0x Protocol Launch on Polygon Will Help It Scale Its Ethereum-based DEX Services

UTC by Bhushan Akolkar · 2 min read
0x Protocol Launch on Polygon Will Help It Scale Its Ethereum-based DEX Services
Photo: Shutterstock

The 0x API will facilitate the DEX liquidity aggregation on the Polygon network while allowing users to access the full spectrum of on-chain liquidity across the Polygon network. 

Ethereum-based open-source protocol 0x has recently landed on the Polygon blockchain network. With this, 0x joins some of the top DeFi projects like Aave, Augur, Sushi, Curve, Paraswap, 1inch to launch on Polygon.

The goal of this development for 0x has been to scale its Ethereum-based DEX services in the market. For this, 0x has released an industry-leading API that will facilitate DEX liquidity aggregation on Polygon. Thus, using the 0x API, users can now access the full spectrum of on-chain liquidity across the Polygon network.

0x Protocol on Polygon

As Polygon implements the 0x benchmark API, it will incorporate all major liquidity sources on Ethereum-compatible chains. This includes SushiSwap, QuickSwap, Curve, mStable, Dodo, Dfyn, and Cometh.

Developers get instant access to this open-source 0x API along with the accompanying documentation that helps them get kickstarted instantly with building on Polygon. Besides, the API allows DeFi developers to tap into DEX liquidity in a fast, easy and reliable manner. In a press release shared with CoinSpeaker, 0x has also shared some interesting stats and numbers for its API performance. The press release notes:

“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. Its goal is to help its integrators and the broader Polygon developer ecosystem onboard the next 100,000 crypto users.”

Polygon’s Significant Growth

The Polygon network, previously MATIC, is a layer-2 scalability solution for the Ethereum blockchain network that handles the infrastructure developments. Besides, it is a great platform for DeFi users as it helps to bypass some core issues of network congestion, slow speeds, and high transaction fee.

Polygon’s vibrant ecosystem has attracted some of the blue-chip projects like mStable, Curve, and Aave. This month itself, Polygon has process 3.5 times the transactions on the Ethereum network. The platform is on track to topple BSC’s 5 million transactions per month.

Last week itself, Polygon announced major funding from billionaire Mark Cuban. This makes Polygon a part of Mark Cuban portfolio company. The native MATIC crypto has also shown stellar performance this year. It has surged to make its place in the top-20 crypto assets by market cap.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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