0x Labs, the blockchain startup that is in partnership with Nasdaq-listed Coinbase Exchange, has raised $70 million in a Series B funding round with Greylocks Partners at an undisclosed valuation.
The details of the financing round were revealed exclusively to Forbes who also reported that Pantera, Jump Capital, OpenSea, and Jared Leto also participated in backing the San Francisco-based decentralized exchange infrastructure provider.
The startup plans to use the new capital injection to power its entire protocol and platforms in its ecosystem, while also boosting its entire workforce.
“We’re planning to use this funding to continue the growth of 0x Labs, expanding our [62-member] team and doubling down on the current products and services that we’re offering,” Will Warren, co-founder, and co-CEO of 0x Labs told Forbes.
0x Labs is the founder of the 0x Protocol and the ZRX token. The protocol enables peer-2-peer exchange of digital assets on the Ethereum Protocol. The startup’s influence has continued to rise over the past few months as it floated a Non-Fungible Token (NFT) swap feature earlier this year. Through this feature, digital collectibles could be moved easily across any of Ethereum, Polygon, Celo, BNB Chain, Fantom, Optimism, and Avalanche respectively.
As reported by Blockchain.News, the Beta version of the NFT marketplace that was launched by Coinbase earlier this month was powered by the 0x Protocol, and the bigger exchange notably ranks among the backers of the budding startup. This latest funding round comes off as the third time the startup will be raising funds as it pulled $24 million in a token sales capital raise back in 2017 as well a succeeding $15 million in Series A.
Funding for innovative protocols powering the growth of decentralized platforms is taking a whole new momentum this year. In a related move, Bastion, an Aurora-based liquidity protocol also pulled $9 million recently in a bid to capitalize on the broader investor hype trend.
0x Project officially announced Tuesday that its API is officially integrated with Polygon (previously known as the Matic network). The launch of the DEX liquidity API aims to expand this vibrant ecosystem-polygon, which is based on the liquidity of aggregation of various DeFi protocols.
0x protocol is an open protocol that enables the peer-to-peer (P2P) exchange of assets on the Ethereum blockchain. 0x API is a professional liquidity aggregator. Through this API, developers can access the liquidity of the top Decentralized exchanges(DEXs) withthe smart chain based on Ethereum and Binance network and provide support for the future of Decentralized Finance (DeFi) applications.
Polygon uses a customized version of the Plasma framework built on proof-of-stake checkpoints that run through the Ethereum main chain. The sidechains of Polygon are designed to support various DeFi protocols that run on the Ethereum blockchain.
In its official blog, it demonstrated that how to use 0x API to construct the polygon network, stating that:
“The 0x API is designed to make it easy for DeFi developers to tap into DEX liquidity in a fast, reliable, and easy to use way so you can focus on what matters: your product.”
According to the announcement, the 0x API on Polygon mainly aggregates Ethereum-based DEX liquidity channels, such as SushiSwap, Dfyn, Curve, and Dodo, mStable QuickSwap, and Cometh, thereby providing the most favourable price exchange tokens.
0x API has facilitated more than 1.5 million transactions by nearly 300,000 independent traders, and the total transaction volume of these transactions on the Ethereum and Binance smart chains exceeds $27 billion.
According to DeFi Pulse data, Polygon itself ranks as the 4th largest DeFi protocol, with a total locked value of $7.49 billion. It has been integrated with multiple Decentralized Finance (DeFi) non-fungible token-related projects.
On May 27, the inter-blockchain liquidity agreement Ren also established a Polygon x RenVM Bridge connection with Polygon. Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred on the Polygon network through the new Polygon x RenVM Bridge.
Matcha is a decentralized exchange (DEX) aggregator built on Ethereum.
The tool can be used to connect with leading DEXes like Uniswap, Balancer, Curve, and Kyber.
Matcha finds the best rate for the user across the various networks.
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One of the most groundbreaking developments in the decentralized finance landscape today is the steady rise of Automated Market Makers (AMMs). But with so many AMMs, the need for aggregators like Matcha has become essential.
AMMs are currently the most popular type of decentralized exchange. They use smart contracts to create liquidity pools, and token pairs are traded based on an algorithm rather than an order book.
Examples include Uniswap, Balancer, and Curve, all of which run on Ethereum. They are powerful tools that enable open and permissionless trading on the blockchain.
As AMMs use liquidity pools to calculate trading prices, there’s often a difference in price between the various decentralized exchanges at any one time. That’s why aggregators can be useful: they combine networks to find the user’s best rate.
One of the most popular DEX aggregators on Ethereum is Matcha, a tool built by the 0x team.
It integrates many leading DEXes, including Uniswap, Kyber, Curve, Bancor, and Mooniswap. This guide explains how it works with a simple step-by-step guide.
How to Use Matcha
1. Connect Your Wallet
To make trades on Matcha, you’ll need to start by connecting your wallet.
Select “Connect Wallet” in the top right-hand corner. Matcha supports MetaMask, WalletConnect, Coinbase Wallet, and Bitski Wallet.
2. Choose Your Token Swaps
Select the tokens you want to swap. For this guide, we’ll swap UNI for ETH.
You can find the pool you need to make the trade by searching for either token in the search bar or selecting “Explore” and clicking on your token of choice.
3. Select Tokens and Enter Trade
Select the tokens under “You Pay” and “You Receive,” ensuring that the pay and receive tokens are selected in the right order. Matcha presents a chart showing the ratio between the two assets. Once selected, enter the amount.
For this trade, we’ll exchange 650 UNI for the equivalent value of ETH.
4. Review Order
When the amount “You Pay” is entered, a quote for the amount “You Receive” will appear—select “Review Order” to proceed.
5. Place Order
Matcha gives you 30 seconds to review the order until the quote expires. On this trade, Matcha has quoted 3.587907 ETH in exchange for 650 UNI.
This quote represented the best rate for UNI and ETH when “Review Order” was selected. To confirm the order, select “Place Order.”
6. Confirm the Contract Interaction in Your Wallet
The contract interaction must then be confirmed in MetaMask or your wallet of choice. It requires a gas fee to interact with Matcha.
7. Confirm the Trade
Finally, the trade must be confirmed in your wallet. This also requires a gas fee.
To work out the gas price to select, Crypto Briefing recommends checking the network congestion level via ETH Gas.watch.
8. Check Etherscan
Once confirmed, you may want to check the transaction and address balance using Etherscan.
As a sidenote, Crypto Briefing didn’t confirm the UNI/ETH trade for this tutorial due to high gas fees at the time of press. Other than that, the above includes theentire process.
While decentralized finance can feel daunting for many people, more so when trying to ensure that you’re getting the best deal possible, Matcha makes the process easy. Thanks to its integration of the leading decentralized exchanges on one simple interface, finding the best trading price on Ethereum is now possible with only a few clicks.
Disclosure: At the time of writing, the author of this feature owned ETH and UNI, among a number of other cryptocurrencies.
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