0x have revealed a portal via a blog announcement last evening.
Intended to boost user adoption and spread awareness of the projects implementing the 0x protocol, the portal will serve as a homepage for new users.
0x is a protocol for decentralized exchange, which means users can trade tokens without having to hand over their private keys to a third party. In the wake of hundreds of millions of dollars of lost funds, from BitGrail, to Coincheck to MtGox, many are looking for a more secure way to trade their digital assets.
The protocol works by providing the infrastructure to connect multiple exchanges. Relayers can broadcast buy and sell orders to a shared orderbook, before matching traders for a small fee. It’s a system that has gathered huge amounts of attention from investors, with the coin ranked in the top 25 with a $625 million market cap according to coinlib.io.
Decentralized exchanges such as EtherDelta have traditionally failed to attract users, with the catch 22 situation that without a good amount of users the platform’s cannot offer functional liquidity.
0x hopes it can overcome this hurdle by allowing decentralized exchanges to share a central liquidity pool. Today’s announcement is a push to boost the number of users, with a simple explanations of the trading process for new users. The portal shows that progress is being made, DDEX is listed as having $33m of weekly trading volume, while the second largest, Radar Relay has $2.8m.
0x hit the headlines last week when Coinbase announced the token was one of six digital assets the popular fiat-crypto gateway was looking to add to its trading markets. Since the announcement the token has performed well, jumping over 50% from $0.76 to today’s price of $1.27.
0x are hoping the new portal will bring more traders to decentralized exchanges, but it is not yet clear how many more users will be needed for the protocol to match the liquidity of popular centralized exchanges.