DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC)
Decentralized finance (DeFi) seems to be growing by the day, with major partnerships ongoing in the sub-sector.
The latest news is coming from Polygon, a “commit chain” to the Ethereum blockchain.
0x Launches DEX API Version On Polygon
In a Medium post, Ethereum scaling solution Polygon announced the onboarding of decentralized exchange (DEX) liquidity aggregator 0x.
The crypto protocol, which facilitates P2P token exchange on the Ethereum network, will enable developers to tap into DEX liquidity in a fast, reliable, and easy to use way. This would all be done on a single interface courtesy of its application programming interface (API).
0x development team said developers will now be able to build with the open-source 0x API documentation instantly on the Polygon network.
Following its established role as a liquidity bridge for the Ethereum network, 0x (ZRX) will enable developers and builders to access DeFi liquidity channels like QuickSwap, SushiSwap, Dfyn, Curve, Dodo, mStable, and ComethSwap.
Making a case for the efficacy of its API integration on Ethereum and Binance Smart Chain, 0x said it had facilitated over 1.5 million trades from nearly 300,000 unique traders for an estimated value of $27 billion.
Owing to this, its partnership with Polygon (formerly the Matic Network) is geared towards onboarding more users to the crypto world, with one million users to join the Polygon developer ecosystem within the year.
0x says its API interface would also support requests for quotes (RFQ) and open order books in its next iteration.
Polygon Continues To Thrive In Market Uncertainty
Polygon network has been a breakaway success in the Ethereum network. The Ethereum “scaler” has continued to grow even as the broader crypto market struggles to perform and more DeFi protocols are going out of the market.
Polygon is one of the best performing Ethereum scaling solutions and provides an easy-to-use platform for Ethereum scaling and infrastructure development while leveraging the parent blockchain's security protocol.
Its software development kit (SDK), which launched last month, allows developers to build and connect secured chains like Plasma, Optimistic Rollups, zkRollups, and Validium. It also supports standalone chains like Polygon POS, which thrives on flexibility and independence.
Polygon’s developer-friendly and cost-effective platform has seen it become the de-facto space for traders who want to transact on the Ethereum network.
According to the DeFi facilitator, the Polygon network has processed almost three times as many transactions as the Ethereum network in the last three months. This has seen it complete over 121 million transactions, with a booming community of one million unique users and over 350 decentralized applications (Dapps) expanding into Polygon.
Top DeFi protocols Aave, Augur, and RenVM, have also migrated their services to the Polygon network.
The Polygon token (MATIC) has also performed admirably after bucking against the general market trend in the middle of May. It currently sits in the 15th position with a market cap of over $11 billion and a price of $1.85, showing an 8% increase in the last week.