[Digital Today Reporter Chigyu Hwang] On the 6th (local time), ZeroX Labs, a developer of Decentralized Exchange (DEX) protocol ZeroX, has completed a series A investment round worth $15 million. This investment was led by Pantera Capital.
According to CoinDesk reports, Clay Robinson, CEO of ZeroX Labs, said, “The new investment round is due to the successful launch of the ZeroX DEX router wagon (MATCHA), which was launched in June and processed $2.7 billion worth of transactions. “The focus is on the global expansion of wagons.”
The inflow of funds will be used to expand the development of the open source ZeroX protocol, the ZeroX API used as a base technology for companies such as ZeroXLab’s trading desk business’Periscope Trading’, Shapesoft, Metamask, and Zapper. to be.
ZeroX Labs has been providing its own technologies without fees. This is because the use of the ZeroX protocol can be increased. The ZeroX protocol is currently available up to version 3.0. Since the release of version 3.0, ZRX, a token for the ZeroX protocol, has evolved to a level that can also serve as a kind of market maker that can be staked to obtain liquidity rewards. According to the company, the scale of transactions based on ZeroX protocol exceeded $15 billion.
CoinDesk also paid attention to the presence of ZRX in the DeFi ecosystem.
Routing DeFi transactions is as tricky as deciding a route through a busy city. The user has to make a choice in situations where they cannot know they have made the right choice.
ZeroX seems to be paying attention to instilling confidence that its own-developed routing software is worth trusting by running transactions across various routing protocols.
According to the ZeroX report released in October, the ZeroX routing architecture delivered the highest price in seven out of ten times, CoinDesk said.
It was also clear that ZeroX Labs will not issue new tokens with this investment. It said it has no plans to launch a liquidity mining program to attract users. Robinson CEO said, “Since we already have ZRX tokens, it is unnecessary to present a token specialized for wagons.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.