In a move to improve decentralized finance (DeFi) adoption, Polygon (formerly Matic) has allocated $7 million in MATIC to the 0x Community DAO to boost the growth of the project on its network.
According to the announcement, 0x, a liquidity aggregator will also donate $3.5 million in its native token (ZRX) to the 0x DAO.
1/ ⚛️Announcing the goal to bring 1M users to Polygon with @0xProject, the framework powering decentralized exchange on Ethereum!
To accelerate this goal both the 0x and Polygon communities are together contributing a total of $10.5 mn. pic.twitter.com/2BMlj6UzYy
— Polygon (previously Matic) (@0xPolygon) June 10, 2021
Notably, Polygon via its “DefiForAll” Fund campaign has donated $7 million in MATIC. 0x Labs, in the same vein has announced it will contribute $3.5 million in ZRX. This would provide ZRX token holders with $10.5 million in total funds to grow DeFi as well as the 0x ecosystem on Polygon.
0x also disclosed that the new move was set in place as the result of its ambition to ensure DeFi becomes more accessible and cost-effective.
Jaynti Kanani, co-founder and CEO of Polygon, in a statement expressed his delight with the collaboration. Kanani said, “the Polygon #DefiForAll Fund will aim to further support developers and projects. To build a robust and secure DeFi infrastructure with the $7 million commitment to the 0x DAO.”
0x API To Boost DeFi Projects On Polygon
As previously reported, 0x API launched on Polygon to grant developers access to its full range of on-chain liquidity on Polygon’s network.
The liquidity aggregator via its announcement restated that as a result of the integration, more new DeFi projects will join the 0x ecosystem. This change is stated to occur in a bid to utilize its deep and easily accessed liquidity, and Polygon’s fast and flexible architecture.
Will Warren, co-founder and co-CEO of 0x labs noted that the partnership will boost the growth of the liquidity aggregator network. He further explained that the integration will help developers unlock attain a new degree.
“We can’t wait to see DeFi’s potential unlocked as developers take advantage of 0x’s deep and easily accessed liquidity. With Polygon’s fast and flexible architecture,” he said.
Additionally, 0x disclosed that ZRX token holders will eventually vote on how the funding will be used. Hinting that it would likely be used towards Polygon-benefiting initiatives such as adding NFT support, user acquisition campaigns and marketing, and more.
MATIC and ZRX Price
At the time of publication, Polygon (MATIC) price increased 13% over the last 24 hours and traded at $1.37. It currently has a market cap of $8,618,986,614 and a 24-hour trading volume of $1,897,008,791.
ZRX, the native coin of 0x, was also down by 0.2% over the last 24 hours. The token is currently trading at $0.837545 with a market cap of $707,917,337 and a 24-hour trading volume of $188,055,190.
Join us on Telegram to receive free trading signals.
Find out more about the crypto and blockchain space on the Altcoin Buzz YouTube channel.