0x, a decentralized exchange protocol in the realm of decentralized finance (DeFi), has recently introduced its latest tool called the Tx Relay API. This innovative solution aims to enhance the trading experience for both developers and users by offering gasless swaps and approvals.
Recognizing the common issue of failed Ethereum swaps (69% according to Coinbase Wallet) due to insufficient gas, the Tx Relay API addresses this challenge by covering gas fees upfront and consolidating token approvals within the transaction.
In collaboration with 0x as a beta partner, Coinbase Wallet observed an 85% reduction in failed trades compared to competitors when using the Tx Relay API. Furthermore, Matcha, 0x’s DEX aggregator, achieved faster on-chain transaction confirmations, protecting numerous trades from MEV attacks. This resulted in a 20% increase in traders and a 7% quarter-over-quarter growth in the number of trades.
The Tx Relay API ensures quicker trade confirmations and enhanced reliability by dynamically adjusting gas fees and simulating transactions before submission. It also grants access to deep liquidity from over 100 automated market makers (AMMs) and professional market makers, optimizing trades for the best prices.
Currently available on Ethereum and Polygon, the Tx Relay API has plans for expansion to Arbitrum in the future.
Since the introduction of the 0x Swap API in 2020, the platform has facilitated a substantial volume of over $139 billion through 65 million trades, benefiting 7 million end users across nine different chains.
