Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers

Polygon, formerly known as Matic Network, has announced that it will be partnering with decentralized exchange (DEX) protocol 0x to raise a total of $10.5 million.

The network aims to attract at least one million users into choosing its platform and the Ethereum blockchain through 0x's decentralized exchange liquidity aggregator API.

Pushing Developers Into Building DeFi Infrastructure

According to the firm, the funding is focused on supporting developers and projects to build a robust and secure decentralized finance (DeFi) infrastructure on Polygon.

Polygon said that the 0x API would enable DeFi projects to easily integrate Polygon trading seamlessly, aggregating liquidity across all existing sources. The announcement read,

“With 0x API now on Polygon, we anticipate an influx of new DeFi projects onboarding into the 0x ecosystem seeking to combine our deep and easily accessed liquidity with Polygon's fast and flexible architecture.”

0x launched a Polygon version of its decentralized exchange liquidity aggregator API last month, thereby expanding to the Polygon market.

Support for the 0x API on Polygon would be launched alongside initial DeFi innovators such as Matchaxyz, Dexguru, Dexkit, MyCrypto, Set Protocol, Zapper.fi, and Zerion.

The API already allows major Ethereum-based DEX liquidity channels, including SushiSwap, Dfyn, Curve, Dodo, mStable, QuickSwap, and Cometh, to integrate Polygon.

Since its launch in 2020, 0x's API has powered over 1.5 million trades from 300,000 unique traders, representing more than $27 billion in volume.

Founded in 2016 by Will Warren and Amir Bandeali, 0x is a foundation for building decentralized exchanges on top of Ethereum. The 0x platform, which seeks to promote interoperability between dApps, has become increasingly popular as DEX users and trading numbers have exploded lately.

Polygon's Rapid Growth Attracted 0x

Polygon has been on a steady rise this year. 0x previously disclosed that one major reason it launched on Polygon was due to the network's significant growth over the past few months.

Before 0x integration on Polygon, it put up a poll asking its community to choose among Polygon, Solana, and Avalanche, where it should expand to next.

The poll saw about 38% of the 21,444 respondents choosing Polygon ahead of the other networks.

Polygon is focused on bringing massive scale to Ethereum. It runs its own Proof-of-Stake algorithm that can settle transactions at a much higher speed and lower cost than Ethereum's mainnet.

The project has welcomed several leading DeFi projects to its network, such as Aave, Curve, 1inch Network, and SushiSwap, thereby attracting billions of dollars in liquidity. AAVE 4.83% Aave / USD AAVEUSD $ 114.50
Volume 296.99 m Change $5.53 Open $114.50 Circulating 13.99 m Market Cap 1.6 b
1 y Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 1 y Software Provider Temenos Enables Crypto Trading for Banks 1 y Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
CRV 3.63% Curve DAO Token / USD CRVUSD $ 1.43
Volume 114.33 m Change $0.05 Open $1.43 Circulating 525.68 m Market Cap 752.08 m
7 mon Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto 7 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 8 mon Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019
1INCH 0.82% 1inch Network / USD 1INCHUSD $ 0.88
Volume 55.76 m Change $0.01 Open $0.88 Circulating 571.76 m Market Cap 503.91 m
8 mon BitMart to Compensate Victims of the $150 Million Hack Caused By A Stolen Private Key 8 mon Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In 9 mon Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
SUSHI 0.33% SushiSwap / USD SUSHIUSD $ 1.58
Volume 52.23 m Change $0.01 Open $1.58 Circulating 127.24 m Market Cap 200.6 m
7 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 7 mon Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 7 mon Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token

The network has the support of major investors, including billionaire and Dallas Mavericks owner Mark Cuban. Polygon announced the billionaire's investment in a tweet last month while Cuban confirmed it on his website.

Meanwhile, the price of Polygon's native token, MATIC, exceeded $2 for the first time in May but has fallen to $1.35, according to CoinMarketCap.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide