Project Insight: Matcha on Arrives on Binance Smart Chain

Matcha is designed to offer the best user experience offering decentralized exchange (Dex) aggregation coupled with an intuitive UI. With this, it is one of the leading Dex aggregators.

By
Utulu Hope
on
March 27, 2021
Category:
Project Insight

Introduction 

DEX aggregators are one of the latest inventions in cryptocurrency. With the DeFi market receiving a lot of interest, many seek better pricing and trading with deep liquidity. The year 2020 was one to remember due to the economic decline caused by the COVID-19 pandemic. However, it marked the beginning of DeFi adoption. Tons of capital has entered DeFi markets, which has led to the creation of Dex aggregators. The main goal of these protocols s to enhance the trading experience for crypto enthusiasts. 

Dex aggregators are financial protocols that enable crypto traders to access multiple liquidity pools from a simple dashboard. For instance, if you want to trade ETH using USDT on the Ethereum network, you could use an aggregator based on the Ethereum network. One of such aggregators is Matcha. With Matcha, many can tap into the liquidity of many exchanges such as Uniswap, Kyber, mStable, etc. However, with the recent high gas fees in the Ethereum network, traders have opted to look for cheaper options. With more affordable transaction rates on the Binance Smart Chain (BSC), decentralized aggregators have supported the chain. Today, we will discuss one of such DEX aggregators that have adopted the BSC — Matcha. 


What is Matcha? 

Matcha is a consumer-based DEX aggregator built by 0x protocol. The 0x API leverages liquidity and price information from exchanges like Uniswap, Oasis, Kyber, and many more. With intelligent order routing, the platform automatically provides its users with the best possible prices. Matcha aims to offer traders the ability to swap tokens on-chain using its smooth, clean and intuitive interface. 


Matcha and BSC 

Matcha was created in June 2020 after months of closed beta testing, which features free transactions. The 0x protocol has been one of the best aggregation projects that offer liquidity initially based on the Ethereum network. However, with the growing number of projects shifting focus to BSC because of cheaper transactions, Matcha has decided to satisfy its users' needs. 


Benefits of Using Matcha? 

The DEX aggregator was built with the user in mind. On the Matcha homepage, users can easily access a search field to navigate to their preferred trading pair. What more, Matcha offers statistics of several DeFi protocols. Users have the advantage of getting automatic price comparisons as Matcha splits trades across various liquidity protocols so that users get the best prices upon purchase. 

Furthermore, the exchange aggregator is unique due to the educational benefits. Unlike other exchanges that list the trading pairs available without any information, Matcha breaks it down to understand its users. There are a lot of pages for users to learn about tokens. 

One major complaint that many users make in the DeFi space is the sophisticated approach of decentralized exchanges. People who are new to the DeFi market often require proper knowledge before they can fully access these exchanges. Many users incur losses due to lack of knowledge, price slippage, or fat fingering a trade. Therefore, before trading begins, Matcha educates its users to avoid such painful scenarios. Matcha simply displays the do’s and dont’s when trading in the DeFi space.

For instance, before a trade occurs, Matcha shows its users the necessary transaction details. These details include a detailed order review, estimated slippage/value lost, and a time estimator for transactions. This helps users avoid any problems or surprises that may be unknown to the first-time user.

Anyone can use Matcha. Without technical skills, it is easy to use the DEX aggregator because of its clean interface. They also provide perfectly updated price analytics for individuals. Users can place an order on the market with the advantage of selecting limits, custom prices, and expiration dates. 


Matcha Adds BSC Support 

In a blog post on the 18th of March 2021, the company announced its recent innovation to its users. According to the announcement, Matcha users can now make transactions on BSC. Users can now trade hundreds of tokens by going to bsc.matcha.xyz and entering their favorite BSC tokens. 

The DEX protocol offers searches across BSC markets like Sushiswap, Pancakeswap, DODO, and many more for the BSC market. This is good news for its users, especially with the current high transaction and congestion rate on the Ethereum network. The platform is excited by the latest achievement as it keeps bringing up incentives to please its users. However, BSC's assets and liquidity offerings will be initially limited to non-US users. 


Trading on BSC Using Matcha 

In just six steps, you can trade on Binance Smart Chain using Matcha: 

  • First, visit bsc.matcha.xyz
  • Connect your MetaMask wallet. 
  • Before connecting your wallet, make sure you have switched to the BSC network. Just click "Switch to Binance Smart Chain Network."
  • If needed, approve the addition of BSC to the list of networks on MetaMask. 
  • Also, approve the network switch on MetaMask if needed. 
  • Start trading on Binance Smart Chain. 


Conclusion 

The team behind Matcha extended support to the BSC after its recent growth. Matcha offers users top-tier liquidity aggregation through an easy-to-use UI/UX. With support for the Ethereum Network and the BSC, Matcha is focused on becoming one of the largest Dex aggregators. The protocol continues to build with its focus on catering to the user. The platform offers a plethora of features and aims to educate and easily guide users through the decentralized exchange process. Overall, Matcha gives users a seamless Dex experience while maintaining some of the best rates through liquidity aggregation.

For those who wish to learn more about Matcha, refer to the following resources:

BSC Website

ETH Website

Twitter

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.