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OKX and Polygon Collaborate to Launch X Layer Public Mainnet

OKX has formally introduced the X Layer public mainnet in collaboration with Polygon.

As per a recent statement from OKX, the cryptocurrency exchange, the X Layer network aims to enhance the speed and cost-effectiveness of Ethereum-based transactions for its 50 million users.

OKX Introduces Platform for Cross-Chain Liquidity

The Layer-2 (L2) network utilizes Zero Knowledge (ZK) technology for security and is constructed with the Polygon Chain Development Kit (CDK). Through the AggLayer, the platform enables shared state and liquidity across multiple chains.

By employing ZK proofs, transactions become scalable while reducing costs. Furthermore, its EVM compatibility facilitates the seamless deployment of Ethereum-based decentralized applications (dApps) with minimal development efforts.

“X Layer is designed for forward-thinking developers who are building applications to onboard millions of users onto the blockchain,” remarked OKX Chief Marketing Officer Haider Rafique.

“We see X Layer and other Layer-2 chains as the foundational infrastructure of the Web3 universe, with dApps serving as the marketplaces and self-hosted wallets acting as the means of transport,” added Rafique.

X Layer’s Innovative Developer Community

Since its beta introduction in November 2023, X Layer has experienced rapid adoption, with over 50 web3 dApps deploying on the platform within the initial week of its testnet launch.

Among these dApps are prominent applications like The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap, bolstering the network’s utility and outreach.

Users worldwide now have access to the X Layer network for asset transfers, crypto deposits and withdrawals via OKX, and a suite of over 170 dApps facilitating swapping, staking, and smart contract interactions.

“X Layer represents a significant leap forward in the industry’s quest to construct a truly unified Web3,” remarked Polygon CEO Marc Boiron. “The connection of X Layer to the AggLayer resolves the fragmentation of liquidity and users across chains on the AggLayer, enabling them all to progress collectively.”

“The impressive array of talented developers who have already begun building on X Layer underscores the network’s potential, and we eagerly anticipate further collaboration with OKX to realize our shared objectives for the industry,” added Boiron.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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