The 0x platform has expanded into the Polygon ecosystem to bring Layer 2 scaling to decentralized exchange liquidity aggregation.

In an announcement on May 31, the DeFi protocol stated that its application programming interface is now live on the Layer 2 aggregator Polygon. This would enable the protocol to aggregate liquidity across all existing sources including QuickSwap, SushiSwap (which launched on Arbitrum on May 31), Curve Finance, Dodo, mStable, Dfyn, Cometh, and more.

0x has boasted some impressive stats since launch, such as the facilitation of over 1.5 million trades from nearly 300,000 unique traders that in total represent more than $27 billion in volume traded across Ethereum and Binance Smart Chain.

The announcement added that support for its partners Matcha, MyCrypto.com, Set Protocol, Zapper, and Zerion, and others will enable developers to build on Layer 2 now.

The 0x API allows DeFi developers to tap into DEX liquidity in a fast, reliable, and easy way so they can focus more on their products. It could be described as a middleware protocol that sits in between the blockchain consensus layer and the application layer that is exposed to end-users.

The protocol held a poll earlier this month asking the community where 0x should expand to next giving the options of Polygon, Solana, Avalanche, and Fantom. Of the 21,444 respondents, the majority of over 38% voted for Polygon.

That still doesn’t rule out other options as 0x stated that it will continue adding more L2 solutions:

“In the coming weeks we will continue adding support for more L1 chains and L2 solutions and we look forward to working with more teams that want to help their users explore decentralized exchange in this growing multichain world.”

Polygon has been the platform of choice for a growing number of protocols recently. Even Nasdaq ran an article on it in late April reporting that it is catching up with other major players in the blockchain scaling space such as Binance Smart Chain.

On May 26, BeInCrypto reported that billionaire investor Mark Cuban had added Polygon to his portfolio, giving even more momentum to the platform and its native token.

The 0x native token has increased by 12% over the past 24 hours on the bullish news reaching the $1 level once again according to CoinGecko. It is still a long way down from its $2.33 2021 high which came in April, however.

MATIC, which has been on fire over the past few months, has gained 5.4% over the past day to reach $1.88. The token hit an all-time high of $2.62 on May 18 and is likely to revisit that should momentum continue.  

The post 0x API Launches on Polygon for Fast DEX Liquidity appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

187 +