The cryptocurrency exchange OKX announces “X-Layer,” a proprietary new Ethereum Layer-2 solution

Cryptocurrency exchange OKX has launched the public mainnet of its new Ethereum (ETH) Layer 2 (L2) network.

According to a new announcement from the exchange, L2, dubbed “X Layer”, has integrated over 200 decentralized apps (DApps) in its testnet phase.

According to OKX, the network’s DApps include approximately 40 decentralized finance (DeFi) projects, 12 infrastructure projects, 5 growth tools, 12 bridges, 16 wallets, and 10 social finance platforms (SocialFi). and 10 non-fungible tokens (NFTs) and games-focused projects.

Popular DeFi projects on the X Layer include Curve (CRV), Renzo, and decentralized exchange (DEX) QuickSwap.

Haider Rafique, chief marketing officer at OKX, said X Layer’s current focus is to involve as many developers and users as possible.

“Our objective is to make it cheaper and faster for millions of people to go in and out of on-chain applications through our Zero-Knowledge Proof (ZK) powered, EVM compatible L2 network.”

According to Rafique, the X Layer “optimizes transaction batching and approvals” in order to lower transaction fees and boost transactions per second.

“X Layer aims to unlock and accelerate the global adoption of the Web3 economy, ensuring greater individual freedom and opportunity for millions worldwide. We’re incredibly excited about what’s to come and welcome you to join us as we work to bring the vision of X Layer to life.”

According to CoinGecko, OKX, which has its headquarters in the Seychelles, is presently the third-largest cryptocurrency exchange by trading volume, behind only Binance and Bybit.