X Layer joins hands with Swell Network

X Layer has announced a partnership with Swell Network. While a lot of details are awaited, X Layer has made it public that they aim to unlock synergies and facilitate a seamless experience while staking on their network. Swell has confirmed the announcement by reposting it and sharing it with the community.

Swell Network has added that they will not interoperate with a larger network of zk-powered layer 2 solutions via Polygon AggLayer. Community members on both sides have expressed their optimism about the development.

The development for Swell Network comes after it said that the pre-launch deposits would soon go live on the network. It will reward depositors provided they have accessed the function for supported tokens like swETH, ALT, and STONE.

Notably, X Layer is a name that the team revised recently, before taking the project live on the mainnet. It was previously operating under a different name when on the testnet; however, a move toward the public launch has brought it a step closer to making a few modifications to its social media accounts. The team’s underlying philosophy behind changing the name is expected to be written in detail in the weeks to come.

The developer phase is, meanwhile, live, and developers can head over to the platform to deploy, test, and build their dApps in a secure environment, with dApps being an acronym for decentralized applications. X Layer currently houses more than 200 dApps and infrastructure projects. This includes Ankr, Graph Protocol, and the Third Web.

Moving forward, X Layer has said it will celebrate the X Layer mainnet developer phase at the HK Web3 Festival 2024. The event is scheduled for April 7, 2024, with registrations open at the moment.

Swell Network earlier committed to allocating up to $300 million of restaked ETH to Drosera. This would enable it to access the decentralized incident response security technology of Drosera Network on the testnet. That is not the first time Swell Network has backed a project with staked Ether. It did so with Polyhedra Network by allocating the said tokens worth $500 million. The objective was to assist the team in securing Bitcoin AVS.

X Layer and Swell Network have been in the market for a long time and understand the dynamics of a partnership. Joining hands brings two crucial industry players onto the platform, unlocking mutual synergies and ensuring the network offers a seamless staking experience.

X Layer now officially continues to expand its ecosystem after having invited six projects to the network. They brought the potential of NFT, DeFi, and Web3 to take the native ecosystem forward in every possible manner. The added projects are Dackie Swap, SubQuery Network, Nerve Network, Moby HQ, Unitus, and Micro3. X Layer may continue to expand the ecosystem.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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