A decentralized finance (DeFi) platform offering infrastructure solutions for Web 3.0 developers is soaring after joining forces with Coinbase to power its new non-fungible token (NFT) wing.
In a tweet, DeFi blockchain 0x (ZRX) announces that its native 0x Protocol will power the Coinbase NFT social marketplace while providing low transaction fees.
Back in October, Coinbase first revealed its plans to enter the NFT space, and just yesterday announced that the beta version of the NFT marketplace was now live.
The Ethereum (ETH)-based 0x platform is a decentralized exchange (DEX) protocol employing an automated market maker (AMM) with smart order routing. The protocol connects to numerous DEX networks including Curve (CRV) and Uniswap (UNI), with 0x’s Matcha interface offering a liquidity search engine.
According to the project website, 0x’s primary goal is to “create a tokenized world where all value can flow freely,” adding,
“Blockchains give us an opportunity to leave the geographic lottery behind by establishing an open and globally accessible financial system that acts as a potent equalizing force for the world.”
Says 0x Labs co-founder and co-CEO Will Warren of the Coinbase NFT Marketplace partnership,
“We look forward to seeing many more apps and marketplaces take advantage of 0x Protocol’s robust NFT swap feature set and industry-leading gas efficiency in the coming future.”
0x’s native token ZRX token is used for decentralized governance of the 0x platform as well as creating liquidity pools by way of off-chain order book relayers.
News of the Coinbase alliance sent 0x skyrocketing over the past 24 hours, rising 61.9% from a low of $0.71 to a high of $1.15.
ZRX has since corrected but remains up 37.2% on the day and is trading for $0.97.
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Featured Image: Shutterstock/Alexey Malkov/Fotomay