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0x DeFi Protocol Crosses Sushiswap To Grab 2nd Position

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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.”

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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.

 

0x Project leads Bitcoin, Ethereum and Litecoin as the most held asset on Coinbase

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The cryptocurrency industry makes up for an interesting space in terms of statistics and facts, as there is a continuous change on a regular basis.

At the end of March, Ethereum was highlighted as one of the worst-performing assets after dropping to a lower $100 level, however fast forward a month, it is currently the best-performing asset in the last two weeks.

A comparison between these digital assets is also based on network activity and user behavior in the market, which recently has been highlight by Coinbase’s statistics.

According to a recent tweet shared by CryptoDiffer, the top 15 cryptocurrencies with the highest holding statistics were revealed for the month of April.

Now, a general crypto enthusiast would have expected Bitcoin to be the most held asset in the market but to the community’s surprise, 0x Project was the topped most held asset on Coinbase.

 

CRypto Differ

According to the chart above, it can be observed that ZRX had the highest holding period of 137 days and that one of the three assets had a holding period of more than 100 days. Bitcoin and Ethereum were the other two assets that had a holding period of more than 100 days, at 130 and 106 days respectively.

However, it terms of holding popularity Bitcoin continued to be number 1 on Coinbase, followed by Ethereum and Litecoin.

From market standards, when a token has a high holding period in the industry, it is reflective of investors’ confidence in that particular asset, because consumers keep it in their portfolio for a longer period of time. Vice versa, if a token is held for a shorter period of time, it may imply a lack of interest support.

However, on the basis of the functionality of these assets, the holding period may also differ. For example, stablecoins, such as DAI, would generally not be held by users for a longer period of time because they are a utility-intensive asset that undergoes continuous transactions in the space.    It does not mean, in particular, that DAI did not have the confidence of the market, given that it had a low holding period.

Hence, it can be implied that the holding period of an asset is not exactly the correct way to detect investors’ confidence in crypto assets.

0x launched Matcha, A Decentralized Exchange aggregation platform

However, the 0x project hasn’t been active on its current laurels, and from a development perspective, it has been relatively active. On 15th April, 0x announced the launch of Matcha, which will provide an improved and efficient trading on its DEX. Considering the decentralized exchange market is on a rise, the launch comes at an appropriate time as according to DeFi pulse, a decentralized finance data aggregator, Matcha will be up competing with Uniswap, Bancor, and Kyber Network. The three currently hold a total of about $50 million in locked value, Uniswap holding 70% of this value.