The 0x Developers team which is basically a decentralized exchange protocol, launched a new product for aggregating liquidity for different decentralized exchange networks but mainly for the Ethereum-based exchange protocol as we are reading further in the 0x news below.
The 0x protocol was established in 2016 and allows for the peer to peer exchange of assets on the Ethereum network.
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The protocol has seen more than $750 million in total volume and more than 30 projects being built upon it according to the website. The 0x developers and the entire core team upgraded the protocol to version 3 which includes a set of bridge contracts that will enable liquidity aggregation for the 0x as well as other DEX networks.
The new product utilizes the bridge contracts and enters the liquidity pools of both on-chain DEX networks such as MakerDAO’s Oasis and off-chain DEX networks such as 0x. The marketing lead Matt Taylor explained:
“There are tons of projects that use the liquidity from individual DEX networks, but the liquidity isn’t connected. Our goal is to provide the best price for any token trading pair on the market…it’s pretty much guaranteed with 0x API because we’re just pulling from networks that have the best prices.”
For example, while 0x is quite liquid when it comes to popular trading pairs such as DAI and ETH or USDC to DAI, he says that there’s a lack of liquidity on other coins such as Augur that could be more liquid on another network. 0x wants to solve this problem by creating an order that will be split between all DEX networks and returning back the best price there is. With only a few code lines, the 0x developers can now connect to the API and get a quote in the back end so they will be able to execute the transaction at the best prices. Taylor continued:
“We want to be the most liquid decentralized exchange, but we also want to provide developers the best price. If that’s not on 0x native liquidity, we’re happy to give them on Kyber, for example, because that’s a better developer experience. ‘’
0x API does not have a bridge with dYdX which is a margin lending exchange that started sourcing liquidity from 0x in 2019. The platform has a closed pool as Matt explained so while the maker that uses 0x API could potentially make an order on the margin trade on dydx, there is not a single possibility on the taker side to fill dydx trades via 0x API.
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