0x

The native token for the Ox crypto exchange has recorded a massive spike following its partnership with Coinbase that allows Coinbase to use Ox Labs’ NFT standard for its new social NFT marketplace.

As recently reported, the Coinbase NFT social marketplace has gone into beta and will be tested by 3 million selected users on the waitlist. For Coinbase to get the market up and running, it partnered with Ox Labs which boasts that it has the “most robust feature set of any exchange protocol”.

Coinbase Partnerships Good for Price Action

According to data from CoinMarketCap, after news broke of Coinbase’s partnership the Ox token (ZRX) rallied 53 per cent. The token was at a five-month high of US$1.17 and also traded just over $1 billion volume on the day as well. The coin has since stabilised at around the $1 region.

We’re thrilled that Coinbase is using Ox to power [its] new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space.
Will Warren, co-founder and co-CEO, 0x Labs

0x/USD price chart. Source: CoinMarketCap

In the past, other projects such as Mina and Propy that partnered with Coinbase also saw considerable price movement when word got out they were collaborating with the US crypto heavyweight.

What 0x Labs Brings to the Table

The Ox open standard will be the engine of the Coinbase marketplace, aiming to deliver up to 54 per cent lower gas fees to users. Additionally, Ox Labs stated in a blog post that extra features include free non-custodial listing, instant royalties for creators, collection orders and more.

Building on Ox significantly reduces the effort required by Web3 developers and NFT marketplaces to deliver a seamless multi-chain experience to their users, giving them more time to focus on their products.
0x Labs blog post

We’re proud to partner with @Coinbase_NFT to power their new social marketplace for NFTs! ⚡️

By using 0x Protocol, Coinbase provides better ways to discover, buy, sell, and connect around NFTs at the lowest transaction costs for users ⛽️https://t.co/GwZUsh3xzj
— 0x (@0xProject) April 20, 2022

One of the big things to come out of Ox Labs is the new V4 of its protocol that allows swaps between NFTs, so that users can exchange collectibles as easily as tokens.

Polygon to Bootstrap DeFi Growth Through DAO

Polygon is a Layer-2 scalability solution that targets DeFi projects on the Ethereum blockchain. In a recent announcement, the company said it had seen massive adoption and economic activity from several DeFi protocols, including Sushiswap, Curve, Aave, Balancer and others, all of which are based on Ethereum.

These projects brought along with them more than just TVL but their communities.

Polygon

In order to further streamline the DeFi experience, Polygon will be creating a DAO. The DAO will allow developers and communities to build a better DeFi and Web3 ecosystem and essentially helps onboard the next 100 million DeFi users to the Polygon network.

What is DAO?

DAO is an organisational model for DeFi that spreads the governance of a protocol or system to the community or network rather than a central body. Basically, it’s a governance system that eliminates centralisation.

Polygon says it will use part of the US$100 million #DeFiForAll Fund to accelerate the creation of the DAO system. This won’t be the first time Polygon gets involved in DAO development. Previously, the company collaborated with 0x protocol to spearhead a US$10 million DAO for projects that use 0x APIs on their network.

It’s safe to mention that Polygon is running more like life support for most DeFi projects on Ethereum. Owing to Polygon properties, QuickSwap has been able to grow into a US$1 billion TVL decentralised exchange. Forked from Uniswap, QuickSwap allows users to swap tokens at lightspeed due to Polygon’s scalability solution.