The 0x Protocol Team Announces Partnership to Bring 1M Users to Polygon Through 10M of Funding

Polygon their expansion, this time partnering with the 0x protocol.

By
John Tunney
on
June 13, 2021
Category:
Blockchain News

Introduce the Project Update/ Feature

On June 10th, 0x tweeted that their recent partnership has now moved forward, aiming to bring 1 million users to 0x dApps on the Polygon network. This comes after Polygon's partnership with the 0x built Dex aggregator, Matcha

The Polygon network is a layer 2 scaling approach to make trading on the Ethereum block chain faster, cheaper while maintaining Ethereum’s strong security features. The new partnership looks to bring tremendous use to the Polygon network while 0x gets to take advantage of Polygon’s incredibly low trading fees and fast transaction time. 

0x, on the left, With Polygon, on the right | Source

The news is tremendous for both protocols. How this is being done is Polygon has raised $7 million in MATIC while 0x Labs is also deploying $3.5 million in ZRX. The totaled $10.5 million price tag looks to bring up to 1 million users to engage with 0x-dApps on the Polygon blockchain. The goal is to hopefully grow out and build the 0x-Polygon ecosystem. The funding will be used to support NFT development, marketing, acquisitions, etc.



What is 0x?

0x is an open, permissionless platform that allows for ERC20 tokens to be exchanged on the Ethereum blockchain. The protocol offers a peer-to-peer exchange for Ethereum-based assets. The protocol was built by 0x Labs, and functions as an open and core DeFi building block for developers needing decentralized exchange functionality. 

The 0x exchange provides users secure, audited smart contracts. Developers also have access to tools tailored to the 0x ecosystem. The protocol also offers an API that provides easy use and accessibility to aggregated liquidity, which is taken from a large number of exchange networks.


The Significance of Partnership Funding

The new partnership is tremendous for both protocols. Polygon has been on a partnership tear as of recent, as the news follows Polygon’s recent partnership with Matcha, allowing for the trading of 1000 tokens on the Polygon network. The 0x exchange is one of the most powerful in the crypto space and which Matcha leverages. Both Polygon and 0x look incredibly excited about the potential and mutual benefits their partnership will bring. As Polygon continues to grow and expand, it may not be long until Polygon becomes a mainstream network with massive dApp projects and powerful use case tokens. 


Why Polygon?

The Polygon network aims to provide a cheaper, more secure and streamlined solution for transactions conducted on Ethereum blockchains. The network provides a side chain to the main Ethereum blockchain. Polygon looks poised to be an incredibly powerful network in the crypto world.

Tags:
No items found.
John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.