OKX Launches Ethereum Layer-2 Network in Coinbase’s Base Challenge

Crypto exchange OKX announced on Monday that Ethereum-based layer-2 scaling network X Layer has entered the public network – becoming the latest name-brand blockchain to offer crypto users faster and cheaper transactions than the Ethereum mainnet.

Built using the Polygon SDK, OKX's X Layer was one of the first to use Polygon's so-called. Aglier. The solution, which was unveiled by Polygon in January, looks to make many different blockchain funds feel as one with a common network state and liquidity that allows them to seamlessly flow from one network to another.

“We're building an ecosystem that's as seamless and interoperable as possible,” said Haider Rafique, chief marketing officer of OKX, in a statement, adding, “Thanks to X Layer, the potential is limitless.” [OKX’s] A strong community.”

The Singapore-based exchange is one of the largest crypto exchanges with over 50 million users worldwide. Last day, OKX saw $4.9 billion worth of crypto change hands—more than $4 billion in trading volume, meanwhile, on Coinbase, America's leading crypto exchange. CoinGecko.

Like OKX's Polygon technology stack, Coinbase's layer-2 network Base is built using the OP Stack from Optimism, another popular Ethereum layer-2 network. Since its launch last July, Basse has attracted nearly 8 million users while processing 154 million total transactions. Data From dune analysis.

In addition to cheaper transactions, Layer-2 networks make decentralized applications (dapps) more convenient for users to interact with because they have lower per-use costs. Through the X Layer, users have access to 170 DAPs, which is “planned to increase significantly,” Oakes said in a statement.

So far, notable dapps released on X Layer include decentralized exchange QuickSwap, community-building platform Galxe, and infrastructure platform ThirdWeb.

One notable difference between Base and Layer X is that the latter network embraces Zero Knowledge (ZK) authentication. Allowing someone to prove a statement is true without revealing it themselves, the concept in cryptography is a vision for Polygon's updated architecture and greater interoperability between chains.

“X Layer is the industry's biggest step in building a truly unified Web3,” Polygon CEO Mark Boiron said in a statement. “X Layer's connection to Aglier solves liquidity and the division of users on-chain.

Edited by Andrew Hayward.