Last week, 0x (ZRX), an open protocol that facilitates the low-friction, peer-to-peer exchange of ERC-20 tokens on the Ethereum blockchain, announced the creation of its Market Maker Program, as part of a broader effort to bring liquidity to its network.
Introducing the 0x Market Maker Program! 📈
The Program was created to bring additional liquidity to the 0x ecosystem by providing comprehensive tutorials, monetary incentives, and dedicated support from the 0x team. https://t.co/r24CNPrqm0
— 0x (@0xProject) January 7, 2019
According to the announcement, market makers within the new program act as stakeholders in both the 0x network and the Defi stack, an open community of decentralized finance platforms. The new program will leverage comprehensive tutorials, monetary incentives and the dedicated 0x engineering team to create efficient markets and bring liquidity to the 0x ecosystem.
By becoming a market maker, stakeholders earn a number of unique benefits, including a first-mover trading advantage, the ability to create unique markets like NFT marketplaces and the option to take full custody of their digital assets and eliminate counter-party risk.
In addition to these offerings, market makers will receive a $15,000 reward for joining the platform and facilitating more than $10,00 in market-making orders.
“Kickstarting the Market Maker Program is the first step in providing resources and incentives to attract more market makers to the 0x ecosystem. We will be releasing new market making dev tools and announcing a few other initiatives in the coming months, so stay tuned,” the 0x team said in the announcement.
ZRX is up 2.25% over the last 24 hours to $0.288437, giving the altcoin a $168.3 million market cap and making it the 34th largest cryptocurrency.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.