Decentralized exchange protocol 0x recently unveiled its latest offering in the decentralized finance (DeFi) space: the Tx Relay API. This tool is designed to provide gasless swaps and approvals, thus streamlining the trading experience for developers and users alike.
Coinbase Wallet, a beta partner of 0x, reported that 69% of Ethereum swaps failed due to insufficient gas. The Tx Relay API addresses this issue by covering gas fees upfront and combining token approvals into the transaction.
By using Tx Relay API, Matcha, 0x’s DEX aggregator, reduced failed trades by 85% compared to competitors and confirmed transactions on-chain one block faster on average. It also protected thousands of trades from MEV attacks, increased traders by 20%, and grew the number of trades by 7% quarter-over-quarter.
The Tx Relay API ensures faster trade confirmations and improved reliability by dynamically adjusting gas fees and simulating transactions before submission. Additionally, it provides access to deep liquidity from over 100 automated market makers (AMMs) and professional market makers, optimizing trades at the best prices.
Tx Relay is currently available on Ethereum and Polygon, with plans to expand to Arbitrum.
Since the introduction of the 0x Swap API in 2020, the platform has facilitated over $139 billion in volume through 65 million trades, serving 7 million end users across 9 chains.
Sourced from cryptonews.net.
