A decentralized finance (DeFi) platform that offers infrastructure solutions for Web 3.0 developers is soaring after partnering 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 social marketplace Coinbase NFT while offering 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 is now live.
The Ethereum (ETH) based 0x platform is a decentralized exchange protocol (DEX) that uses an automated market maker (AMM) with intelligent order routing. The protocol connects to numerous DEX networks, including Curve (CRV) and Uniswap (UNI), with 0x’s Matcha interface providing a liquidity search engine.
According to the project website, 0x’s main goal is “to create a tokenized world where all values can flow freely,” he added:
“Blockchains give us the opportunity to move beyond the geographic lottery by building an open and globally accessible financial system that acts as a powerful balancing force for the world.”
Says 0x Labs Co-Founder and Co-CEO Will Warren of the Coinbase NFT Marketplace partnership:
“We look forward to many more apps and marketplaces taking advantage of the robust NFT swap feature set and industry-leading gas efficiency of the 0x protocol in the near future.”
0x’s native token ZRX is used for decentralized management of the 0x platform as well as creating liquidity pools via off-chain order book relays.
News of the Coinbase alliance sent 0x higher 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, trading for $0.97.
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