OKX Debuts X Layer on Ethereum Network to Rival Coinbase’s Base

Key Points:

  • OKX’s X Layer, utilizing Polygon’s AggLayer, simplifies transactions across blockchain networks, enhancing liquidity and user experience.  
  • By embracing zero-knowledge proofs, X Layer boosts privacy and efficiency in transactions compared to traditional Ethereum processes.  
  • With 170 decentralized applications available and more expected, X Layer is set to expand user interaction opportunities significantly.

Crypto exchange OKX has officially launched its Ethereum-based layer-2 scaling network, X Layer, to the public mainnet. This introduction marks OKX as a formidable competitor in the blockchain space, directly challenging Coinbase’s established network, Base. Utilizing Polygon’s Custom Development Kit, X Layer aims to provide a seamless and interoperable ecosystem, drastically reducing transaction costs and speeds compared to Ethereum’s mainnet.

Haider Rafique, OKX’s Chief Marketing Officer, emphasized the network’s broad potential. “We are building an ecosystem that is as seamless and interoperable as possible,” Rafique stated, projecting a future of limitless possibilities facilitated by robust community engagement and adoption.

OKX, headquartered in Singapore, boasts a global user base exceeding 50 million. The platform recently reported a daily trading volume of $4.9 billion, edging out Coinbase’s $4 billion. This high volume of activity underscores OKX’s significant market presence and highlights the timely introduction of X Layer to capitalize on this momentum.

Moreover, X Layer’s strategic utilization of Polygon’s AggLayer positions it uniquely in the market. This technology amalgamates various blockchains into a unified network state, enabling effortless liquidity transfers and enhancing overall network efficiency. The advanced feature set of X Layer includes the innovative use of zero-knowledge proofs, a cryptographic method that allows for the verification of statements without revealing the statement itself.

This privacy-preserving feature is key, distinguishing X Layer from Coinbase’s Base, which is built on Optimism’s OP Stack. While Base has processed 154 million transactions for approximately 8 million users, X Layer is gearing up for a rapid expansion in its decentralized application (dapp) offerings. Currently, users have access to 170 dapps, including prominent platforms like QuickSwap, Galxe, and Thirdweb, with expectations for these numbers to grow exponentially.

Polygon CEO Marc Boiron commented on the network’s launch, stating, “X Layer is a monumental next step in the industry’s ambition to build a truly unified Web3.” He highlighted the connection to AggLayer as a critical solution to the fragmentation issues plaguing current blockchain technologies.

OKX’s launch of X Layer not only intensifies the competition with Coinbase but also sets a new standard for blockchain interoperability and user-centric solutions. The network’s promise of enhanced scalability, reduced costs, and improved transaction privacy through zero-knowledge proofs anticipates a significant shift towards more efficient and secure blockchain interactions in the near future.

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