OKX, a world-renowned cryptocurrency exchange, has released X Layer, a new network designed to speed up Ethereum transactions. This system, built using tools from Polygon, also makes transactions less costly, all while giving users access to an array of useful applications.
OKX’s X Layer
X Layer is part of OKX’s public mainnet. Launched on April 15th, this Ethereum-based network is not just faster, but is also cheaper for transactions compared to the main Ethereum network. Thanks to zero-knowledge (ZK) tech, it boasts impressive security.
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With the introduction of X Layer, OKX is now rivaling other leading crypto exchanges like Coinbase and Kraken. These exchanges have also been developing their own layer-2 systems recently. Coinbase rolled out its Base blockchain, built using Optimism’s OP Stack, in August 2023, while Kraken is rumored to be planning its own.
RedStone 🤝 X Layer
We’re excited to expand support for @XLayerOfficial, RedStone is available there for builders from day 1.
X Layer, a ZK-powered Layer 2, bridges the @OKX and Ethereum communities, enabling global participation in an on-chain ecosystem.
Learn more 🧵 https://t.co/Kn4kEDCkcM pic.twitter.com/D1SuBonTjt
— RedStone Oracles ♦️ (@redstone_defi) April 16, 2024
X Layer’s standout feature is its link with Polygon’s AggLayer, which is meant to pull together liquidity and give users a smooth experience across various chains. Through this connection, X Layer attempts to offer an effortless and unified environment for its users.
Accentuating the critical role of this integration, OKX’s Chief Marketing Officer, Haider Rafique, shared his conviction that X Layer holds boundless possibilities, a feat owed to the strength of OKX’s diverse community.
At the moment, X Layer gives users the ability to use more than 170 decentralized applications. The plan is to grow this number substantially. Some of the top dapps you can already find on X Layer include QuickSwap, a decentralized exchange platform, community-focused platform Galxe, and the infrastructure platform Thirdweb.
OKX has made it easier for you. With the integration of X Layer into their Web3 Wallet, you can now easily see, move and trade X Layer assets on OKX’s DEX and NFT Marketplace. Plus, it allows you a smooth interaction with the increasing number of dapps on the network.
Polygon CEO Marc Boiron spoke highly of the X Layer launch, referring to it as a monumental next step in the industry’s ambition to construct a unified Web3. Boiron further highlighted that X Layer’s connection to the AggLayer effectively resolves the fragmentation of liquidity and users across chains.
In the ever-changing world of Web3, OKX’s launch of X Layer shows its dedication to giving its users the best, hassle-free experience. Supported by Polygon’s CDK and AggLayer, X Layer is gearing up to become a strong contender in the layer-2 scaling solutions field, pushing the boundaries of what’s possible and sparking creativity.
Executives depart amidst changes
Two top executives at OKX, Tim Byun and Wei Lan, have recently departed from the prominent cryptocurrency exchange, according to sources close to the situation.
From 2018 to 2020, Byun served as the CEO of Okcoin, OKX’s US branch, before shifting to a role in government relations. According to a source, Wei Lan was in charge of much of OKX’s trading desk operations.
OKX is simplifying its branding by merging various parts under the singular OKX brand. No longer will there be a separate U.S. brand. The recent departure of Patrick Donegan, the Global Compliance Chief of OKX, after a mere six months adds to the company’s changes.
OKX chose not to give a comment. There were no responses to attempts to contact Byun and Lan.
PRCL token added to futures market
In another news, OKX has added PRCL, Parcl’s native token, to its futures market. From 1:30 PM (UTC) April 16th, users will be able to trade PRCL with up to 50x leverage. By introducing more diverse trading options, OKX continues its commitment to cater to user needs.
The option to trade with margin and earn easily using the PRCL token will start at 4:00 AM (UTC) on April 19. This comes after PRCL was added for trading on OKX’s spot market at 1:00 PM (UTC) on April 16.
Parcl is a pioneering platform resting on blockchain technology. It lets users invest in specific areas of real-world property in rewarding locales. With Parcl, you can amass your dream property portfolio, trading pieces of neighborhoods just like you’d exchange cryptocurrency.
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