Polygon committing $10M to reach 1M users using 0x API

The network onboarding a large number of decentralized applications aims to hit one million users through 0x’s decentralized exchange liquidity aggregator API.

In an announcement today, Polygon and 0x Labs said they would be committing $10.5 million via the 0xDAO towards securing decentralized finance infrastructure on the network through the support of developers and projects. The project said it anticipated “an influx of new DeFi projects onboarding into the 0x ecosystem” with initial support offered for Matchaxyz, Dexguru, Dexkit, MyCrypto, Set Protocol, Zapper.fi and Zerion.

Last month, 0x released a Polygon version API for its decentralized exchange liquidity aggregator, opening up the 0x API tool to the expanding Polygon market. The API allows major Ethereum-based DEX liquidity channels including SushiSwap, Dfyn, Curve, Dodo, mStable, QuickSwap and Cometh to integrate Polygon.

Related: 0x takes initial steps toward decentralizing governance

The network has the support of major investors including billionaire Mark Cuban, who said last month that the price of cryptocurrencies should better reflect real market demand, with “a current network effect and significant user growth.” Though the price of Polygon’s native token, MATIC, exceeded $2 for the first time in May, the cryptocurrency has since fallen to $1.39 at the time of publication.