The interoperability protocol seeks to expand beyond Ethereum and create cross-chain functionality
In a blog post on Friday, 0x Labs product manager Theo Gonella laid out the protocol’s ambitious plans to direct development towards a promising, if technically tricky horizon for permissionless exchange: seamlessly connecting the growing constellation of viable layer-1 blockchain platforms.
The Ethereum-based protocol, designed to be an interoperability toolkit for decentralized exchanges of all stripes, has seen marked success this year in connecting a network 30+ projects building with their API.
Throughout 2020, as Decentralized Finance (DeFi) boomed, so too did 0x’s usage: the protocol facilitated nearly $4 billion in trades across dexes and aggregators like Tokenlon and 1inch, and generated nearly $400,000 in protocol fees, according to the 0xTracker.
Likewise, 0x’s native token, $ZRX, saw a rally of 280% from $.259 to $.73, before a 50% drop amid the wider DeFi market rout.
As it looks to the future, however, 0x now plans to bring its vision of interoperability cross-chain.
“While Ethereum is the platform on which most tokenized value has emerged in the past years, we believe we are heading towards a multi-blockchain world with a vast web of interconnected networks forming the backbone of web3,” wrote Gonella.
