- L1X successfully transferred assets between cross-chain.
- LIX is likely to be launched in August 2023.
- L1X tokens are currently in their private sale round.
Layer 1X (L1X), a brand new Layer One blockchain, has achieved a significant milestone for cryptocurrencies. Reportedly, On March 3 L1X became the first layer blockchain to transfer assets between an Ethereum Virtual Machine (EVM) chain and a non-EVM chain in a decentralized manner.
Layer One X is an advanced L1 blockchain and project that made crypto history by performing decentralized cross-chain transfer of assets without fail.
Before this, blockchain networks could not establish cross-chain interoperability between incompatible networks. Until Layer OneX organized for launch on the mainnet in August of this year. With Layer One X EVM (Ethereum Virtual Machine) and allows interoperability between EVM and non-EVM chains.
Layer 1X Cross-Chain Transfer of Assets
This innovation of Layer 1X solves an industry problem they faced for building cross-chain connections. This abolished the need for high-priced and complex bridges to transfer assets between blockchains. To date, blockchains have depended on bridges for cross-chain transfers.
Bridge exploits have cost the industry more than $2 billion in the past 1 year. This transformation removed the need for bridges. Instead, it offers a cheap, secure, and fast solution for developers and users alike. This step makes it easier and more accessible to transfer assets between several blockchains.
Notably, One of the many special benefits of decentralized cross-chain asset transfers is the suspension of bridges which is a costly and insecure option. As the name suggests, crypto bridges join multiple blockchains, allowing developers and users to tap assets from other networks.
By now, an essential tool, bridges were vulnerable to attacks. The infamous Ronin and wormhole hacks, responsible for over 80% of the $1.4 billion in wealth stolen from bridges in 2022 alone, are proof enough of the bridges’ vulnerability.
Layer One X offers higher scalability, speed, and interoperability levels and will widen the opportunity for sustainable business models and the inflow of new revenue flow for the industry.
Founder’s words of L1X
Kevin Coutinho, the founder of Layer One X, manifested his great pleasure in achieving decentralized cross-chain asset transfer. He said, “We are excited for this opportunity” that enables projects and developers to integrate nonsynchronous “features on the blockchain through a decentralized source of truth.”
This renovation of Layer 1X allows several blockchains to be in touch and negotiate with each other. There is new potential to build more linked and inventive decentralized apps. Now developers can design apps that can work on different blockchain networks. For crypto users, this means more proficiency, safe and secure transactions, and well-managed capital efficiency.
Layer 1 X is likely to be launch in August 2023. Reportedly, it is powered by its L1X tokens, currently in its private sale round.
To know more about the L1X, follow the following links:
Official website: https://www.l1x.foundation/