0x Labs, the firm behind a decentralized exchange (DEX) protocol and the ZRX token, has closed a $15 million Series A equity round led by Pantera Capital.

“We view 0x Labs as a holistic investment within the DEX space,” 0x’s Clay Robbins told CoinDesk during a call.

0x ZRX was last noteworthy in decentralized finance

Additional participants in the round included Jump Capital, Blockchain Ventures, Coinbase Ventures, and others.

The new round comes off the successful launching of 0x’s DEX router, Matcha, which came out in June and has processed $2.7 billion in orders. “The key thing we’re focused on is an expansion of Matcha globally,” Robbins said.

The funds also will be used to further build out 0x Labs’ trading desk business, Periscope Trading; the professional-grade aggregation service, 0x API (which underlies offerings from companies like ShapeShift, MetaMask, and Zapper); and furthering its work on the underlying open-source protocol.

Which way did he go?

0x Labs offers its products without fees because they drive usage of the underlying 0x protocol and its ZRX token. Since version 3.0 of the 0x protocol, the ZRX token has become something market makers can stake so as to earn liquidity rewards. Overall, the protocol has seen $15 billion in trading volume, according to the company.



“In aggregate since the launch of those mechanics a little over a million dollars has been remitted to these holders. That currently represents about a 10% APY,” Robbins said.

As trading now drives value to the ZRX token, that is still 0x Lab's core business model. because the creators of the 0x initial coin offering (ICO), the company remains a big holder of ZRX.

ZRX was the last noteworthy in decentralized finance (Defi) circles within the early days of COMP liquidity mining when it had been a big gainer for staking and borrowing on Compound’s market. such a lot so that governance moved to truly change the rules around how COMP returns were disbursed.

The token seems to be coming into its own, though. ZRX, like many other Defi tokens, has seen outsize gains in recent weeks. Su Zhu of Three Arrows Capital has argued this is often because the market is realizing that these tokens represent real value being added within the market.

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