The name “X” represents openness and interoperability, while “LAYER” signifies different protocols working together to enhance the scalability of a blockchain network. Major crypto exchanges, such as Kraken and OKX, are developing their own layer-2 networks in line with this trend. OKX’s developers aim to contribute to the CDK codebase and facilitate onboarding to X Layer for its 50 million users.
X Layer, which initially launched on a testnet in November, currently supports over 170 decentralized applications (dapps) and plans to add more. The network aims to be foundational infrastructure for the web3 ecosystem, with Layer-2 chains serving as highways for accessing dApps and self-hosted wallets. Regarding regulations, the SEC in the US and other regional regulators have indicated that most cryptocurrencies are subject to securities regulations, but their stance on memecoins remains unclear.