Hello everyone! I am Dane, BD Manager at X Layer. I am pleased to present the following proposal @CrYpToLoGiC_010 (Danny) and I have put together for the Venus community and hope to see you all soon on X Layer.
Rationale
We propose the cross-chain deployment of Venus Protocol to X-Layer by OKX. X Layer is a ZK-powered layer 2 network that connects the OKX and Ethereum communities, enabling users worldwide to participate in a global on-chain ecosystem.The ecosystem has seen successful cross-chain deployment of projects such as: Frax Finance, Zerolend, QuickSwap, etc. We look forward to the opportunity to welcome Venus to its ecosystem.
Summary
Why launch on X Layer
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Boundless scalability: enable ZK-powered DApps on X Layer, with 100% EVM compatibility and easy-to-use developer tools for deployment.
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Powered by OKX: seamless OKX product integrations, all-in-one Web3 gateway, and access to 50M+ users in the OKX ecosystem.
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Security: rely on robust secure mechanisms from Ethereum, with trustless interoperability.
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Low fee: same coding experience as Ethereum, with 100x less in costs.
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Portal to Web3: enter the world of Web3 via OKX Wallet, built with compact infrastructure modules to create innovative DApps.
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High performance: Powered by one of the fastest ZK proof algorithms and the most advanced hardware cluster in the world, X Layer ensures transactions are confirmed swiftly, sparing users the long wait times commonly associated with other networks.
Motivations
The X Layer ecosystem is in need of a reliable and reputable lending market such as Venus to serve as the primary lending hub. Venus would also get first mover advantage and access to a large amounts of $OKB, WETH, WBTC, Stablecoins, LRTs/LSTs onboarded to X Layer from OKX’s CEX to cement its place as the defacto lending/borrowing destination.
Benefits
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Support from OKX Wallet: OKX Wallet has more than 1 million daily addresses. Thorough seamless collaboration with the OKX Wallet team, X Layer and Venus will enjoy the user inflows from OKX Wallet.
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Support from the OKX Earn Team: OKX Web3 Earn will integrate Venus into its DeFi Earn programme which would help tap into bluechip liquidity from OKX’s centralised exchange.
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First mover advantage: Get first mover advantage and access to a large amount of users and capital onboarded to X Layer from the OKX ecosystem. A first mover advantage along with the established brand name of Venus would enable Venus to become the defacto lending platform for users on X Layer.
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Partnership support: The X Layer BD team will assist Venus with intros to teams such as native stablecoins, LRTs and also popular long tail assets which could potentially be used as collateral on Venus. Co-marketing and technical support will also be provided to ensure that Venus has a smooth onboarding process.
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Asia Market Exposure: Venus will get a massive exposure to Asia Community as OKX and Polygon dominate the relevant market.
Risk Analysis and Technical Details
OKX is built on the Polygon CDK tech built by Polygon labs which has undergone numerous internal and external audits by Hexens, Spearbit and 26 individual researchers. Further,Polygon Labs also established best practices for securing zkEVMs such as X Layer. Polygon zkEVM also has a $1m bug bounty powered by Immunefi.
Detailed technical information can be found in our developer documentation.
Key Discussion Points
- Venus Deployment Timeline
- Marketing Support
- Ecosystem Support
Conclusion
X Layer is zk L2 built by OKX and Polygon. Deploying Venus on X layer will bring Venus various benefits detailed in the Benefits section. X Layer will also provide their best efforts to ensure the success of Venus in the X Layer ecosystem.
I’ll do some more research on X layer never heard of it before!