Introducing multi-chain NFT swaps powered by 0x Protocol v4
UPDATE (3/11): NFT swap support is now live on all 0x-integrated chains.
UPDATE (2/28): The ZEIP-93 vote was approved by the community and 0x Protocol v4 NFT swap support is now live on Ethereum mainnet. NFT swap support on other 0x integrated chains is launching very soon.
UPDATE (2/11): The vote to upgrade 0x Protocol v4 with NFT swap support will go live on February 14, 2022 at 9:00am PT. ZRX token holders may visit the 0x Governance Portal to cast their votes at that time. The vote will run until February 17, 2022.
- Support for NFT swaps is coming soon to 0x Protocol v4 on all 0x-integrated blockchains
- This upgrade combines creator-centric features and gas efficiencies that will make it more affordable than ever to swap NFTs on Ethereum and 6 other EVM chains and L2 networks
- 0x Protocol is the backbone for the decentralized exchange of all tokenized assets. By adding support for NFT swaps in v4, we seek to provide a public good to the NFT ecosystem, advancing it forward
Today, we are excited to announce that NFT swaps are coming soon to 0x Protocol v4! Pending a successful ZRX token holder community vote in February, the initial deployment will take place on Ethereum with other 0x-integrated chains—Binance Smart Chain, Polygon, Fantom, Avalanche, Celo, Optimism—to follow shortly after. While we await the completion of the smart contract audits, we invite developers to explore the upgraded protocol which is currently live on Ropsten.
"Our motivation in bringing NFT support to 0x Protocol v4 is to provide an open technical standard for NFT markets that is technically robust, non-extractive, and consistent across EVM blockchains. Since blockchains have limited throughput, NFT communities will be forced to spread out across many distinct networks. 0x Protocol v4 will serve as public exchange infrastructure and bring uniformity and feature parity to NFT markets across all EVM blockchains.”
- Will Warren, Co-Founder and Co-CEO of 0x Labs
Using a trusted open-source standard for swapping NFTs across many blockchains significantly reduces the effort required by Web3 developers and NFT marketplaces to deliver a seamless multi-chain experience to their users, giving them more time to focus on their products. The upgraded v4 will combine the NFT trading features from v3 that our developer community loves with new creator-centric features and benefits that include:
- The most robust feature set of any NFT exchange protocol
- NFT swaps supporting all major token standards
- Free non-custodial listings + off-chain / on-chain order optionality
- Up to 54% more gas efficiency
- Collection orders
- Instant royalties for creators
- A highly flexible modular architecture
- A developer-first experience
With NFT support on 0x Protocol v4, we take another significant step towards achieving our mission of building a tokenized world where all value can flow freely. We anticipate many new NFT projects powered by 0x will join our ecosystem, ultimately reducing market fragmentation, driving greater transparency and interoperability in the space, and helping to prevent the platform monopolies that exist in Web 2.0.
Most robust feature set ✅
NFT swaps supporting all major token standards 🤝
Swaps for all major token standards are supported in 0x Protocol v4. Users can sign an off-chain order to indicate that they are interested in:
- selling a particular ERC721 or ERC1155 for some amount of any ERC20 token or ETH, or
- buying a particular ERC721 or ERC1155 for some amount of any ERC20 token
This feature is currently supported in 0x Protocol v2 and v3, but v4 introduces significant gas savings for NFT swaps on Ethereum.
Free non-custodial listings + off-chain / on-chain order optionality ↔️
All listings on 0x Protocol v4 are non-custodial, so NFTs don’t leave a user’s wallet until an order is filled. v4 also features off chain / on-chain order optionality, providing developers with greater flexibility.
Off-chain orders: Free listings 👤
Orders can be submitted either off-chain or on-chain. Off-chain listings are completely free to create.
On-chain orders: Easily indexable and discoverable orders 🔍
Developers can choose to use the “pre-sign” functions, which emit the entire order as an event, so that the order is indexable by subgraphs and thus easily discoverable without the need for an off-chain database. On-chain listings require gas to create.
Up to 54% more gas efficient ⛽
We have significantly improved the gas-efficiency of our contracts, making it more affordable than ever to swap NFTs on Ethereum.
We compared v4 to three popular NFT marketplace protocols: Wyvern (used by OpenSea on Ethereum), LooksRare, and Zora v3. OpenSea typically performs a single fee transfer per transaction, while LooksRare typically performs two (a platform fee and a royalty fee).
For the sake of fair comparison, we tested v4 with both one fee and two fee transfers:
When comparing the buying and selling of ERC721 assets, v4 is up to 41% cheaper to use than the other NFT protocols. For on-chain listings, v4 is 54% cheaper to use than Zora, the only other protocol to offer this ability.
Collection orders 🧺
0x Protocol was the first to support property-based orders for NFTs in 2019. We are porting this feature over to v4 with even more gas efficiency to enable NFT marketplace users to:
- Easily sweep floors in a collection
- Place a bid for any items in a collection with a certain property or trait
Instant royalties for creators 🎨
NFT marketplaces can now pay royalties in real-time at a lower cost so that creators no longer have to wait days or weeks to get paid. Marketplaces also have the option to send payouts to a contract that implements custom fee disbursement logic.
Flexible modular architecture 🧩
These new features are built upon the same modular smart contract architecture that powers household names in DeFi like Coinbase Wallet, Matcha and Zapper. This opens the door for future improvements, extensions, and novel synergies between DeFi and NFTs.
Developer-first experience 👩💻👨💻
0x Protocol is public infrastructure for p2p exchange that anyone can build on top of. By introducing a single protocol for swapping NFTs that is consistent across blockchains, v4 will make it easy for developers and NFT marketplaces to provide a seamless multi-chain experience to users.
Start building with v4
0x V4 NFT support is currently live on on all 0x-integrated chains. To get started, check out our updated docs here. Please join our Discord and share feedback in the #dev-feature-feedback channel.
We are working with our ecosystem partners on developer tooling and integrations. If you are looking to quickly integrate NFT swap functionality into your app, Trader’s NFT Swap SDK is the best place to start. The Swap SDK currently supports 0x Protocol v4. You can find code examples here.
Want to learn more about building on 0x? Join us at ETHDenver for our DeFi & NFT Bufficorn Buildathon, where will be awarding prizes to teams who use the Swap SDK in their projects.
Our contracts are undergoing security audits. We will share the audit reports once they are ready as we prepare for the governance vote that will take place in February. Once the vote and time lock are completed, we will deploy the smart contracts on Ethereum, as well as six other blockchains and L2 networks.
As our friends in the NFT community like to say, TTP! (Trust The Process). We will share more updates on mainnet launch and specific NFT features in the coming weeks. Stay tuned!