Cryptocurrency exchange OKX has launched its own Layer 2 ETH network. X Layer is to be part of the exchange ecosystem, which has clearly accelerated its expansion in recent months. Is the Singapore exchange becoming a rival to Coinbase?
X Layer, one of the important pillars of the OKX exchange ecosystem
The OKX exchange is gaining licenses in an increasing number of countries, such as Türkiye. Expansion into global markets requires not only a good foundation, but also an innovative approach to the cryptocurrency market and the broadly understood Web3 industry. The Singapore exchange knows what it is doing, because in addition to expanding its operations, it has also set out to create its own layer 2 Ethereum network. X Layer was built using Polygon CDK and is the first network that uses the so-called AggLayer Polygonia. This is an improvement solution dedicated to multi-chain networks.
OKX Marketing Director Haider Rafique emphasized in his official statement:
We are building an ecosystem that is as seamless and interoperable as possible. X Layer has unlimited potential thanks to the strong OKX community.
These are not just idle boasts, as the Singapore-based exchange currently has over 50 million users around the world. Moreover, it is also one of the largest exchanges in terms of trading volume in the world of digital assets.
Will X Layer prove to be a worthy opponent for Base from Coinbase?
OKX's actions clearly indicate that the exchange has the ambition to become one of the leaders in the market of centralized digital asset exchanges. Creating your own Layer 2 Ethereum network is a great way to attract new users. There is a clear beginning of competition with the Base network from Coinbase, which has been operating since July last year.
Since its launch, the Base network has attracted approximately 8 million users, processing a total of 154 billion transactions, according to data from Dune Analytics. According to representatives of the OKX exchange, the X Layer is to be one of the key elements of the ecosystem being built. Combined with the very rapid and efficient expansion of this exchange, the competition between Coinbase and OKX may soon become a fact.
