Polygon (MATIC) Ecosystem Bolstered as OKX’s Layer 2 Goes Live

OKX’S Polygon-powered Layer 2 X Layer goes live on public mainnet.

Polygon woman feeling powered by OKX.
Created by Kornelija Poderskytė from DailyCoin
  • OKX’s Ethereum Layer 2 X Layer has gone live. 
  • The Ethereum Layer 2 chain promises to be a boon to the Polygon ecosystem.
  • The chain is one of many projects set to share liquidity with Polygon via the AggLayer.

The envisioned Polygon (MATIC) multichain ecosystem is quickly taking shape.

In 2023, developers released the Chain Development Kit to allow projects to spin off Ethereum Layer 2 chains quickly. Now, many of the projects that had promised to launch Layer 2 chains using the toolkit are going live, plugging into the recently launched interoperability layer, the AggLayer, to share liquidity with other chains in the ecosystem.

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Following the launch of Astar zkEVM in March 2024, OKX’s X Layer has recently gone live, promising to offer a significant boost to the entire Polygon ecosystem.

OKX’s X Layer Looks to Bring 50 Million On-chain

X Layer, OKX’s Ethereum Layer 2 built with the Polygon CDK, has gone live on public mainnet per a press release shared with DailyCoin. Proposing to bring OKX’s 50 million users on-chain, X Layer promises to be a significant liquidity boon for the broader Polygon ecosystem through the shared AggLayer. Polygon Labs CEO Marc Boiron further stressed this view.

"The X Layer’s connection to the AggLayer solves the fragmentation of liquidity and users across chains on the AggLayer so they can all grow together. OKX’s 50M users now have an easy path to onboarding to X Layer and all the other chains connected to the AggLayer." Boiron asserted in a statement.

Curve, Galxe, LayerZero, QuickSwap, The Graph,  and Timeswap are among the projects that are already launching on the network. According to OKX, X Layer users will have access to over 170 DApps at launch, with an exponential increase expected in the near future.

Beyond X Layer, several other projects are building with Polygon’s CDK and or planning to connect to the AggLayer.

More to Come for Polygon (MATIC)

Projects building to join the Polygon ecosystem include Immutable, Manta Network, Palm Network, and the Indian e-commerce giant Flipkart.

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At the time of writing, Polygon alone boasts a TVL of $915 million, per DefiLlama data.

On the Flipside 

  • Like OKX, Binance and Coinbase also boast Ethereum Layer 2 chains. Unlike OKX, however, Binance and Coinbase built their chains using Optimism‘s OP Stack.
  • It remains to be seen whether X Layer will be able to achieve the same level of success as other exchange-backed Layer 2 chains.

Why This Matters

OKX is the second largest crypto exchange by monthly volume, behind only Binance. With about 50 million users, X Layer could bring significant liquidity to the Polygon ecosystem.

Read this for more on Polygon:
Polygon (MATIC) Eyes Sustainable Growth With Treasury Proposals

Ethereum’s Vitalik Buterin is stirring debates around blockchain privacy. Find out more:
Buterin Endorses Railgun Despite Usage by North Korean Hackers

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.