X Layer went stay on mainnet final week.
Frax Finance, a stablecoin and DeFi protocol internet hosting $874 million in property, introduced a partnership with PotatoSwap that may deliver its property onto X Layer, the Ethereum Layer 2 from OKX.
Introduced on April 25, the PotatoSwap decentralized alternate teased that it’s going to assist Frax’s FRAX stablecoin and liquid staking token frxETH, alongside different “monetary devices.” The combination will present new alternatives for Frax asset holders to generate yield.
“Frax Belongings coming quickly to OKX’s new zk L2 XLayer with accomplice integrations on deck,” Frax tweeted. “FRAX might be on the bottom ground powering DeFi & yields on day 1.”
X Layer Goes Stay
OKX, the second largest centralized alternate by 24-hour commerce quantity, in line with CoinGecko, launched X Layer on mainnet final week. The community was beforehand known as X1.
The Ethereum layer-2 was constructed utilizing Polygon’s Chain Improvement Package (CDK), a toolkit permitting builders to construct L2s secured by zero-knowledge proofs. X Layer hosted greater than 200 DeFi protocols at launch, with the dApps having onboarded throughout its beta testnet that went stay in November 2023.
In line with knowledge from DefiLama, X Layer hosts $5.49 million in whole worth locked (TVL) and has processed roughly 27.5 million transactions so far. OKB, an ERC-20 token launched by OKX in 2018, now capabilities because the community token for X Layer.
OKX probably drew inspiration from Base, the surging Layer 2 community from the highest U.S. centralized alternate, Coinbase, in launching X Layer. Base went stay on mainnet in August 2023, and has since attracted a TVL of $5.62 billion, in line with L2beat, and generated greater than $50 million in income, in line with Dune Analytics.
Frax Finance embraces USDe
On April 5, Frax Finance’s group accredited a proposal to accomplice with Ethena Labs to launch a liquidity pool permitting customers to commerce between FRAX and Ethena’s controversial USDe stablecoin on Curve. The pool encompasses a $250M debt ceiling for USDe.
“Ethena has appeared as much as the FRAX staff as a few of the greatest builders in all of DeFi, and we’re excited to work collectively within the coming months to develop the [on-chain] greenback financial system,” Ethena Labs tweeted. “Frax… will create one of many deepest swimming pools of greenback liquidity on-chain, and allow Frax to diversify their supply of backing yield.”
