- 0x has officially launched its market maker program
- The program allows for capital pooling and the trading of prediction markets and NFT marketplaces
- $15,000 grant is being given to successful applicants
The program was touted as very important to not just the 0x ecosystem by also for the DeFi stack as it helps increase liquidity and aids the market.
“The goal of the Program is to bring additional liquidity to the 0x ecosystem by providing comprehensive tutorials, monetary incentives, and dedicated support from the 0x Engineering Team,” the statement said.
According to the announcement, the market program will benefit the 0x Network by plugging into open order book relayers to capture large spreads and providing opportunities that do not exist in centralized networks.
They will also allow for the trading of prediction markets and NFT marketplaces. Unlike on centralized exchanges, users on 0x will not need to register accounts and trust their funds with third-party operators and instead eliminate counter-party risk.
Users can participate in pools of capital across multiple relayers.
This way, an order placed on one relayed can be mirrored by multiple relayers anywhere in the world when filled by users of 0x Instant, or used in other DeFi applications.
Users also do not need to pay gas fees but are charged for bulk cancellations.
Tutorials and tools
0x acknowledges that because their system runs on Ethreum, MMs will need guidance in order to understand the system and then begin trading.
As a result, the link to various tutorials for processes such as setting up token allowances and fetching relay orders was published along with the announcement.
On top of this, accepted applicants for the relay program will also receive a $15,000 grant to set up and run their own market-making bots on the ecosystem.
Despite all of this, 0x has said that this is only the beginning and that there is more to come.
“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 announcement said in closing.