The cryptocurrency industry is always evolving as developers continue to build new solutions and projects for users. Cryptocurrency exchange OKX has announced that its Ethereum layer-2 network X has entered the mainnet. According to the exchange, the platform will become the first blockchain to offer users faster and cheaper transactions using Ethereum’s mainnet.
OKX’s X network enters the mainnet
The platform was built using Polygon’s CDK tool, being one of the networks to experience the network’s AggLayer. During its unveiling in January, Polygon mentioned that the solution was designed to make transactions seamless. It noted that the solution makes many blockchains feel like they are grouped as a whole. That way, funds could flow across from one network to another.
Giving his verdict on the new platform, OKX’s Chief Marketing Officer Haider Rafique said that the platform is looking to build a network that is interoperable and seamless. He also noted that the potential of the X platform is unlimited due to the strength of the OKX community. The exchange, based in Singapore, boasts about 50 million global users. It is also one of the biggest exchanges according to market volume.
Comparison with Coinbase’s Base network
OKX has enjoyed remarkable success in the crypto market over the last few days with the exchange registering a $4.9 billion trading volume. In comparison, leading crypto exchange Coinbase saw a trading volume of $4 billion in the same period. Similar to the X network, Coinbase has also built its Base network using Optimism’s OP Stack. According to Dune Analytics, Base presently has about 8 million users while processing more than 154 million transactions.
Aside from cheap transactions, layer-2 networks make it easy for users to interact with decentralized applications (dApps) because they require lesser costs. OKX mentioned that users will be open to about 170 dApps with the figure expected to rise significantly. Presently, the network houses platforms like QuickSwap, Galxe, and Thirdweb. A glaring difference between X and Base is the use of zero-knowledge (ZK) proofs.
In his verdict, Polygon CEO Marc Boiron lauded the ambition of the X in the Web3 space. “X Layer is a monumental next step in the industry’s ambition to build a truly unified Web3,” he said. He also noted that the network’s connection to the AggLayer will help eliminate the fragmentation of liquidity and users across multiple blockchains.
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