- A Robinhood-like DEX platform will improve user functionality and ease the trading of digital assets on decentralized exchanges.
After three years of building code for decentralized exchanges (DEX) solutions, the 0x development team finally produced its first consumer-focused DEX, Matcha. The decentralized crypto exchange is an easy-to-use platform that aggregates liquidity from other DEX's to offer the best price for digital assets.
The 0x protocol is a blockchain-based infrastructure that allows the development of public peer-to-peer exchanges. The firm’s website states that the DEXes created “make assets more accessible, more liquid, and empower enterprising teams around the world to build a new financial system.”
While a number of DEXes such as Tokenlon and Bamboo Relay have launched on the 0x protocol, Matcha becomes the first to be built by the 0x blockchain development team. The team aims for a Robinhood-like platform to ease buying, selling, and trading digital assets on DEXes.
An Emphasis on User-Experience
DEXes have yet to catch on as they represent less than 2% of the daily crypto trading volume. According to Matt Taylor – the marketing director for 0x – most of the current decentralized exchanges are not suitable for the layman to use – highlighting complex UI/UX and slippage as key challenges.
The launch of Matcha is set to improve the current state of DEXes “in design and pricing” while providing an industry-leading order route system between different networks.
“Matcha's UI/UX is more intuitive than other DEXs because it abstracts away the complexities involved with trading on Ethereum.”
The 0x team recently launched its 0x API system, a solution for aggregating the best prices from different DEX networks such as Kyber, Uniswap, Oasis, etc. Wondering how that works? This is how it happens; Once a user sets up a trade, the 0x API rummages through the networks to find the most liquid and best prices for the deal, then it executes.
Matcha’s new liquidity aggregator reduces the slippage, common in DEXes, once the liquidity is split from different networks. At the start, Matcha will offer free trading on the platform as the team looks for the best ways to monetize the platform.
The Matcha platform also offers educational material on the tokens listed, giving novice traders a clear view of what they are trading before entering the trade. BEG reported on the launch of Matcha’s beta testing platform back in April.