Tag: 0X

Latest Version of 0x to Allow NFT Swaps on Ethereum, Avalanche, Fantom, and Others

by Decrypt

One of crypto’s very first liquidity aggregators is entering the NFT space. 

0x Protocol’s v4 release will soon let any project using the protocol’s smart contracts to offer swaps between non-fungible tokens (NFTs). Like traditional token swaps, NFT swaps let enthusiasts trade one digital collectible for another. 

0x is currently available to users of Ethereum, Avalanche, Fantom, Optimism, Polygon, and Binance Smart Chain.  The new swap offering will first be launched on Ethereum and then the community of ZRX token holders, the native token for 0x, will vote on which chain should be launched after that.

Prior to today’s announcement, 0x’s primary focus has been to supply developers with tools they need to spin up decentralized exchanges (DEXs) on top of the Ethereum network.

The co-founder of 0x Labs, the team behind 0x Protocol, Will Warren said, “We believe it’s critical that markets are built on open standards and open-source code. We are fully committed to supporting a vibrant NFT ecosystem that spans multiple blockchains by launching a credibly neutral exchange infrastructure that is both robust and non-extractive.”

0x touts its smart contracts as equipped with built-in advantages such as 54% cheaper gas costs, royalties for creators, free non-custodial listings on any 0x-based NFT marketplaces, and more. This means that developers on any of the compatible blockchain networks can turn to 0x for a toolkit that lets them quickly build their marketplace without having to start from scratch. 

SudoSwap and Trader.xyz, for example, are already using 0x v3 smart contracts for these kinds of swaps, and are expected to upgrade to v4 once the launch has been complete. Warren expects more projects to join in the near future too. 

It should be noted that, unlike traditional token swaps, NFT swaps are new and so far unproven technology, so it remains to be seen whether 0x’s ambitious new project will succeed. Warren has, however, expressed confidence that it will.

“We anticipate many new NFT projects powered by 0x will join our ecosystem. This will ultimately reduce market fragmentation, drive greater transparency and interoperability in the space, and help to prevent the platform monopolies that exist in Web 2.0,” he added. 

NFTs bumper month

0x’s new offering comes amid an incredible year for NFTs overall.  OpenSea, the industry’s most popular NFT marketplace, is currently on track to post its best month ever, while Dune Analytics reports that the platform’s monthly volume for January is just over $4.8 billion. 

Its previous high, which OpenSea hit in August, was roughly $3.4 billion. 

A chart with purple bars ascending to the right.
Source: Dune Analytics.

Much of this activity has been buoyed by more celebrity buy-in with the likes of rapper Eminem, Steph Curry, Post Malone, and many others scooping up their own NFTs. 

Larger “Web 2.0” firms, like those Warren mentioned, have also keyed into the trend. Instagram and YouTube, for example, have both signaled their intent to get involved in some form or another with the trend. 

Assuming the uptick continues, 0x’s NFT swap feature may very well become a standard in the digital collectibles space. 

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Decentralized exchange aggregator trading volumes surge to new highs

by Cointelegraph

Trading volumes on popular decentralized exchange (DEX) aggregators have surged to new highs over the past few weeks.

Decentralized exchange aggregators provide a way for token traders and swappers to scan several DEX platforms to get the best swap rates at the time.

According to Dune analytics, popular DEX aggregators such as 1inch, 0x, and Paraswap have seen volumes surging over the past month. The combined volume for those three hit a cumulative weekly all-time high of $6 billion last week, increasing by around 50% since the beginning of November.

DEX aggregator weekly volumes – dune.xyz

1inch has a minor lead in terms of the current market share at 53%, but 0x is rapidly catching up with 42% recorded for December so far. Last week, 1inch announced a Series B funding round led by Amber Group that raised $175 million.

On Dec. 5, 0x actually surpassed 1inch in terms of daily volume share with 49% compared to 43.7% according to Dune. According to 0xTracker, the DEX aggregator has processed $3 billion in volume over the past 7 days.

0x provides an application programming interface (API) that can be used by DeFi developers to integrate token swaps sourced from leading DEXes directly into smart contracts.

The 0x protocol also has a native DEX called Matcha which has processed $4.7 billion in trade volume over the past 30 days as reported by its dashboard.

Related: DeFi aggregator growth ‘set to dwarf 2020’s volume’

Dune’s DEX analytics reports that there has been $4 billion in trading volume on decentralized exchanges over the past 24 hours and $33 billion for the past week. The aggregator share of that volume is currently 20%.

Uniswap is the current DEX market leader by a long way with a 79% share according to Dune. It has processed $26.2 billion in trading volume over the past week. SushiSwap, which was originally cloned from Uniswap, ranks in second place with a 9.8% share of the DEX market.

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0x expands partnership with Celo to distribute $4.5M to DAO ecosystem

by Cointelegraph

0x protocol and Celo blockchain have announced a joint partnership to allocate $4.5 million — consisting of $3 million CELO and $1.5 million ZRX — towards the growth of 0x’s ecosystem via its community-centric decentralized autonomous organization (DAO).

The news follows an agreement penned in mid-November between the two firms to integrate a zero-cost 0x API functionality on the Celo blockchain to enhance the experience of DeFi developers seeking to access multi-chain aggregated decentralized exchange (DEX) liquidity services.

Celo is an open-source collective of tech, nonprofit and nongovernmental organizations (NGOs) unified to promote greater global access to decentralized applications (dApps) and cryptocurrency payments via its mobile-centric model, while 0x is a decentralized web infrastructure that facilitates tokenized ERC-20 investing through the use of public smart contracts. 

0x claims that, since its launch, its API feature has enabled more than 21 million trades across more than 1.8 million unique addresses for a sum of over $100 billion in volume across popular chains Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom.

Celo’s head of ecosystem growth Xochitl Cazador said the new partnership is designed to foster “rapid expansion” of a “truly decentralized DeFi within the 0x community DAO.”

Founded upon principles of decentralization, community governance and transparent objectives, the re-emergence of DAOs over the past 12 months has ignited the conversation for the technology becoming the next major sub-sector of mass growth within DeFi during 2022, and as such, accelerating the growth of an industry already establishing historic total value locked (TVL) of $274.65 billion. By comparison, DeFi’s TVL was less than $20 billion a year ago and virtually non-existent at the start of 2020. 

Related: DeFi can be 100 times larger than today in 5 years

In August this year, both Celo and 0x were founding members of the decentralized finance philanthropic initiative DeFi for the People. The collaborative venture, which included notable projects such as Aave, SushiSwap and Curve, among others, raised $100 million to support a panoply of financial inclusion and education schemes. 

Aligning with these collaborative principles in this latest funding, 0x Labs’ co-founder and co-CEO Will Warren said the Celo partnership is expected to have a positive impact on his platform’s native ZRX token. ZRX is currently valued at $1.07 for a total market capitalization of $910 million, according to CoinGecko.