0x Launches Tx Relay API on Polygon and Robinhood Wallet to Simplify Crypto Transactions
In an effort to remove one of the major sources of friction in the Web3 space, 0x has launched its Tx Relay API in beta, which will enable developers to build frictionless crypto experiences. The API will work on both Polygon and Ethereum, and Robinhood Wallet has been announced as the first partner to leverage the Tx Relay API. As a result, the price of 0x’s ZRX token has already increased by nearly 20% to reach $0.33 USD following the announcement of the API’s beta launch.
We’re excited to announce that 0x’s new Tx Relay API is powering crypto trades on @RobinhoodApp Wallet! 🎉
Robinhood users can trade crypto with no network fees on @0xPolygon⚡
Learn more and join the waitlist for early access to Tx Relay API👇https://t.co/4miDZshRlI
— 0x (@0xProject) March 1, 2023
The Tx Relay API aims to solve the issue of users needing to hold and maintain balances for each chain’s native token in order to pay for transactions. Previously, users had to preload wallets, move balances across apps, and send tokens between addresses to initiate transactions, which was a significant barrier to more widespread adoption. However, the Tx Relay API will abstract away the complexities related to approvals, allowances, and swaps, making it easier for developers to build more intuitive user interfaces for their applications.
The benefits of the Tx Relay API are numerous. Firstly, it will scale user adoption with a frictionless trading experience. Secondly, it will improve onboarding and conversion rates by simplifying user flows for applications and allowing users to start trading with any token that’s in their wallet.
Users won’t be confronted with upfront requests for approvals and network fees, as these are abstracted away into the backend. The API also offers protection for users, protecting them from MEV with proprietary Slippage Protection and Request for Quote orders from private market makers.
Additionally, the API unlocks deep liquidity for the best execution, aggregating liquidity from 0x private market makers and 70+ exchanges including Uniswap for the most popular pairs on Ethereum and Polygon. Finally, the API is composable with Swap API, allowing developers to design a UX where advanced users can opt in and opt out of gasless without sacrificing experience.
0x is committed to equipping developers and enterprise users with the tools and infrastructure to offer the best crypto trading experience for their users. The company’s APIs power the leading wallets, centralized exchanges, custodians, fintechs, and more. For developers and enterprises who want to build with Tx Relay API, they can join the waitlist to get access.
This is an exciting development for the Web3 space, and the fact that Robinhood Wallet is the first partner to leverage the Tx Relay API is a clear indication of the potential impact it can have on the industry. It will be interesting to see which other wallets, exchanges, and fintech companies will adopt the Tx Relay API in the future and how it will transform the Web3 space.
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