In a weblog post on Friday, 0x Labs product supervisor Theo Gonella laid out the protocol’s bold plans to direct growth in the direction of a promising, if technically difficult horizon for permissionless alternate: seamlessly connecting the rising constellation of viable layer-1 blockchain platforms.
The Ethereum-based protocol, designed to be an interoperability toolkit for decentralized exchanges of all stripes, has seen marked success this yr in connecting a community 30+ tasks constructing with their API.
All through 2020, as Decentralized Finance (DeFi) boomed, so too did 0x’s utilization: the protocol facilitated practically $four billion in trades throughout dexes and aggregators like Tokenlon and 1inch, and generated practically $400,000 in protocol charges, in line with the 0xTracker.
Likewise, 0x’s native token, $ZRX, noticed a rally of 280% from $.259 to $.73, earlier than a 50% drop amid the broader DeFi market rout.
Because it seems to be to the long run, nonetheless, 0x now plans to convey its imaginative and prescient of interoperability cross-chain.
“Whereas Ethereum is the platform on which most tokenized worth has emerged previously years, we consider we’re heading in the direction of a multi-blockchain world with an unlimited internet of interconnected networks forming the spine of web3,” wrote Gonella. “Given our imaginative and prescient for 0x protocol as an open technical customary for p2p alternate, it’s pure that the usual develop into new ecosystems as they emerge.”
The put up laid out the indicators of progress Ethereum competitor chains must exhibit to ensure that 0x to dedicate developmental sources, together with distinctive digital property, sturdy developer communities, and a deep pool of finish customers.
Gonella additionally acknowledged that cross-chain performance and composability is a notoriously troublesome downside, nonetheless.
Points embrace porting wrapped property of various requirements throughout chains, alternative value for customers who lock their tokens into cross-chain bridges, and obligatory updates to the 0x infrastructure and tokeneconomic mannequin, together with staking and governance.
Regardless of the complexity of the duty, Gonella struck an optimistic tone:
“We’re seeing a Cambrian explosion of innovation and creativity, and it’s solely simply getting began.”