Skip to content

Decentralized exchange: 0x launches new service for exchanges

The 0x open source protocol, which allows the exchange of ERC-20 tokens in Ethereum, announced the launch of 0x Instant, a new service that will allow incorporating the ability of quick purchases and exchanges with tokens to a website or an application.

According to the information published on the company’s blog on December 6, 0x Instant is an open source project with customization possibilities, which seeks to meet the needs of users of any decentralized application (dApp) or website. At the same time, it makes it possible to carry out exchanges with tokens ERC-20 or ERC-721 (non-fungible) through 0x.

In this sense, the service offers the possibility of exchanges from any digital portfolio of Ethereum (ETH), such as MetaMask, Ledger, and Trezor, among others, to acquire and market with the native tokens of any project that has integrated Instant to its platform. In this way, a preexisting difficulty in 0x is solved, the fact that it does not allow the exchange with ETH because it is not an ERC-20 token.

This is an addition that has already incorporated crypto companies such as Coinbase, CoinGecko and Augur, according to 0x CEO Will Warren, who explains that in this way users can, for example, buy REP, the native token of Augur.

The company adds that Coinbase Wallet and Balance have also integrated Instant into their respective products. The idea is that any company, developer, site, or application can monetize your project and add a new source of income, because when working with Instant the hosts earn up to 5% for each transaction.

In this regard, it is indicated that there is also the possibility of acquiring control over the design of the user interface, through AssetBuyer, a library that facilitates the purchase of any asset with ETH, taking advantage of the 0x liquidity.

Advance between some controversies

0x is a decentralized exchange project of cryptocurrencies based on Ethereum. Founded in 2017 by Will Warren and Amir Bandeali, in August of that year it managed to raise about 24 million dollars through its initial offer of coins, despite having received some criticism related to possible code errors and weaknesses in its white paper (whitepaper).

According to his statements, 0x aims to create a platform where all kinds of assets can be freely exchanged. This includes fiduciary currencies, stocks, bonds, commodities, debt instruments, real estate, videogame items, digital collectibles and software licenses, among others.

The project is the issuer of 0X (ZRX), a token that last July began to be quoted in the Coinbase exchange house, temporarily increasing its price, after registering a new price increase, starting with the incorporation into Coinbase Pro.

This fact generated controversy in October 2018, due to a journalistic investigation that revealed connections between the project, the Scalar Capital firm and the exchange house. The information gave an account of a possible management of insider information by Scalar Capital, prior to the incorporation of the ZRX token into the Coinbase portfolio.

Despite the above, the ZRX token also suffers the effects of the market crash that began last November, having a drop of more than 80% compared to its price at the beginning of the year. On January 13 0X was sold at $ 2.37 and for this date it is sold at $ 0.30, according to data from CoinMarketCap.

Also published on Medium.

Published inCryptocurrencies

Be First to Comment

Leave a Reply

%d bloggers like this: