0x and Matcha Becomes the Latest Protocols to Join Binance Smart Chain (BSC) After Alpha as Part of “Multi-Chain Future”
While tokenization will spread to new networks resulting in many successful ecosystems existing in parallel, the 0x team says Ethereum will continue to be the center of DeFi.
0x is the latest protocol to expand its ecosystem to multiple L1/L2 networks starting with the Binance Smart Chain (BSC).
On Thursday, the network announced that 0x protocol v4 is now live on the blockchain of leading exchange Binance and provides aggregated liquidity across PancakeSwap, SushiSwap, DODO, and other protocols.
— CZ 🔶 Binance (@cz_binance) March 18, 2021
In tandem, 0x powered DEX aggregator Matcha has also added support for BSC.
“Matcha users can now trade on BSC! Finding the best prices with flexibility for users to trade on whatever blockchains make sense for them. We see this BSC integration as a natural first step in moving towards a multi-chain future,” says the announcement.
Just yesterday, Alpha Homora also went live on BSC, and in just a day, it amassed more than $200 million in total value locked (TVL). Its TVL on Ethereum is currently about $940 million.
Meanwhile, its token ALPHA is trading at $1.78, with a 738% uptrend in 2021 so far. ALPHA 0.90% Alpha Finance Lab / USD ALPHAUSD $ 0.60
$0.010.90% Volume 29.65 m Change $0.01 Open $0.60 Circulating 351 m Market Cap 211.64 m 3 w Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY 3 w SNX Leads the DeFi Bounce as Team Focuses on Layer 2 Developments and Evolution of ETH Wrapper 3 w Hot DeFi Summer Starting? Investors Might Get Left on the Sidelines as the Market Breaks Correlation However, according to Spartan Black of crypto fund The Spartan Group, an investor in the protocol, “$3 is quite reasonable” target for it, “not counting Homora V2 yet, which is a few weeks away,” he said.
At one point, there was a 146% lending interest rate on BNB BNB 0.03% Binance Coin / USD BNBUSD $ 313.84
$0.090.03% Volume 1.31 b Change $0.09 Open $313.84 Circulating 168.14 m Market Cap 52.77 b 1 d A Shift in Momentum: Binance Yields to Regulatory Pressure, the Definition of HQ Changing for CZ Too 3 d FCA's Crackdown Hits Another One After Binance, Which Has 'Not' Seen Institutional Activity Slowdown 3 d Binance and FTX Cut Down Leverage to Just 20x from Over 100x on Alpha Finance which, as the team tweeted, comes from “significant demand” to do leveraged yield farming on the BSC-based Alpha.
Existing in parallel
Binance Smart Chain is seeing a lot of traction as skyrocketing demand for block space on the Ethereum network makes it expensive, “pricing out potential users and use cases.”
ATH of BSC
1. Peak ratio of BSC daily Txs to Ethereum Txs: 283%
2. Instantaneous TPS >100
3. Total market cap of on-chain BEP-20 tokens: $15 billion
4. Daily volume of Binance Bridge: 10M
5. Weekly active address reached 560k ~56% of Ethereum
Keep BUIDL on #BinanceSmartChain
— Binance Chain Community (@BinanceChain) March 17, 2021
While this isn’t a new predicament as scaling limitations have always existed for blockchain, the 0x team states what's different this time is that Ethereum supports a wide variety of use cases; “a sandbox for developers to explore all sorts of new ideas.” Now some of these communities are finding new homes on other L1 or L2 networks.
“Ultimately, we believe tokenization will spread to new networks that serve a variety of use cases and user demographics, with many successful ecosystems existing in parallel,” noted the 0x team adding, “Ethereum will continue to serve as a nexus for decentralized finance and 0x protocol.”
With BSC, which is Binance’s effort to introduce their massive user base to the world of smart contracts, 0x protocol is porting to new blockchains.
ZRX coin meanwhile remains the same ERC20 token, trading at $1.62 with a 330 performance this year. ZRX 6.13% 0x / USD ZRXUSD $ 0.75
$0.056.13% Volume 81.2 m Change $0.05 Open $0.75 Circulating 845.34 m Market Cap 632.43 m 1 w Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain 1 mon 99% of Cryptocurrencies are 'Overpriced' per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 mon Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers