A DeFi platform offering infrastructure solutions for Web 3.0 developers is on the rise after announcing a partnership with Coinbase to power its new NFT wing.
On a tweetblockchain 0x (ZRX) announces that its native protocol will power Coinbase NFT and offers low transaction fees.
In October of last year, Coinbase first revealed its plans to enter the NFT space, and this week it announced that the beta version of the NFT market is now live.
The Ethereum (ETH)-based 0x platform is a decentralized exchange (DEX) protocol that makes use of an automated market maker (AMM) – with intelligent order routing. The protocol connects to several DEX networks, including Curve (CRV) and Uniswap (UNI), with the Matcha 0x interface providing a liquidity search engine.
According to the co-founder and CEO of 0x Labs, Will Warren, the main objective of the project is “to create a world where all value can flow freely“, adding that blockchains establish an open and accessible financial system worldwide, acting as an “equalizing force”.
Warren believes that in the near future, more applications and markets will make use of the NFT exchange capabilities of the 0x protocol.
0x’s native token, ZRX, is used for the decentralized governance of the platform, as well as for creating liquidity pools.
News of the alliance with Coinbase caused a spike in 0x during the last 24 hours, the increase was 61.9% with a low of $0.71 and a high of $1.15.
After corrections, ZRX continues to rise 37.2% today and is trading at $0.97.
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