Polygon and 0x Raise $10m in Funds to Bring 1m New Users

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  • Polygon and 0x will commit $10.5 million to bring 1M new users to 0x-powered apps on the Polygon Network.
  • 0x said it expects “an influx of new DeFi projects onboarding into the 0x ecosystem.”
  • Polygon’s recent boom has attracted hordes of projects and investors.

Polygon, a layer 2 Ethereum scaling solution onboarding a vast number of decentralized applications, has announced a partnership with 0x, aiming to bring 1M new users to 0x-powered apps on the Polygon Network.

The two projects, Polygon and 0x, are planning to commit $10.5 million in total funds to grow DeFi and the 0x ecosystem on Polygon. $7M of the total funds will be allocated by Polygon in its native token MATIC. And the remaining $3.5M will be contributed by 0x labs in ZRX, 0x’s native token.

The announcement states:

With 0x API now on Polygon, we anticipate an influx of new DeFi projects onboarding into the 0x ecosystem seeking to combine our deep and easily accessed liquidity with Polygon’s fast and flexible architecture.

As claimed by CryptoPotato, the whopping $10.5 million funds will be mainly utilized to support projects and developers on the Polygon network, consequently developing a safe and strong DeFi infrastructure.

0x API, which was integrated with Polygon in late May, is famous for its intuitive, user-friendly features. The project also eliminates the complexity of developing on-chain liquidity from scratch. With 0x API being integrated with Polygon, DeFi developers can easily connect to major Ethereum-based DEX liquidity channels including SushiSwap, Dfyn, Curve, Dodo, QuickSwap, mStable, and more. Therefore, providing developers with more time to concentrate on their own projects.

Polygon’s Boom Attracts New Projects and Investors

Earlier in May, 0x launched a poll asking its community to choose among Polygon, Solana, Avalanche, and Fantom for its next API project. The majority of contestants, more than 38%, chose Polygon over other solutions. Yet, in its expansion to Polygon announcement, the project mentioned that Polygon’s significant growth convinced them to choose it.

Moreover, on May 24, Aleph.im, a cross-blockchain, cross-technology layer-2 network, announced a partnership with Polygon to offer tremendous storage for NFTs, marketplaces, and Dapps.

Of course, many popular projects had previously integrated with Polygon including the automated exchange Curve Finance (CRV), the popular DeFi lending platform AAVE, and the decentralized exchange SushiSwap (SUSHI), to name a few.

As covered by FullyCrypto, Polygon also recently attracted investment from Billionaire entrepreneur Mark Cuban. Looking at the future, it is safe to expect Polygon to be among the top, widely-adopted projects.