0x Ecosystem 🪐 Spotlight: Matcha
Welcome to the 0x ecosystem 🪐 spotlight series, where we highlight exciting and novel projects built on 0x. Next up is Matcha! Matcha is the friendliest DEX aggregation platform for all of your crypto trading needs. We chatted with Matcha PMM, Danny Organ, about the recent launch of gasless trading, took a deeper dive into Matcha OTC, and discussed what's next for the platform.
Enjoy the interview!
What is Matcha and what sets it apart from other decentralized exchanges?
Matcha is a decentralized exchange (DEX) aggregator and the best-designed best place to trade in DeFi. When you shop for flights you probably use an aggregator like Google Flights, Kayak, or Priceline to make sure you’re getting the best prices on travel. Matcha uses that same approach to make sure that you’re getting the best prices on your DeFi trades.
Matcha utilizes 0x API to pool liquidity from over 50 of the top DEXs so that you know you’re getting the best prices - all in a single, easy-to-use interface. 0x API helps Matcha split up your order across multiple DEXs in order to get you the best price, and optimizes your gas, which makes it cheaper than going directly to Uniswap, Sushiswap, or Pancakeswap. Knowing that you’re shopping all DEXs at once on Matcha makes trading simpler, more enjoyable, and more profitable than ever.
Over the summer you launched Matcha 2.0. What updates did the Matcha 2.0 release bring with it?
Matcha 2.0 was the biggest launch we’ve had since we initially launched Matcha just over a year ago, and it allowed us to keep pushing the industry forward in terms of what traders can and should expect from a DEX. We integrated Matcha with MoonPay to make Matcha the first DEX with native fiat on-ramps. This means buy your first crypto on Matcha with a credit or debit card, all without ever having to go to another site or worry if it’s a scam.
We also added support for Polygon and the response has been tremendous. We’ve already seen the number of Polygon users on Matcha surpass the number on both Ethereum and BSC, and the growth is showing no signs of slowing down. With the addition of Polygon (and even more chains in the future), we want to ensure that Matcha remains easy to use and continues to provide a best in class user experience.
To do so, we created a unified multi-chain experience that allows traders to search for tokens across all three supported chains (a first for a DEX). We also made significant updates to our homepage and added support for dark mode (one of the most requested features from the Matcha community)! If all of those updates weren’t enough, we were also the first DEX to introduce an option to trade directly with professional market makers with zero slippage via Matcha OTC.
Can you dive a little deeper into Matcha OTC?
Definitely. With Matcha OTC, we utilize 0x API’s RFQ system to have professional market markers compete to offer Matcha traders an individualized quote that is only available to them. Unlike using an AMM or other liquidity source, the quoted prices for an OTC order are locked in for 30 seconds and agreed to before being submitted on-chain for settlement. This ensures that Matcha traders get exactly what they’re quoted with no slippage and allows them to trade without risk of front-running or sandwich attacks.
By utilizing Matcha OTC, traders can comfortably complete $1K-1M trades knowing that they aren’t leaking value to bots. Matcha OTC is a critical tool for whales (or anyone who wants to trade like one) that need to trade large volumes without becoming a target for bots.
Matcha recently launched on some additional chains as well, right?
That’s right! We recently launched on Avalanche, Fantom, and Celo and we’re thrilled to be able to bring Matcha to those communities. Matcha users are now able to trade on six different blockchains and we are excited to be making Matcha more multi-chain every day.
We truly believe that there will be a future where traders are able to seamlessly switch chains or execute trades across chains, perhaps without even knowing if doing so gives them better execution. Adding support for more blockchains with strong adoption is something we will be doing more of in the future.
And you also launched a beta for “Gasless Trading”?
Yes! Gasless Trading is a new feature available exclusively on Matcha that allows users to trade on Ethereum without having to pay any gas fees. With Gasless Trading (utilizing 0x API), we’ve designed a system that allows users to trade without using gas. When you select the option for a Gasless Trade, Matcha returns an individualized and slippage-free price quote from professional market makers who will submit the transaction to be verified on chain (and they pay the gas fees!). If you’re interested in participating in the open beta, you can learn more about it on our blog.
Do you have any advice for anyone considering building a DeFi app using 0x API?
0x API is really the “secret sauce” of what makes Matcha work under the hood. One of the reasons for building Matcha originally was to showcase the power of 0x API, and now Matcha has really evolved into a brand of its own.
Utilizing 0x API for our swap functionality has allowed us to focus on what is important to us: building a better DEX user experience.
We’ve tried to make the Matcha brand synonymous with a place that is friendly, professional, and trusted, and being able to confidently tell our users that they are getting the best pricing with a single click is a critical piece of reinforcing that brand.
What’s next for Matcha?
We have two primary focuses in the near-term: pushing the boundaries of what DeFi traders expect from their exchange and continuing to grow like crazy.
With the launch of Matcha 2.0, we delivered a bunch of new features that had never existed in DeFi before and that kind of innovation is something that’s core to the Matcha team DNA. Without giving away too much, I can tell you that we’re working on building new features that will change the way people think about DeFi transactions on a fundamental level and we will continue to bring things to life for our users that have never existed in DeFi before.
Where can people go to learn more about Matcha?
To stay up to-date on all things Matcha:
Thanks for chatting, Danny!
🛠️ Interested in building on 0x?
0x API is a professional-grade decentralized exchange aggregation API for Web 3 developers. You can easily add swap functionality into your wallet or DeFi app and automatically share your liquidity across the 0x network using the API. To deliver the best prices, the API aggregates DeFi liquidity across various liquidity sources on a growing number of blockchains, including Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and Celo.
Get started with our developer documentation.