The hype around devolved funding [DeFi] has faded but the development and activity around the industry has once again gained prominence. In the background, amid the noise of DeFi protocols on the theme of food, meme, clone, one decentralized exchange or DEX has begun to accelerate. Yes, we are talking about the open 0x protocol which has indicated significant appreciation as the market continues its progress.
In particular, it climbed 0x to second place in relation to decentralized exchange market share [DEX] by volume over the past week. Currently, the platform represented 22% of total market share and was lagging behind, Uniswap which recorded a staggering $ 2.42 billion 7-day trading volume with a market share of 52.7%
This was noted by Senior Research Analyst Ryan Watkins who tweeted,
“Surprisingly no one has talked about 0x cracking the best 2 DEX by volume this week.”
Over the last 7 days, 0x registered trading volume of 1.22 billion. With this, the Ethereum-based protocol surpassed the controversial Sushiswap whose volume for the same period was found to be $ 544 million followed by Curve and Balancer at $ 428 million and $ 119 million respectively.
The latest spike in volume figures can be attributed to the new Tokenlon transmitter that was currently running a trade mining program. Confirming the latest news, Tokenlon noted,
“True. We had a mining and trade diversion program for Tokenlon users. This way, we can get a wide distribution of our $ LON ticket, which is then released very soon. “
As deFi flourished throughout the year, 0x usage, also climbed higher peaks than ever. Moreover, the protocol reportedly facilitated nearly $ 4 billion in trades across various DEXs as well as aggregators like Tokenlon and 1inch. In fact, it also generated about $ 400,000 in protocol fees.
A 0x native token, ZRX also witnessed a surge of nearly 300% during the same time, from trading under $ 0.26 to climbing all the way near $ 0.75. However, the ticket plummeted dramatically as sales pressure intensified and so far has failed to improve. At the time of writing, it changed hands at $ 0.41.
0x Vision Bringing Cross-chain Interoperability
More recently, platform operators had unveiled an ambitious plan to drive 0x protocol expansion beyond Ethereum. In a blog post, Theo Gonolla, 0x Labs product manager, stated that the team believes in heading toward a multi-blockchain world with an extensive web of interconnected networks forming the backbone of web3.