Defi funds worth $ 10.5 million

Related

Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper

ZOGI Labs Ltd. reveals shocking whitepaper detailing next-level blockchain...

10 Best Projects in the NFT World for 2022

If you're thinking about changing careers or just getting...

Lyfe, the first music artist to debut its own Metaverse

Miami-based entrepreneur Antonio Trincao, a.k.a. Lyfe, has unveiled the...

Inaugural ZENCON a resounding success

Over 200 participants and attendees of the 68-Hour-Hackathon produced...

Share

The two communities are bringing together MATIC and ZRX for $ 7 million and $ 3.5 million, respectively, for the 0x Community DAO to support the development of the Defi ecosystem of 0x-powered apps on the Polygon network.

0x, an infrastructure protocol that allows decentralized exchange of tokens on Ethereum, announced on its blog yesterday that it will use its partnership with Polygon to bring 0x-powered apps on the Polygon network to one million new users.

Polygon provides a platform for scaling Ethereum and developing its infrastructure. Earlier this year, Polygon launched a $ 150 million #DeFiForAll fund to bring the benefits of decentralized finance (Defi), farms, and lending to a wider audience.

Yesterday’s announcement revealed that the fund has allocated $ 7 million worth of MATIC to the 0x community-DAO (decentralized autonomous organization). 0x Labs contributed another $ 3.5 million in ZRX. Thus, the total sum for the development of Polygon’s Defi and 0x ecosystem is $ 10.5 million.

Will Warren, co-founder and co-managing director of 0x Labs commented: “We are honored to work with Polygon and the holders of the ZRX token to expand Defi even further and lead a million new users to the 0x-powered apps on the Polygon network. We can’t wait to see how Defi’s potential unfolds as developers take advantage of 0x’s deep and easily accessible liquidity and Polygon’s fast and flexible architecture.“

The 0x API is designed to enable Defi developers to leverage decentralized exchange (DEX) liquidity quickly and reliably. After launching on Polygon in late May, the 0x API now aggregates all existing liquidity sources on Polygon, including SushiSwap, Curve, QuickSwap, mStable, and Dodo. With this collaboration, 0x expects an influx of new Defi projects into its ecosystem.

How the funds are spent will determine the holders of the ZRX tokens, with this expected to fund initiatives that benefit Polygon. These include efforts to acquire more users and developers, new economics and governance designs for tokens, support for non-fungible tokens and other token standards, and Polygon Network support for apps such as 0x Tracker.