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OKX Launches Ethereum-based Layer-2 Network for Lower Fees and Interoperability

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Cryptocurrency exchange OKX has launched X Layer, an Ethereum-based layer-2 network, to provide lower fees and interoperability for users interacting with decentralized applications. The network uses ZK-proofs for improved security and scalability.

Cryptocurrency exchange OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 network to provide lower fees and interoperability for users interacting with decentralized applications.

An announcement shared with Cointelegraph notes that X Layer provides faster, cheaper transaction capabilities when interacting with on-chain applications. The network uses ZK-proofs, the underlying technology used by various Ethereum layer-2 networks for improved security and scalability.X Layer is EVM-compatible, allowing developers to launch or migrate Ethereum-based decentralized apps without having to rewrite the underlying code.

“We are building an ecosystem that is as seamless and interoperable as possible. We think X Layer has limitless potential thanks to our strong community and its connectivity with other Ethereum-based networks,” Rafique said. X Layer will allow OKX users to transfer assets, deposit and withdraw cryptocurrencies on OKX and access nearly 200 DApps offering token swaps, staking and smart contract functionality. OKX’s native OKB token acts as X Layer’s native token and is used to pay gas fees on the network.Polygon CDK is touted to provide symbiotic benefits for OKX, X Layer and other chains connected to Polygon’s AggLayer.

 

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