OKX unveils $100 million fund to help dApp developers building on its L2 chain

The OKX crypto exchange is taking steps to support plans to launch its Layer-2 blockchain. Earlier this week, OKX founder Star Xu unveiled a $100 million ecosystem fund to fuel its X Layer network.

This newly announced fund is intended to power the next generation of decentralized applications (dApps) that would be created on the X Layer.

“True builders know crypto is a marathon, not a sprint. X Layer is built for the long run — and so are we. If you have long-term vision and real technology, we’re ready to be your partner,” Xu said, announcing the fund.

The exchange launched the public mainnet of Layer X in April 2024. The Layer-2 blockchain is already integrated with the OKX exchange as well as its Web3 wallet. At the time, OKX had explained that that the blockchain would act like a bridge for users to juggle financial transactions between the two OKX apps.

Earlier last month, the developer of Layer X who goes by the handle @felix_okx on X had highlighted certain key elements of the blockchain.

“We wrote that X Layer is here for certain sectors—DeFi, Payments, and RWAs. We will foster collaborations among top players, while for startups and creators, we will provide real support, not just verbal, to develop on X Layer with fair standards,” he posted.

This month, OKX permanently burned over 65 million OKB tokens — that is the utility token for the crypto exchange. The aim was to make the tokens more scarce and valuable while also making way for Layer X’s performance and security.

At present, Coinbase’s Base blockchain is touted as the largest L2 chain based on transaction volume and total value. Robinhood and Bitget are also working on their respective L2 blockchains.