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 -0.18% Alpha Finance Lab / USD ALPHAUSD $ 2.12
$0.00-0.18% Volume 377.85 m Change $0.00 Open $2.12 Circulating 285.58 m Market Cap 604.4 m 2 d DeFi Protocol, Rari Capital, to Become a DAO After the $10 Million Exploit 1 mon BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst 'BSC DeFi Summer' 1 mon BSC Recording 'Tremendous' Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 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 -11.01% Binance Coin / USD BNBUSD $ 591.93
-$65.17-11.01% Volume 6.36 b Change -$65.17 Open $591.93 Circulating 153.43 m Market Cap 90.82 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 2 d SHIB Token Is Sending Ethereum Gas Prices Higher 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 -14.43% 0x / USD ZRXUSD $ 1.66
-$0.24-14.43% Volume 285.89 m Change -$0.24 Open $1.66 Circulating 841.68 m Market Cap 1.39 b 1 mon Coinbase Joins DeFi Accelerator to Help Take Decentralized Finance to the Masses 1 mon Revolut Adds 11 New 'Hot' Cryptos Including DeFi Tokens for UK and EU Users 1 mon Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains