Revamped Documentation, Asset Swapper, and Ethfinex becomes DeversiFi

0x Ecosystem Update — August 2019

Hello 0x community! Our ecosystem had a busy month. In this report, we’ll review a few new releases from the 0x Core Team, aggregated data from the 0x Network, and important updates from ecosystem projects. Let’s dive in!

General 0x Updates

The New and Improved 0x Docs
We completely revamped 0x Documentation to simplify building on 0x. Our goal with this redesign was to provide more structure and significantly improve the developer experience across three main areas:

  1. Getting up-to-speed on what you can do with 0x

  2. Finding the right place to get started

  3. Accessing the content you’re looking for

We added a ton of helpful resources including core concept guides, tutorials, an on-chain API explorer, and even search! Take a look and get started building at 0x.org/docs.

Contract-fillable Liquidity Made Simple with Asset Swapper
After working with 0x integrators like dYdX, we discovered that it was too complex sourcing liquidity from 0x via existing smart contract architectures. In response, we released Asset Swapper, a powerful tool that enables DeFi projects to automatically find liquidity, pass it into their smart contracts, and fill orders at the best prices from 0x’s networked liquidity pool.

Asset Swapper is a convenience package that provides a simple way for smart contracts to leverage contract-fillable liquidity and exchange Ethereum-based assets. DeFi developers can flexibly use Asset Swapper to swap tokens in a single line of code or build custom integrations for more advanced token trades. Get started here!

ZRX Staking Parameters
With the 0x v3.0 vote coming up in October, our Protocol Engineering team has been heads down fine-tuning the ZRX staking parameters and contracts. Check out the details here.

As a refresher, a few months ago we introduced a proposal to upgrade ZRX token economics. The idea is that a protocol fee from each 0x trade will be passed onto to market makers in the form of liquidity rewards for providing trade volume and staking ZRX over specific periods of times (called epochs). Market makers who do not have a sufficient amount of ZRX can form staking pools.

Any ZRX holder will be able to delegate their tokens to market maker pools to receive an allocation of these liquidity rewards. As more liquidity and volume flows into the 0x Network, the fees and rewards will grow proportionally. This, in turn, will incentivize ecosystem participants to hold ZRX for staking and voting on changes to the protocol that affect their usage of the network.

0x Network Data

0x Network trade volume was relatively flat month-over-month (MoM), however Tokenlon (imToken’s in-app DEX) had a 38% increase from July. The growth can be attributed to a spike in USDT trading. In fact, USDT was the 2nd most exchanged token behind ETH in the month of August. Let’s take a closer look at the data.

  • Trade volume: $30,369,681.92 (-2% MoM)

  • Trade count: 40,255 (+65% MoM)

  • Fill volume: $30,768,837 (+0% MoM)

  • Fill count: 41,488 (+70% MoM)

  • Unique makers: 1,198

  • Unique takers: 701

  • Unique addresses: 1,680

Top Tokens
We calculated volume using both canonical and Ethfinex wrapper tokens. Note that volume exceeds total fill volume due to the two-sided nature of trades.

  1. ETH: $25,119,144 (+1.6% MoM)

  2. USDT: $12,777,023 (+16% MoM)

  3. DAI: $11,781,147 (-19% MoM)

  4. USDC: $6,439,097 (-3% MoM)

Top Relayers

  1. Tokenlon: $13,795,533 (+38% MoM)

  2. Radar Relay: $13,481,734.7 (-20% MoM)

  3. Ethfinex: $2,443,462.79 (-26% MoM)

  4. Paradex: $294,519.35 (-45% MoM)

  5. Tokenmon: $96,780.47 (-54% MoM)

Ecosystem Highlights

  • We are excited to support 0x relayer Ethfinex as it evolves into DeversiFi! They parted ways with their parent company, Bitfinex, to focus on building out the DeFi ecosystem. They have already implemented a new set of features for decentralized lending and margin trading utilizing bZx.

  • Our friends at OpenRelay released a beta of Rivet, an open-source node management service. OpenRelay developed this solution as part of our Ecosystem Acceleration Program.

  • The 0x team is excited to sponsor and participate in this week’s DeFi Summit in London! Fabio Berger will be giving a presentation on 0x Mesh and Peter Zeitz will be speaking on adding a selective delay to decentralized exchange. If you’re in town, we are also co-hosting meetup with Set, UMA, and DeversiFi on September 10. RSVP before its too late here!

  • The GU Decks team released Tokentrove.io, a slick new NFT marketplace that utilizes 0x Instant and Mesh! They currently added exchange support for Gods Unchained cards, Cheeze Wizards, and plan to add other ERC-721 or ERC-1155 tokens. It’s great to see teams utilizing the new ERC-1155 AssetProxy!

Project Updates

Chris from Tokenlon (imToken)
Tokenlon is a mobile DEX embedded in imToken, a popular crypto wallet.

  • About $14M in trading volume, or 71196 ETH

  • $1.4M peak in daily volume

  • 20k transactions, by 10k addresses

  • Users mainly trade ETH <> stablecoins and exchange ETH for ATOM or EOS.

  • Check our tweets for weekly data updates

Ben from DeversiFi (formerly Ethfinex)
DeversiFi is a relayer based out of the UK.

  • Ethfinex announced their evolution to DeversiFi — the only high-speed DEX where traders can execute orders of any size directly from the security of their private wallet. The news came with the introduction of decentralized Margin and Lending features (using bZx), enhancing the competitiveness of the exchange and allowing them to close down Ethfinex.com and focus solely on building out the DeFi ecosystem.

  • Integrated Squarelink, offering more wallet flexibility and convenience with a user-friendly and super convenient one-for-all platform.

  • Attended Berlin Blockchain Week, hosting The Governance Games, and joined forces with 0x to host the #DeFi Assemble — an evening event after the popular DeFi Summit London.

Greg from OpenRelay
Open Relay is an open-source relayer and infrastructure company.

Antonio from dYdX
dYdX is both a margin lending protocol and a user-facing decentralized exchange that creates leveraged short and long positions on Ethereum-based assets.

  • Working on adding limit orders. Stay tuned for a launch announcement soon!

  • Added Coinbase WalletLink

  • Our first dYdX meetup is this Thursday September 12th in San Francisco. Please join us if you’re in the area!

  • Hiring Software Engineers & Product Designers full-time in SF!

Ryan from Fabrx
Fabrx is an infrastructure company that enables businesses to quickly spin up a 0x relayer.

Joshua from Bamboo Relay
Bamboo is an exchange that allows users to trade, lend, or borrow any ERC-20 token trustlessly.

  • Continued development on website re-design

Jim from Emoon
Emoon is a p2p marketplace for ERC-20 and ERC-721 (NFT) assets.

David from GU Decks
GU Decks is a secondary marketplace for Gods Unchained NFT card packs.

  • TokenTrove has launched v. 1.0 of its NFT marketplace. Gods Unchained NFTs and CheezeWizards are the initial tokens you can trade on it.

Andrei from Flowerpatch
Flowerpatch is an NFT-based game that utilizes 0x exchange functionality.

  • This was a big month for Flowerpatch, in which we have released our Alpha game world.

  • This is a multiplayer game board, where players may plant their FLOWERs, and breed them with other players. In the next patch, we will release a system where players earn ETH when others breed with them

Matt from LedgerDEX
LedgerDEX is an ERC-20 token relayer.

  • Updated order status checking method in response to the recent change in 0x.js.

  • Attended Blockchain Week and the ETHBerlin Hackathon in Berlin.

Crypto News

Fun Stuff

Coordinators, Stablecoin Trading Growth, and an Interview with dYdX

Ecosystem Update, July 2019

Hello 0x community! Over the past month, we saw a significant increase in stablecoin liquidity flowing into the 0x Network, in addition to a variety of new projects launching in the ecosystem. We’ll dig into both of those topics and more in this monthly update!

General 0x Updates

0x Mesh Beta Release
0x Mesh is now live on mainnet! Mesh is a p2p network for receiving and sharing orders throughout the 0x ecosystem. One exciting aspect of Mesh is the ability to launch a serverless relayer, which doesn’t require a backend server and enables the frontend to be hosted on IPFS! Mesh is a critical layer in the 0x stack, as it will increase network liquidity and further decentralize 0x overall.

To quickly deploy your own Mesh node and join the network, take a look at our guide on Github.

Introducing Coordinators
A Coordinator is a service that enforces rules over trade execution for a specific pool of 0x liquidity. They may be operated as independent services or bundled together with a relayer. Coordinators combine the best characteristics of Order Matching and Open Orderbook relayer models: market makers can perform free, instant order cancellations and users/devs can leverage contract-fillable liquidity (CFL) to power independent Ethereum applications.

The first Coordinator demo implementation is live on Bamboo Relay, where you can find the best prices for DAI and WBTC across all DEXs. Try it out now!
 
ZRX Tokenholders Approved ZEIP-24 and ZEIP-39
We conducted a vote in July to determine whether or not to add support for the ERC-1155 token standard (ZEIP-24) and the StaticCallAssetProxy (ZEIP-39). Both proposals were approved by the community of ZRX token holders. Over 12.3 million ZRX were cast by 130+ unique addresses. Both ZEIPs will be implemented on mainnet next week!

v2.0 Exchange Contract Vulnerability Post-mortem
On July 12, we were made aware of a potential exploit in the 0x v2.0 Exchange contract by samczsun, a third-party security researcher. The vulnerability would allow an attacker to fill certain orders with invalid signatures. After verifying the vulnerability internally, the 0x Core Team triggered an emergency shutdown mechanism within 0x protocol’s system of smart contracts, preventing the vulnerability from being exploited. Historical trade logs confirm that the vulnerability had not been exploited prior to its discovery and disclosure. Subsequently, a patched version of the smart contract system (0x v2.1) was deployed to the Ethereum mainnet. The initial announcement may be found here.
 
We wrote up a post-mortem that recaps the details of the vulnerability and discussed a variety of topics including the role of the 0x Core Team and our views on decentralization.

New Explainer Video | What is 0x?
We were thrilled to release a new explainer video that we worked on with Sandwich Video. The Core Team has created a ton of new video content to help businesses, developers, and community members better understand the 0x protocol. So subscribe and check out our revamped YouTube channel to view technical walkthroughs, interviews, dev calls, and more!

0x Network Data

0x Network trade volume was up 6%+ month-over-month (MoM) and the top relayer, Radar Relay, had an eye-popping 142% monthly increase. Most notably though, USDC and DAI trade volumes were up 172% and 95% respectively in July! Let’s dive into the data.

  • Fill count: 28,233 (+41% MoM)

  • Fill volume: $30,911,184 (+8.7% MoM)

  • Trade count: 24,384 (+22% MoM)

  • Trade volume: $30,170,429 (+6% MoM)

  • Unique makers: 649

  • Unique takers: 645

  • Unique addresses: 1,079

Top Tokens

We calculated volume using both canonical and Ethfinex wrapper tokens. Note that volume exceeds total fill volume due to the two-sided nature of trades.

  • ETH: $23,741,419.10 (-7% MoM)

  • DAI: $14,664,631.26 (+95% MoM)

  • USDT: $10,068,414.87 (-25% MoM)

  • USDC: $6,690,354.93 (+172.6% MoM)

Top Relayers

  • Radar Relay: $16,968,758 (+142% MoM)

  • Tokenlon: $9,154,726 (-30% MoM)

  • Ethfinex: $3,283,336 (-48% MoM)

  • Paradex: $522,665.56 (-49% MoM)

  • Tokenmon: $170,227.58 (-78% MoM)

Ecosystem Highlights

  • Bit2Me, a Spain-based ERC-20 token relayer, launched last week! We are excited to see teams expand to service a variety of geographies.

  • Bazaaar.io, a Japan-based NFT relayer, launched last week as well! They also built a custom set of 0x extension contracts that enabled them to offer new ways of exchanging non-fungible tokens. Check out their announcement blog post here.

  • Microsponsors published a great article on why blockchains are ideal for creating trust-minimized marketplaces for sponsors and advertisers. Check out their blog post here.

  • We are excited to support the CheezeWizards online hackathon! We look forward to working with teams to bring their ideas to life and offer up a $2k prize to the project that best utilizes the 0x protocol! Hackers can learn more here about how 0x can facilitate p2p token exchange in their projects.

Interview with dYdX

Antonio Juliano, Founder & CEO of dYdX, sat down with Clay Robbins to discuss their recent 0x integration and give his thoughts on how the DeFi space is developing. 

Project Updates

Chris from Tokenlon (imToken)
Tokenlon is a mobile DEX embedded in imToken, a popular crypto wallet.

  • Last month, Tokenlon saw $7M in trading volume, with daily volume exceeding $1.2M.

  • Users mainly trade ETH <> Stablecoins and exchange ETH for ATOM or EOS.

  • We launched ETH <> DAI trading and raised transaction limit to 100 ETH.

  • Check our tweets for weekly data updates https://twitter.com/tokenlon

Joshua from Bamboo Relay
Bamboo is an exchange that allows users to trade, lend, or borrow any ERC-20 token trustlessly.

  • Updated the Bamboo Relay Hummingbot connector to support 0x orders made with the coordinator.

  • Launched 0x mesh nodes across all supported networks and begun backend integration.

  • Started work on a complete website design refresh.

Antonio from dYdX
dYdX is both a margin lending protocol and a user-facing decentralized exchange that creates leveraged short and long positions on Ethereum-based assets.

  • Over $35M in trade volume in July

  • Working on adding limit orders

  • Working on adding WBTC-DAI through Bamboo Relay

Ben from Ethfinex
Ethfinex is an ERC-20 relayer based out of the UK.

  • Exciting new listings include Wrapped Bitcoin and Data Transaction Token. The game-changing WBTC now means traders can benefit from BTC price action directly within the Ethfinex Trustless portal.

  • MetaMask efficiency and usability improvements. We fixed a number of sticking points for MetaMask including streamlined address swapping without needing to reconnect and solved excessive re-authentication requests due to idle time.

  • Wrappers and contract upgrade to the new version. With the fast-thinking support of 0x, we upgraded to the new wrapper contracts subverting potential vulnerabilities and making Trustless even more secure. As such, we now have a new site https://trustless.ethfinex.com/legacy/ where users with tokens still locked in the legacy contracts can get them unlocked.

Greg from OpenRelay
Open Relay is an open-source relayer and infrastructure company.

Michael from Hummingbot
Hummingbot is open source software that helps you build market making and arbitrage bots that run on both decentralized and centralized exchanges.

  • Worked with Bamboo Relay to add Hummingbot support for their new coordinator-based model, which allows market making bots to soft-cancel orders without paying gas

  • Launched a liquidity bounty for Harmony Protocol. In the first month, bounty participants provided liquidity for 72k trades and $2.1m volume, and earned 35 ETH in rewards

  • Started Hummingbot School, a weekly live-streamed webinar series to teach users how to use Hummingbot

  • Added Developer Manual for technical users who want to create their own strategies and exchange connectors

  • Simplified the installation and update processes with new helper scripts

  • We’ll be hosting a crypto trader meetup with 0x on August 29. RSVP here!

Ryan from Fabrx
Fabrx is an infrastructure company that enables businesses to quickly spin up a 0x relayer.

  • Launched “RESTful APIs for any ABI”. 0x contact methods are live as API calls.

  • First version of the Fabrx DeFi IFTTT is live — Set email alerts on Compound interest rate changes.

  • Merchcoins, built on a Fabrx based 0x relayer, is available on the Coinbase dApp store.

Jim from Emoon
Emoon is a p2p marketplace for ERC-20 and ERC-721 (NFT) assets.

Bass from MARKET Protocol
MPX is a relayer for trading MARKET Protocol Position Tokens, which track the prices of traditional or crypto assets.

  • Integrated with 0x Mesh beta as a replacement for OrderWatcher

  • Launched MP Tools to educate users on how our BTC-DAI contracts work

  • Integrated with DDEX, launching our latest LBTC-DAI and sBTC-DAI pairs

Daniel from Kordex
Kordex is a 0x relayer based out of South Korea.

  • Kordex hosted a DeFi Seoul meetup on July 22nd. There was a lot of interest and had 230 people sign up with a turnout rate of about 150 with more showing up for the networking event. Here is a video prepared by one of the organizations: https://youtu.be/NATJkDUWgCI

  • Kordex is now a core organizer (along with Nonce and stake.fish) of DeFi Seoul, which will continue to host meetups and events with speaker presentations and tutorials.

  • We have officially brought in core components of our team in Korea including a UX Researcher (JaeMyung Lee, PhD from KAIST in Industrial Design and UX) a Content Editor and Language Localization Expert (YoungWon Kim, Viral English Teacher and Social Media Growth Hacker), and a De Facto Kordex Lead (See Eun Ha, Co-Founder of Nonce and Studio Decentral).

  • We are currently investigating alternative ways Korean users can interact with online wallets (and even the jump to hardware wallets) when using our Relayer. As there are different age demographics that we target for specific parts of our platform, and therefore the type of web client used by each is dramatically different. Further, depending on the web client used, browser extension education is actually a very important part of the process.

Lauren from Microsponsors
Microsponsors.io is a p2p sponsorship marketplace and ad network.

  • Microsponsors.io is going to be rolling out the Registry for our upcoming Limited Alpha soon. We are using the 0x Whitelist smart contract plus some additional features for mapping web content (social media profiles, email addresses, websites, etc) to Ethereum addresses and enabling participants to refer their friends and collect affiliate fees. More info coming soon. If people are interested in participating in the Limited Alpha as content publishers or sponsors, please email hello@microsponsors.io

  • Onboarding development continues (Registry, User-facing and Administrative Dashboards, Onramp from fiat)

  • Continued work on the Wyre integration

  • Participated in 0x protocol voting last week

Elizabeth from EtherBlockchain.io
EtherBlockchain.io is an Open Finance platform powered by 0x and the Ethereum blockchain.

  • Etherblockchain.io/exchange is a 0x relayer for ERC-20 tokens. We utilize 0x.js, 0x Standard Relayer, 0x Instant and 0x Connect. Currently, we are in the process of integrating 0x Mesh. For the purpose of orderbook sharing, fellow 0x relayers can access info about our REST and WebSocket endpoints here:www.etherblockchain.io/relayer-api

  • EBO Mobile App — Instant Buy and Instant Sell ERC-20 tokens with the swipe of a button using liquidity from Etherblockchain.io/exchange and the entire 0x ecosystem. Trade ERC-721 tokens from within the EBO app using third party DApps such as OpenSea and Gods Unchained. Instantly buy ether using a credit card. Launching Q3 2019.

  • EBO Browser App — A Chrome extension plugin, EBO lets you easily store, receive and send Ethereum tokens. EBO can also securely connect to 0x Relayers, and web3 enabled websites running Ethereum smart contracts and trusted decentralized applications. Launching Q3 2019.

  • Etherblockchain.io/blockchain/blocks is a fully-featured Ethereum blockchain explorer delivering transactional data to the public and all EBO applications.

Matt from LedgerDEX
LedgerDEX is an ERC-20 token relayer.

  • In response to the recent emergency patch of the 0x smart contract, we halted our service, updated our code and quickly made our platform available again.

  • Bug fixes related to order validation after the code migration.

  • Fixed the problem of unnecessary communication with the Ethereum gateway that might result in high data usage.

Kuldeep from Off Chain On Chain
Off Chain On Chain is an ERC-20 relayer based out of India.

Jack from Ambo
Ambo is mobile relayer that was recently acquired by MyCrypto.

  • Ambo has been heads down for the past several months preparing the app for a huge update which plans to launch in the next few months. This update includes a whole redesign as well as infrastructure changes to make trading as easy and efficient as possible

  • Ambo has also been working very heavily on developing strategies to tackle the main friction points of Ethereum wallets: keystore management, gas relaying, and addresses.

Crypto News

Fun Stuff

New Explainer Video | What is 0x?

Share our new explainer video with your family and friends so they can learn about 0x! 5 lucky winners who retweet this post and subscribe to our YouTube channel will receive a limited edition 0x swag box.

The Core Team has created a ton of new video content to help businesses, developers, and community members better understand the 0x protocol. So check out our revamped YouTube channel to view our technical walkthroughs, interviews, dev calls, and more.

And thank you to Sandwich Video for working with us to tell the 0x story!

Interview with MARKET Protocol, dYdX's CFL Integration, and New Launch Kit UIs

0x Ecosystem Update, June 2019

Hello 0x community! We’ve decided to retire the Relayer Report and rebrand our monthly update. Since the first edition of our newsletter in May 2018, the 0x ecosystem has grown beyond just relayers. There is now a diversity of projects in the ecosystem, which we intend to report on in this monthly recap going forward. We will be expanding our coverage of a variety of topics including 0x Network metrics, market making on DEXs, and new types of companies integrating with 0x. Let’s dive in!

General 0x Updates

dYdX and Contract-fillable Liquidity
We wrote up a case study about dYdX’s recent 0x integration. This integration is powerful in that it leverages contract-fillable liquidity (CFL), which describes the ability for smart contracts to programmatically swap tokens by filling orders on decentralized exchanges. 0x now has some of the lowest slippage compared to other DEX protocols (IDEX, Kyber, Uniswap, etc.) for popular pairs like ETH/DAI, ETH/USDC, DAI/USDC, BAT/ETH, and more. In addition to providing liquid markets for key trading pairs at all purchase prices, we have added new documentation to help developers easily tap into the 0x networked liquidity pool.

StarkDEX Demo
We released a demo of StarkDEX, a proof-of-concept technology developed in collaboration with StarkWare. StarkDEX is decentralized exchange infrastructure that utilizes STARKs to remove the glass ceiling on non-custodial trading and allows crypto exchanges to offer their customers trading at scale, without counter-party risk. Today, the system at max capacity can batch 8,000 transactions per block, which is over 550 transactions per second and 200x cheaper in terms of gas costs. Ethereum at max capacity can only verify roughly 3 transactions per second. Check out the demo here.

0x Launch Kit Reloaded
We launched version 2 of 0x Launch Kit. We designed a pair of off-the-shelf React UIs for both orderbook relayers and NFT marketplaces. Adding these new frontend templates enable developers and businesses to launch a marketplace in just 1 line of code! We also combined both frontend and backend components into a single Docker container that can be utilized to create your own decentralized exchange. Learn more here and get started creating your own marketplace here.

The Inaugural 0x Team Hackathon
In June, we hosted our first internal hackathon! We believe it is important to reserve time to explore creative ideas and hack on prototypes that have the potential to grow 0x and the greater crypto economy, even if they do not directly contribute to our quarterly company objectives. Creating an open environment where team members can discuss and build innovative technology is deeply embedded in our company culture and some of the key components of the 0x stack originated from Core Team members hacking in their spare time and bouncing ideas off each other.
 
This hackathon was intended to foster that innovative spirit and give team members the freedom to build whatever piqued their interest. Check out all the project submissions here.

Educational YouTube Videos
We are starting to work on revamping our YouTube channel. We have created a variety of video playlists intended to keep our community informed on 0x updates and assist developers with building on 0x. Check out some of our recent video series including:

Interview with MARKET Protocol

The MARKET Protocol team recently launched MPX, a decentralized derivatives exchange built on 0x. Bass Bauman, their Head of Business Strategy, was kind enough to answer some questions about the vision for their product and protocol.

Why did you and your team build MARKET Protocol?
We saw that the risk management tools we used as derivatives traders did not exist in the nascent crypto markets. We knew that crypto volatility would be a barrier to adoption, and we wanted to build something to help solve this problem, so we began working on what became MARKET Protocol, a solution that benefits hedgers, speculators and investors alike.

In layman’s terms, how does MARKET Protocol work?
MARKET Protocol enables users to mint tokenized derivative assets. For example, tokenized positions in Apple shares, YEN, or even leveraged relationships like 2x short Bitcoin. Smart contracts enforce the token rules so there is no counter-party risk, and tokens are ERC-20s so they can trade on any crypto exchange. 

Our first product is a BTC/DAI contract. There are two tokens: short BTC/DAI (sBTC) and long BTC/DAI (LBTC). If you buy sBTC, you profit when the price of Bitcoin goes down. If you buy LBTC, then you profit when the price of Bitcoin rises. Both tokens offer leverage, so you can earn more profit with the same amount of capital.
 
Last week, you guys released MPX, the first exchange utilizing MARKET Protocol. Congrats! How is the launch going so far?
Great so far! The official launch of MPX was Monday, June 24th. We saw nearly $60K of open interest within the first day, which was certainly more than we were expecting at launch. We’re very excited to have users on board now!

How did your team utilize 0x in building MPX?
To get started, we used the 0x Launch Kit, 0x.js and 0x Connect to interact with the 0x protocol, specifically the order watcher from the Launch Kit. We’re currently in the process of swapping out the order watcher for 0x Mesh. Our team is very excited about this upgrade!

What’s on the MPX roadmap for the rest of 2019?
It’s all about creating more opportunities for traders. Currently, we’re focused on listing more trading pairs for cross-chain assets like XRP, LTC, and EOS. Beyond crypto assets, we want to list an index of technology stocks, for example, FANGs. Next, we want to show off the flexibility of our protocol by creating totally new relationships like a token representing volatility in the crypto space, for example, a Crypto VIX. 

We are also focused on supporting the further adoption of Position Tokens. We expect tokens to be listed soon by a few other decentralized exchanges looking to offer cross-chain assets. We’re also exploring how to integrate Position Tokens with other DeFi protocols.

Our long term goal is to reduce MARKET Protocol’s reliance on external data sources, and for this reason, we are distributing the MKT token to traders and other users of the platform. Beginning later this year, we expect the community of token holders to assist in arbitration, settlement, and governance.
 
What is exciting to you about DeFi right now or the crypto space more generally?
We’re excited to finally see some traction in many applications. The amount of assets locked in DeFi protocols is starting to take off. A number of projects that have released second versions are starting to see hockey stick growth. In general, DeFi is becoming more usable and accessible, and the thawing crypto markets should provide a great tailwind. We look forward to what comes next!

0x Network Data

Thanks to Craig from 0x Tracker for pulling this month’s 0x v2.0 trade data (5/20–6/18)!

  • Trade volume: $20,224,744 (+17.05% MoM)

  • Fill count: 45,613 (-21% MoM)

  • Fill volume: $21,880,703 (+5.5% MoM)

  • Trade count: 18,249 (-39.14% MoM)

  • Unique makers: 843

  • Unique takers: 763

  • Unique addresses: 1,372

Top Tokens
We calculated volume using both canonical and Ethfinex wrapper tokens. Also note that volume exceeds total fill volume due to two-sided nature of trades.

  1. ETH: $20,497,988

  2. USDT: $8,637,253

  3. DAI: $4,381,098

  4. MKR: $4,096,005

  5. TUSD: $1,954,124

Top Relayers

  • Tokenlon: $9,841,977 (+537.75% MoM)

  • Ethfinex: $5,658,555 (-26.85% MoM)

  • Radar Relay: $3,379,367 (-34.29% MoM)

  • Paradex: $960,373 (-59.33% MoM)

  • Tokenmon: $268,592 (+12.1% MoM)

Project Updates

Chris from Tokenlon (imToken)
Tokenlon is a mobile DEX embedded in imToken, a popular crypto wallet.

  • Last month, Tokenlon saw $9.81M in trading volume, stayed #1 0x relayer, climbed to #2 in DEX 7day trading volume — overtaking Kyber.

  • Now on the strategy side, we are focusing on supporting more trading pairs.

  • If you want, you can link our weekly tweets from https://twitter.com/tokenlon

Joshua from Bamboo Relay
Bamboo is an exchange that allows users to trade, lend, or borrow any ERC-20 token trustlessly.

  • Launched our implementation of the 0x coordinator onto mainnet

  • Created a hummingbot connector for Bamboo Relay — allowing anyone to market make across all the pairs that we offer

  • Listed new USDC/TUSD/DAI markets

Greg from OpenRelay
Open Relay is an open source relayer and infrastructure company

  • Concluded EthCattle Initiative project (Big thank you to the 0x Team for your support!)

  • Announced Rivet, a product delivering hosted Geth node access — powered by EtherCattle

  • Preparing for Rivet beta launch, will go live in early-mid July — sign up at rivet.cloud and hit up Greg w/ questions

Michael from Hummingbot
Hummingbot is an open source software client that helps you build and run high-frequency market making bots for both decentralized and centralized exchanges.

  • Liquidity bounties are live! Users can earn rewards based on their market making volume for our token partners

  • [New strategy] “Pure market making”: Make a market in a single exchange by setting and maintaining a bid-ask spread

  • [First community connector] Bamboo Relay has built a Hummingbot connector, and we are helping them have it support the new 0x Coordinator spec.

  • [New connector] IDEX: Hummingbot now supports the IDEX decentralized exchange.

Ryan from Fabrx
Fabrx is an infrastructure company that enables businesses to quickly spin up a 0x relayer.

  • Fabrx has fully integrated the 0x Relayer Frontend into the Fabrx Builder Platform! Platforms who build on Fabrx can now launch a decentralized exchange, with a fully functioning frontend, in 30 minutes or less.

  • Two new DEX’s have launched on Fabrx: Merchcoins (exchange for tokenized gift cards) and Compound Exchange (the first DEX for Compound Assets. e.g. cDAI, cUSDC)

  • Fabrx has implemented a Fabrx DEX API that mirrors the 0x SRA API. Now, connecting to the backend of a Fabrx built DEX is as simple as connecting to the standard 0x API (e.g. “/v2/asset_pairs/” ==> “https://api.fabrx.io/relayer/merchcoins_exchange/asset_pairs")

Aditya from ForDEX
ForDEX is a stablecoin relayer and exchange.

  • Fordex is fully compliant with 0x’s standard relayer API, web socket support will soon be enabled.

  • Other performance and reliability improvements.

  • UI improvements for the my accounts page.

  • Kyber liquidity pool integration for market orders.

  • Allow users to trade in decimals units on markets. ( It was previously disabled )

  • We continue to push on the market maker front to bring additional liquidity to the venue. Most market makers like Keyrock are asking for an upfront monthly payment which is something we are struggling with because we are not charging on either side yet. Discussions with wallet providers ongoing with Fordex being the backend FX provider.

Jim from Emoon
Emoon is a p2p marketplace for ERC-20 and ERC-721 (NFT) assets.

  • We’ve been internally focused on our ENS auction work and proposal, as well as other prototyping

  • Three interesting new listings for ERC20 utility tokens on Emoon: Merchcoins (https://www.merchcoins.com) gift card backed stable coin, Wrapped CryptoKitties (https://wrappedkitties.com/), NFT backed stable coin and ClearCoin (https://clearcoin.co/) smart contract based advertising and media buying technology.

Bass from MARKET Protocol
MPX is a relayer for trading MARKET Protocol Position Tokens, which track the prices of traditional or crypto assets.

  • We officially launched MPX and Position Tokens, introducing our first token — leveraged BTC/DAI! Traders can start trading on MPX (ex. US for now).

  • We kicked off an educational blog series titled MPExplained. Our first two posts explain how to price and trade Position Tokens.

Daniel from Kordex
Kordex is a 0x relayer based out of South Korea.

  • Babeldex is currently building out its 0x relayer platform, Kordex, in Korea with the blockchain community group, Nonce. For clarity, the Kordex platform includes a relayer with an integrated educational on-boarding platform with community focused content affiliated with Nonce.

  • We are focusing on the hyper-localization of interfaces through user profile interviews, educational on-boarding modules, and DeFi tool introductions. We have been expanding our Korea-based team specifically from the user interface side.

  • For a soft introduction to the Korean market, we will be co-hosting DeFi Seoul, an open finance event focused on the Korean market for decentralized finance tools during the buidl.asia blockchain developer conference (July 22nd). We will be speaking on Kordex, how we built with the 0x protocol, the importance of understanding the sovereignty of cryptocurrency, and non-custodial exchanges.

Lauren from Microsponsors
Microsponsors.io is a p2p sponsorship marketplace and ad network.

  • Integrating SendWyre for fiat onramp

  • Proof-of-Content registry and tooling are also in-progress. It will ensure that our marketplace users are selling valid sponsorship slots on content they own.

  • Our first two blog posts went up, to explain what we’re doing: https://medium.com/@microsponsors

  • Marketing website went live a little over a month ago, gives a high-level overview of what we’re doing: https://microsponsors.io/

Matt from LedgerDEX
LedgerDEX is an ERC-20 token relayer.

  • LedgerDex has been included in Etherscan’s Dex Traker.

  • A number of bug fixes and UI improvements.

Jai from Ambo
Ambo is mobile relayer that was recently acquired by MyCrypto.

  • Upcoming redesigns all around the Ambo ecosystem

  • Update coming soon with tons of bug fixes and new features (biometrics and cool stuff)

  • We are actively looking to expand our liquidity, if you are a relayer or liquidity provider please reach out to jack@ambo.io

David from GU Decks
GU Decks is a secondary marketplace for Gods Unchained NFT card packs

  • Added live match results, tier lists, and rankings from Gods Unchained.

Abe from MobiDex
MobiDex is a mobile token relayer.

  • Mobidex 0.9.8 released with updates to wallet.

  • Planning 0.10.0 release with Bitski integration on iOS.

Crypto News

Fun Stuff

Relayer Report #21 — Veil Releases Augur Lite, 0x at ETH NY

The latest updates from the 0x ecosystem: 5/24/19

Sign up for Relayer Report here

It’s unofficially the one year anniversary of Relayer Report. I started writing this newsletter part-time from my college dorm room, and thankfully Will and Amir thought it was on brand enough to keep it going. We initially took inspiration from Eric Meltzer’s Proof of Work newsletter, but I’ve decided to condense the formatting a bit moving forward for the sake of brevity. Back in Relayer Report #1, all the relayers listed only dealt with listing ERC-20 tokens. If you look at the 0x Explore page now, there are prediction market relayers, NFT relayers, relayers inside wallets, relayers as a service, and much more. Our ecosystem is diversifying, so I will be dividing updates into ecosystem categories as opposed to by project.

Veil Releases Augur Lite

There is a company called Veil. And there is a company called Augur. One of the founders of Augur is Joey Krug, an advisor to 0x. Veil is built on top of 0x and Augur, and can be thought of as a new brand of relayer for prediction market shares. I interviewed Joey in RR#13, and interviewed Veil in RR#12. Augur has a UI and an app to download for people to interact with its markets, but these are a bit clunky, so teams like Veil hope to increase the number of people participating in prediction markets by offering a superior user experience. The top photo here is what an Augur market looks like, and the bottom is a Veil market.

Only vetted Augur markets show up on Veil, which is built like a matching relayer, enabling users to freely submit and cancel orders without incurring gas costs. This, combined with the fact that Veil structures their prediction market shares as 0x orders while Augur uses their own custom schema, means liquidity is not currently shared between Augur and Veil. Veil also offers instant settlement of markets, meaning users can redeem their winnings from a market for a 1% fee, while in Augur it currently takes 27 days for a market to fully resolve.

Though they do not share liquidity, Augur and Veil are very much in the same ecosystem, as Veil uses Augur for all the complicated smart contract logic. However, this changed when Veil announced it was forking Augur v1 and repurposing it as AugurLite, aka “Augur’s skinny cousin.” From the AugurLite GitHub:

The key value prop of AugurLite is that it is more modular: multiple oracle systems and denomination tokens are supported, as opposed to only using the Augur oracle system and only collateralizing markets in ETH. From Augur’s viewpoint, Veil is short term greedy rather than long, taking issue with the third party, centralized oracles and siloed liquidity that will result from the AugurLite fork.

From Veil’s point of view, they are doing what they need to do to build a better product now. As opposed to waiting until Augur V2 to support markets denominated in DAI, Veil can have its users bet on the 2020 elections in DAI right now (having long-running markets denominated in ETH isn’t optimal due to the volatility of ETH). The Veil team has also stated that it will move back to Augur when Augur V2 is ready, though this remains to be seen. Also, while some people have expressed concern that Veil brazenly forked Augur without undergoing a security audit, Veil has said they did undergo a third-party audit. More details can be found in Veil’s post about AugurLite and their rationale behind the fork.

How the relationship between Veil and Augur will play out is something I’ll be keeping an eye on. Both teams are smart, rational, and pushing the crypto space forward. It’s a real-life parable about the tensions between centralization and decentralization, protocol and application, and shared liquidity and siloed liquidity.

(Btw, this is just my perspective on the Augur Lite fork. I also found this post very helpful from Jeremy Batchelder when digging into the intricacies of Veil and Augur — thanks Jeremy).

Emoon’s ENS Marketplace

In addition to enabling ERC-721 support for 0x Instant, our one-click trade experience, Emoon announced an ENS marketplace service. The Ethereum Name Service is a way to map human-readable names to Ethereum addresses, a sort of DNS for Ethereum. ENS launched around 2 years ago, but they just completed a pretty significant upgrade that enables domain names to be registered faster, conforms the ENS asset type to the ERC-721 spec, and imposes an annual fee that users must pay to keep their ENS domain (only if it is longer than seven characters).

0x at ETH NY

0x was at ETH NY this past weekend, and you can find all the hackathon submissions in the 0x category here. Mine Auction was the team that won our $1,500 prize, and is a marketplace for trading staking contracts, meaning users can benefit from the passive income of staking without dealing with the hassle of setting up shop. Another cool hackathon project (shout out to Polezo for posting about it in his 0x weekly recap, and Steve for thinking of the same idea) is something called DeFisurance, a way to insure your deposit on DeFi protocols so users can be protected in case of a hack. The insurance takes the form of an Augur bet, with speculators / investors taking one side of the bet (Ex. Compound will not be hacked) and insurance recipients taking the other side.

Leonid Exit Interview

Leonid Logvinov, the second employee of 0x, is leaving to pursue law school. Leo will be greatly missed, but his presence will forever be felt by our codebase. I sat down with Leo to ask him the hard hitting questions.

How did you end up joining 0x?

I was working at another blockchain startup in Berlin. And had some issues with Truffle which brought me to their Gitter channel. I asked my questions, got my answers. And after a day or so — someone had the same questions about Truffle migrations. His nickname was @fberliner. I answered his questions and then DM’ed him. I tried to hire him for the company I was at, but was not successful. However, we ended up meeting, got some dinner and became friends. After a while — this guy (it was Fabio), started working at 0x, and invited me to join. I didn’t know a lot about the company at the time — but Fabio was a smart guy, so I decided to trust his judgement.

Why are you going from smart contracts to dumb contracts?

I’m not going from one to another. I’m going from one to both. I think you need to know your enemy ;) .

In addition to coding and law, I know you can free dive and ride motorcycles quite well. How does one learn the art of the Leonid?

One has good parents. I’ve had quite an amazing childhood. They’ve put a lot of time, effort and money to teach me all the stuff. I’ve tried a lot and most of the skills are transferable. Free-diving? Sure. But I’ve also done swimming for 6 years, spearfishing, water jumps, scuba diving, etc.

We will miss you Leo!!!!

Ecosystem

Launches

Microsponsors will be tokenizing ad slots as ERC-721s and selling these tokens via transparent auctions, seeking to directly connect content creators with advertisers. Microsponsors is being built because users’ personal data is being abused by advertisers, with the founder coming from a background in private search and ad-blocking at DuckDuckGo.

OC2 is one of the first decentralized exchanges based out of India, with a Lightning Network integration built in as well.

Fabrx launch the Fabrx Builder Platform, which enables anyone to seamlessly integrate web3 into their application. You can deploy and manage a 0x Relayer through the Fabrx API, so if interested get in touch with the team on Discord.

Bazaaar.io just launched, an NFT marketplace based out of Japan. Due to regulations out there, they are focusing on NFTs as these have less regulatory baggage in Japan.

Data

Craig from 0x Tracker has been a longtime community member, running his website showing all things 0x data out of Australia. He’s agreed to help out and dive deeper into data this month (4/20–5/19) — trading volume for 0x v2 has increased 61.74 percent from the previous month to $17,278,168.50. There have been 29,984 trades (an increase of 50.5% from the previous month) coming from 1,493 unique Ethereum addresses

Top maker addresses: 12345

Top taker addresses: 1, 2345

ERC-20 Order Books

Relayers that resemble traditional centralized exchanges in the assets they support.

  • Radar Relay and Bamboo Relay both integrated Fortmatic, an SDK that hoping to ease the on-boarding of new users to dapps. The Fortmatic flow resembles Stripe Checkout or Plaid, with the user inputting a phone number that is connected to a wallet. Here is a good overview of Fortmatic from the ETHDenver hackathon back in February

  • STAR BIT also added support for the KX 906 smart token cold wallet featuring multi-modal authentication, combining biometric info, a public key, and a private PIN

  • Bamboo Relay has been testing out our new coordinator model of relayer, which enables shared liquidity while also offering off chain cancellations for market makers. For all things Bamboo, read their newsletter

  • Ethfinex Introduced a super-simple, one-click, on-site wallet creationoption, with data kept in a browser’s local storage, and a decentralized OTC service, eliminating the need for escrow and reducing fees to 0.02%; they also awarded a 1.2 ETH bounty to a freelance developer for updating the Python client of Trustless to 0x v2

NFTs

These projects list both ERC-20 and ERC-721 assets, with a focus on the crypto collectibles and gaming space.

  • GU Decks made individual card pages more user friendly, in addition to some backend improvements. Though Gods Unchained cards are still not tradeable, people have been listing lots of cards on GU Decks. If you have 51.5 ETH, you could buy Tyet, Heir to the Sky

  • BoxSwap launched an NFT newsletter, with a great writeup around Cheese Wizards. They also have a trivia night in their Discord every Thursday at 10AM and 10PM EST, which I’ll be attending

  • Two interesting NFT related possible additions to 0x v3: property based orders that enable 0x orders to be made for arbitrary properties of NFTs, and the static call asset proxy, a way to ensure the state of NFTs

  • I always love Brian Flynn’s NFT newsletter, and he had a post about how Nike patented the word CryptoKicks

  • SuperRare, which enables rare digital art to be bought and sold using 0x, had a post titled Expanding the SuperRare Vision, digging into not only how the team wants to be a marketplace for art, but also how they’d like to be a platform to collect and display it

Prediction Markets

Companies built on Augur and 0x, utilizing Augur for prediction market capabilities and 0x for moving trades off chain.

  • Veil’s 2020 election campaign is something I’ll definitely be watching — right now it looks like Biden and Sanders are in the lead for who will get the Democratic nominee, but Andrew Yang has 11% of the vote too

  • BlitzPredict has tons of sports and eSports betting up, and I like perusing their leaderboards to see what they’re betting on. LaJeesh_Picks has 49 wins and 23 losses in baseball, I nominate him as the new Augur oracle

  • Video from the MultiCoin summit that digs into the Augur ecosystem

Portals

Projects that feature relayer functionality as part of a suite of other services, like DeFi integrations and wallet capabilities.

  • imToken launched a redesign of their Tokenlon relayer, available as a beta in the imToken wallet. imToken also included the very cool feature of being able to buy assets from other blockchains in the app, like ATOM from the Cosmos chain. The user performs a normal trade on 0x, but instead of the purchased token, the user receives a virtual token: vATOM. The machine then watches for the ERC-20 transaction and sends the ATOM or EOS on its native chain. At every step, the transaction is verifiable, unlike a custodial model like wBTC

  • Ambo has been developing a new privacy architecture for its wallet app, working on solutions for keystore management, gas relaying and addresses. Ambo’s focus is on UX, trying to make crypto as easy as possible for the average person, meaning problems like gas relaying and keystore management are top of mind

  • Compound v2 has been released, announcing integrations with popular wallets like Coinbase wallet in addition to 0x ecosystem company Zerion

Infrastructure

These companies provide valuable services to the 0x ecosystem, but may not have exchange functionality or an order book.

  • OpenRelay now supports websockets, and is gearing up for a pretty cool release in the next few weeks

Links

Antonio from dYdX had a great post highlighting the decentralized lending landscape. Antonio makes the case that dYdX differentiates itself from the rest of the projects listed by offering the ability to trade assets in addition to its borrowing capabilities.

A really easy to understand explainer article about Augur.

Binance DEX, its ambitions and challenges. Ethfinex and Bitfinex are also working on an IEO (Initial Exchange Offering) platform, and Blockchain Capital has some research on the phenomenon.

Coinbase Pro listed the ETH / DAI pair, then changed their mind.

Facebook plans to launch GlobalCoin.

Interesting article from A16Z’s Benedict Evans on our reliance on Mechanical Turks.

List of all EIPs that are in the process of getting finalized.

US intelligence looking into “superforecasters.”

Fun Stuff

1999 interview with balding Elon Musk.

Normal human, if you’re not Superhuman.

Why is this so funny.

Really enjoying the book How the Internet Happened suggested to me by our recruiter Zack.

This 6 part interview of famed Bay Area rapper Andre Nickatina is probably the most impactful thing I’ve watched this month.

A freaking tune from Japanese house producer Shinichiro Yokota.

I’ve really enjoyed the subreddit r/freefolk for my dose of Game of Thrones memez.

Much love,

Rahul

Questions, comments, or suggestions? Message me on Twitter

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