Exploring the 0x DeFi ecosystem 🪐

Our universe is bigger and more liquid than ever.
0x Labs
by on

What an incredible journey it’s been! 🚀 For those who have been here since the early days of 0x, you’ll recall how different the DEX landscape looked back then — EtherDelta was still widely used, AMMs were only in their infancy, and the branding of “DeFi” was just a gleam in the eyes of  [0x Labs], Inje [Set Protocol], and Brendan [Dharma].

The 0x ecosystem also looked vastly different at that time. Most live integrations had similar-looking open order book UIs with limited feature differentiation. There was a higher technical hurdle to integrate, and it took manual effort to share liquidity between platforms. Despite this early friction, between 2017 and 2019, there was still an impressive $1B in total volume traded on 0x.

Fast forward to today. 0x remains the most versatile and robust community-owned DEX protocol. We now offer a professional-grade decentralized exchange aggregation API that easily allows developers to bring swap functionality into wallets and DeFi applications, as well as automatically share liquidity across the network. Similar to how Expedia and Kayak find you the cheapest rates in travel, the API aggregates 0x native liquidity from other popular DeFi liquidity sources to deliver market-leading prices to all integrators and their users.

In 2020, we saw an influx of new API integrations tackling a diverse set of use cases, which resulted in the total volume traded on 0x Protocol reaching over $8B. And in January 2021 alone, we’ve already seen $5.7B in traded volume.

While the tremendous growth of the ecosystem and the astronomical increase in volume has certainly been exciting, what’s even more exciting is recognizing that we’re still early in the DeFi adoption curve.

Over the next ten years, we’ll continue to see more and more asset classes tokenized and exchanged on 0x, whether they reside on Ethereum or other blockchains.

As DeFi continues to flourish, so will our ecosystem, as companies increasingly choose to build on the only DEX protocol that offers the best in class performance and the most advanced market making tools. And with the recent launch of 0x v4, our most powerful update yet, it’s becoming clear that 0x is DeFi’s liquidity endpoint.

🛠️ Interested in building on 0x and joining the ecosystem?
Get started with our developer documentation.
📈 Interested in market making on 0x and earning liquidity rewards?
Get started with our RFQ documentation.
🔍 Want to track 0x’s growth?
Visit and bookmark 0x Tracker, a public tool for exploring network growth and trade activity on the 0x Protocol.

📍 0x Protocol is a core DeFi building block and open standard available to developers needing flexible exchange functionality and easy access to the broadest and deepest liquidity for their decentralized applications. The Protocol offers secure, audited smart contracts, a professional-grade API, as well as a comprehensive set of developer tools and documentation.

📍 0x API is a professional grade decentralized exchange aggregation API that allows developers to easily bring swap functionality with market-leading prices into wallets and DeFi applications, such as Matcha, DeFi Saver, MetaMask, Zapper, ShapeShift, and many more.

📍 Supply represents 0x’s liquidity which is powered by a diverse ecosystem of market makers, AMMs, and other on-chain DEX protocols. We refer to anyone who creates a 0x order as a “maker”.

  • Order books operate like they do in traditional finance, where the entire volume of orders at every price point is available to all buyers and sellers accessing the network.
  • Automated market makers (AMMs) supply liquidity to the network using automated logic and permissionless liquidity pools.
  • Market makers (MMs) are companies, or individuals, that create order book liquidity by simultaneously creating buy and sell orders on the network to capture a profit, known as the “spread.” Additionally, MMs receive a share of the protocol fees generated from 1) their orders and 2) their stake of ZRX tokens. 0x MMs have access to the most advanced market making tools, including our Request for Quote (RFQ) system, which allows them to bring centralized exchange liquidity to DEX users with lower risk and offer great pricing for medium and large trades. This is especially useful in highly volatile markets. To get started market making on 0x today, check out our RFQ documentation.

📍 Demand represents all of the DeFi applications and their users who consume liquidity from the network. We refer to anyone who fills a 0x order as a “taker”.

  • Exchanges are web and mobile applications that allow their users to exchange one cryptocurrency token for another.
  • Option and derivative platforms give buyers the right to buy or sell an underlying asset at an agreed-upon price.
  • Wallets allow users to store, retrieve, and transfer their tokens. Wallets, such as MetaMask and imToken, also offer the ability to swap tokens directly within the UI.
  • Portfolio managers provide a convenient way to build and manage a portfolio of DeFi assets. These applications often offer additional features such as direct token swaps, automatic CDP liquidation protection, liquidity mining, and yield farming.
  • Investment strategy are applications that offer their users various active and passive investment strategies, such as creating and trading baskets of assets, earning optimized lending yields, and social trading.
  • Prediction markets are decentralized platforms created to trade the outcome of various events — sports, politics, entertainment, economics, etc. Outcomes are represented in the form of freely-tradable tokens.
  • Non-fungible tokens, or NFTs, are a special type of cryptographic token which represents something unique. On the Ethereum blockchain, this type of token follows the ERC-721 or ERC-1155 standard, both of which are supported by 0x.
  • More represents other unique use cases that demonstrate the 0x Protocol’s versatility.

📍 ZRX portal is the web interface where token holders participate in the decentralized governance of the protocol and stake their ZRX to earn liquidity rewards in ETH.

We did our best to catalog all the active projects building on 0x (demand) and that 0x has integrated with (supply) to include them in our DeFi ecosystem map. However, given that anyone is free to use our open-source liquidity lego in their product, it’s likely that we may have missed some integrations.

If you know of an active project not listed below, email, tweet, or message me on Telegram, and we’ll be sure to include it in the next update.

Demand (Takers)

Exchanges
- AltSwap
- Bamboo Relay
- Bitswap
- Dexguru
- DODO
- eMoon
- Ethereum Yield
- LedgerDex
- Matcha
- MetaSwap
- Metric
- Odee
- 1inch
- Paraswap
- Peerex
- Radar Relay
- ShapeShift
- StakeDex
- Swap
- Swap by DexKit
- SwitchDex
- Tokenlon
- Unilayer
Wallets
- imToken
- MetaMask
Options and derivatives
- dYdX
- Opyn
Portfolio managers
- DeFi Saver
- DeBank
- Zapper
- Zerion
Prediction markets
- Augur
- Catnip
Non-fungible tokens (NFT)
- Gods Unchained
- TokenTrove
Investment strategy
- OctoFi
- Prysm
- Rari Capital
- Set Protocol
More
- 0x Tracker
- Furucombo
- Mask Network
- Parsec

Supply (Makers)

0x’s liquidity is powered by a diverse ecosystem of market makers, AMMs, and other on-chain DEX protocols aggregated by the 0x API. In addition to native 0x liquidity, sourced from 0x Mesh and 0x market makers, such as Periscope, VolleyFire, and others, the API aggregates liquidity from a growing list of prominent DeFi projects:

Order book model
- Oasis
Automated Market Makers (AMM) model
- Balancer
- Bancor
- Cream
- Crypto.com
- Curve
- DODO
- Kyber Network
- mStable
- Mooniswap
- Shell Protocol
- Snowswap
- SushiSwap
- Swerve
- Uniswap

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