• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / DeFi / 0x DeFi Protocol Crosses Sushiswap To Grab 2nd Position
0x DeFi Protocol Crosses Sushiswap To Grab 2nd Position

0x DeFi Protocol Crosses Sushiswap To Grab 2nd Position

December 20, 2020 by Chayanika Deka

The hype around decentralized finance [DeFi] has faded but the development and activity surrounding the industry have once again gained prominence. In the background, amidst the noise of food-themed, meme, clone DeFi protocols, there is one decentralized exchange or DEX has started picking up pace. Yes, we are talking about the open protocol 0x which has noted significant appreciation as the market continued its uptrend.

Specifically, 0x climbed to the second spot with respect to the market share of decentralized exchange [DEX] by volume over the past week. Currently, the platform represented 22% of the total market share and was trailing behind, Uniswap which recorded a 7-day trading volume of a whopping $2.42 billion with a market share of 52.7%

This was noted by Senior Research Analyst, Ryan Watkins who’s tweet read,

“Surprised no one has talked about 0x cracking the top 2 DEXs by volume this week.”

Over the past 7 days, 0x registered a trading volume of 1.22 billion. With this, the Ethereum-based protocol surpassed the contentious Sushiswap whose volume for the same time period was found to be at $544 million followed by Curve and Balancer at $428 million and $119 million respectively.

The latest spike in the volume figures can be attributed to the new relayer Tokenlon which was currently running a trade mining program. Affirming the latest news, Tokenlon stated,

“True. We had a trade mining and referral program for Tokenlon users. This way we can get a broad distribution of our $LON token, which is then released very soon.”

As deFi boomed throughout the year, 0x’s usage, also climbed record highs. To top that, the protocol reportedly facilitated nearly $4 billion in trades across various DEXs as well as aggregators such as Tokenlon and 1inch. In fact, it also generated approximately $400,000 in protocol fees.

0x’s native token, ZRX also witnessed a surge of nearly 300% during the same time, from trading below $0.26 to climbing all the way close to $0.75. However, the token took a massive plunge soon after as selling pressure intensified and has so far failed to recover. At the time of writing, it changed hands at $0.41.

0x Vision of Bringing Interoperability Cross-chain

More recently, the execs of the platform had revealed an ambitious plan to drive the expansion of 0x protocol beyond Ethereum. In a blog post, Theo Gonolla, 0x Labs product manager stated that the team believes in heading towards a multi-blockchain world with a vast web of interconnected networks forming the backbone of web3.

 

Filed Under: DeFi, News Tagged With: 0x

Primary Sidebar

Recent Posts

  • Coinbase Surpasses Satoshi Nakamoto As The Biggest Bitcoin Owner: Arkham Intel September 24, 2023
  • Bitcoin Could Reach $130,000 By 2025, Says Analyst September 24, 2023
  • QCAD Launches On Solana, Offering Efficient Digital Dollar Transactions September 24, 2023
  • Coinbase CEO Brian Armstrong Takes a Stand Against AI Regulation September 24, 2023
  • Chainlink Surges Past $7.12 Amidst 2-Month High In Unique Addresses September 23, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.