On Friday in a blog post, 0x Labs product manager Theo Gonella unveiled ambitious plans to protocol against a promising, albeit technically challenging, contactless horizon: seamless connectivity to a growing array of viable first-tier blockchain platforms.
Designed as an interoperability tool for decentralized exchange at all levels, the Ethereum-based protocol has had huge success this year by connecting more than 30 projects built with APIs.
During the year 2020, as decentralized finance (DeFi) grew, use of the 0x: protocol increased allowing approximately $ 4 billion in trade between dexes and aggregators such as Tokenlon and 1 inch, generating nearly $ 400,000, according to 0xTracker. As protocol fee.
Likewise, the 0x token, $ ZRX, rose 280% from $ 0.259 to $ 0.73, then fell 50% amid a major downturn in the DeFi market.
Looking to the future, 0x plans to continue seeing the business online.
Gonella writes: “Although Ethereum is the platform that has generated the most value in cryptography in recent years, we believe we are heading towards a multi-blockchain world with a large network of interconnected networks that form the backbone of Web 3. “Given our vision of Protocol 0x as an open technical standard for peer-to-peer exchanges, it is only natural that the standard will extend to new ecosystems as they emerge.”
The post identified signs of growth in competing Ethereum chains that needed to appear for 0x to spend resources on development, including unique digital assets, trusted developer environments, and a wide range of end users.
However, Gonella also acknowledged that cross-chain functionality and compatibility are known complex issues.
Challenges include moving assets encased in various standards in strings, opportunity costs for users locking tokens on a bridge between chains and needed infrastructure upgrades to 0x and the financial economy model, including bidding and administration.
Despite the complexity of the task, Gonella set an optimistic tone:
“We are witnessing a Cambrian explosion of innovation and creativity, and this is just the beginning.”