Polygon their expansion, this time partnering with the 0x protocol.
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.
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.
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.
Source ; bsc.news
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