OKX becomes the latest cryptocurrency exchange to launch a tier-2 network based on Ethereum

Cryptocurrency exchange OKX has joined Coinbase in launching an internal Ethereum-based Layer 2 network to provide lower fees and interoperability for users using decentralized applications.
On April 15, OKX's launched the X Layer public core network, its zero-knowledge network. The network was built using Polygon's chaining kit (CDK) and allows state and liquidity to be shared across multiple blockchain networks using the aggregation layer of the Ethereum scaling protocol .
The announcement notes that the X Layer provides faster and cheaper transaction capabilities when interacting with applications on the chain. The network uses ZK security, a core technology used in Ethereum's various Layer 2 networks to improve security and scalability.
X Layer is compatible with EVM, enabling developers to run or migrate Ethereum-based decentralized applications (DApps) without rewriting the underlying code.
A statement from OKX's marketing director, Haider Rafique, noted that X Layer and other Layer 2 networks will become an integral infrastructure of the connected Web3 ecosystem.
"We are building an ecosystem that is as seamless and interoperable as possible. We believe X Layer has unlimited potential due to our strong community and connectivity to other Ethereum-based networks," Rafique said.
OKX launched a major beta version of X Layer in November 2023, which attracted more than 50 DApp Web3 applications to run on the test network. OKX notes that DApps applications, including Graph, Curve, LayerZero, QuickSwap, Galaxy and Timeswap, are in the process of being deployed on its proprietary Layer 2 network.
X Layer will enable OKX users to transfer assets, deposit and withdraw cryptocurrencies on OKX, and access nearly 200 DApps offering token exchange, staking and smart contract functionality. OKB's native OKX token acts like a native X Layer token and is used to pay gas fees online.