarding to X Layer and all the opposite chains linked to the AggLayer.”
Mark Boiron, CEO at Polygon Labs
X Layer initially launched on a testnet in November and presently helps over 170 decentralized functions (dapps), with plans so as to add extra within the close to future.
The community is envisioned as a part of the foundational infrastructure for the web3 ecosystem, likening Layer-2 chains to highways that facilitate entry to dApps and self-hosted wallets.
The platform’s debut of X Layer coincides with its prioritization of compliance activities in the USA. Regional regulators, together with the SEC within the US, have repeatedly stated that almost all cryptocurrencies are topic to securities laws, although these companies have but to clarify their view on memecoins.
With mounting worries concerning the regulatory points related to offshore exchanges, OKX not too long ago pulled USDT from its European providers and initiated an unprecedented freeze of USDT property in collaboration with Tether.