0x, an Ethereum-based open protocol has found a home on the Polygon blockchain with a view to scaling its DEX services. The announcement was made this Monday, with the DeFi project having revealed its API for DEX liquidity has launched on said blockchain and will make it so that “the full spectrum of on-chain liquidity can be accessed from across the Polygon network via the 0x API.”
The move sees 0x join the likes of Aave, Augur, Sushi, Curve, Paraswap, and 1inch as projects to have launched on the Polygon network. The integration also brings in all major liquidity sources on the Ethereum-compatible chain such as QuickSwap, SushiSwap, Curve, Dodo, mStable, Dfyn, and Cometh.
Polygon’s Remarkable Month
Polygon has had a pretty exciting month even amid the general crypto downturn sparked by Bitcoin’s drastic drop in price. Native currency MATIC went from trading at $0.42 in April to $2.21 a month later, riding a wave coming in the form of a 350% spike. It’s since settled at $1.87, with a market cap of $11.5 billion.
There’s also the recent announcement regarding investment from Mark Cuban. The billionaire sports team owner revealed as much last week but would not get into the details. Polygon has since been listed on his website as one of his holdings.
“I was a Polygon user and find myself using it more and more,” he told Coindesk via email.
An Easy Decision
0x’s integration should hardly come as a surprise given the blockchain’s growing popularity.
“Since launch, the 0x API has facilitated over 1 million trades from 250K unique traders that represent more than $26 billion in volume traded across Ethereum and Binance Smart Chain. Having established itself as the preeminent DEX liquidity framework on the two smart contract networks, 0x brings the same capabilities to Polygon,” 0x noted in a press release. “Its goal is to help its integrators and the broader Polygon developer ecosystem onboard the next 100,000 crypto users.”
The team added that the decision to launch on Polygon was a unanimous one, noting that the blockchain had facilitated 3.5 times as many transactions as Ethereum and is also looking poised to surpass the Binance Smart Chain’s five million per month.
Polygon has emerged as a viable alternative to Ethereum as it employs the proof-of-stake model as opposed to the latter’s proof-of-work. The world’s second-largest cryptocurrency has suffered a hit as a result of lengthy and expensive transactions, as well as the energy required to mine.
While ETH will make the transition to PoS in the future, Polygon looks set to dominate the space for the time being; 0x’s integration will likely fashion even more growth.