- Polygon and 0x jointly donated $10.5 million to onboard 1 million new users.
- The funding will be used to develop Polygon’s DeFi and 0x ecosystem.
Polygon and the platform powering decentralized exchanges on Ethereum, 0x, have teamed up to donate $10.5 million to the Polygon Network. The fund is targeted to onboard 1 million new users to Polygon and Ethereum. With the funds, the team will build a solid and secure DeFi infrastructure on Polygon. In addition, the money, through the 0xDAO, will support Polygon’s developers and projects.
Polygon partners with 0x to commit $10.5 million to 0x-powered apps on Polygon Network
According to the announcement, $7 million was allocated in MATIC to the 0x Community DAO with an additional $3.5 million in ZRX. Polygon donated $7 million, while 0x Labs contributed $3.5 million, totalling $10.5 million. Both Polygon and 0x Labs are positioned to benefit from the contribution. The funds will be used to support Polygon’s DeFi and 0x ecosystem.
Speaking on the partnership, the co-founder and co-CEO of 0x Labs, Will Warren, stated:
We’re honored to partner with Polygon and ZRX token holders to expand DeFi even further and bring the 1M new users to 0x-powered apps on the Polygon Network. We can’t wait to see DeFi’s potential unlocked as developers take advantage of 0x’s deep and easily accessed liquidity and Polygon’s fast and flexible architecture.
Similarly, Polygon CEO & founder Jaynti Kanani expressed his pleasure with the collaboration. Kanani said the “Polygon #DeFiforAll Fund” would continue to support developers and projects. At the same time, design a secured DeFi infrastructure.
DeFi projects across the world can easily integrate Polygon trading with the help of 0x API. Additionally, these DeFi projects can smoothly aggregate liquidity on all exciting sources, such as Qyuckswap. Other sources accessible to the projects are Dodo, Cometh, SushiSwap, CurveFinance, mstable, Dfyn, and more.
In the near future, more DeFi projects are expected to join the 0x ecosystem. These new DeFi projects will look to leverage their liquidity on Polygon’s reliable architecture. The 0x API is easily built to enable DeFi developers to seamlessly tap into DEX liquidity. The API design allows developers to access DEX liquidity in a fast and reliable way.
Initially, 0x API support on Polygon will launch with early DeFi innovators such as MyCrypto, Set Protocol, Zapper.fi, Matchaxyz, Dexguru, Zerion, and Dexkit.
0x envisions the use of the $10.5 million funding
Although ZRX token holders will determine how the money will be spent, the funding, should be invested in initiatives that will benefit Polygon. Some of these initiatives include adding support for Polygon Network to certain apps like 0x Tracker. Also, the funding will look to acquire more developers, new token economics and governance designs, campaigning and marketing for more users, as well as adding support for non-fungible tokens (NFTs).
0x concluded the announcement by revealing plans to be accountable for the funds. The infrastructure protocol said it would be working with the 0x DAO Bootstrap Delegates on accounting, management, and communication regarding the funding.