OKX Wallet has recently integrated with Ethereum. As per the announcement, the platform has introduced an in-house L2 network based on Ethereum to offer interoperability and lower fees for consumers utilizing decentralized apps. The company released X Layer’s public mainnet on the 15th of April. It operates as a network powered by zero-knowledge-proof technology.
OKX Introduces Ethereum-based L2 Network to Offer Interoperability and Cost-Efficiency
The platform developed the network with the use of the chain development kit of Polygon. It allows shared state as well as liquidity across diverse networks. In this respect, it uses the Aggregation Layer of the Ethereum scaling protocol. In its announcement, the crypto exchange disclosed that X Layer enables cost-effective and rapid transfer operations. This way, the users get remarkable facilities in the case of using on-chain applications.
The network leverages ZK-proof technology which the Ethereum L2 networks utilize for enhanced scalability and security. X Layer is compatible with Ethereum Virtual Machine and permits developers to migrate or release Ethereum-based dApps. For this purpose, they do not require rewriting the underlying code. Haider Rafique, the chief marketing officer of OKX, recently commented on this development.
According to the executive, X Layer as well as the rest of the L2 networks have a development plan. They reportedly focus on turning into the crucial infrastructure concerning a unified Web3 ecosystem. Rafique mentioned that the company is establishing an ecosystem for an interoperable and matchless experience.
X Layer Offers Rapid and Cost-Effective Crypto Deposits, Withdrawals, and Transactions
He added that X Layer possesses limitless potential with the help of the resilient community. The crypto exchange released X Layer’s mainnet beta version in November last year. This event allured up to fifty Web3 decentralized applications to release on its testnet. As per OKX, decentralized applications like Timeswap, Galaxy, QuickSwap, LayerZero, Curve, and Graph are moving forward.
They are reportedly going through the procedure of deployment on the proprietary L2 network. With X Layer, OKX permits the consumers to transact, withdraw, and deposit crypto along with access to 200 dApps. It also offers token swaps, smart contract operability, and staking. OKB, the native token of OKX is utilized for gas-fee payment on the network.