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 -1.38% Aave / USD AAVEUSD $ 199.03
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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.