0x Labs, the blockchain development team behind 0x Protocol, has launched a new transaction relay API built for Polygon and Ethereum.
According to 0x Labs, the transaction relay API (application program interface) is designed to create a more streamlined experience for developers who are looking to build frictionless crypto experiences. For the most part of its early innovations, Web3 has required users to hold and maintain a certain amount of balance from a specific chain's native token, a prerequisite that has often been recognized as a barrier of entry for users trying out different blockchains. With 0x' Tx Relay API, the requirement can be dissolved, allowing users to directly enter a chain's configuration without needing to have some balance to initialize transactions.
The new Tx Relay API seeks to address this problem by providing developers and users with options to quickly and securely execute transactions between various networks. The service allows users to switch between different networks while still maintaining their original asset balance and amount of value held in their originating wallet.
Without requiring another layer for operation, the Tx Relay API processes approvals, allowances, and swaps, thereby lessening the steps for a user to actually make use of a network's utilities, with all other auxiliary processes abstracted into the contract's backend. This means that someone who is, for example, a beginner in Web3, could straight out hit the ground running and gain more knowledge of how these ecosystems work together.
What this relay interface implies for the blockchain space is that it sets a new level of interoperability with more ease of use, across varying use cases in Web3. Adoption and scale are two other fronts towards which this new integration opens for.
0x Labs says that they have partnered with Robinhood Wallet, which is one of the more popular e-wallets with a secured crypto integration. In collaboration with Robinhood Wallet, 0x Labs strives to make inter-chain transactions effortless and easily accessible for users.
Having the opportunity to access multiple blockchains from a single platform would give users the capacity to interact with a variety of crypto projects across different chains in an easy and straightforward manner. User experience for crypto natives will also be improved with the new relay API's composability features, providing execution options (opt in or opt out selections for gasless transactions) for end users, all based on the decentralized finance's industry's latest improvements on swapping rules.
Aside from ease of use, the new relay API will also be able to provide security for users against exploits executed from MEV (miner extractable value). This is also coupled with proprietary slippage protection designed by 0x Labs, as well as quotation request functionalities for private market makers.
Liquidity from decentralized and private market makers are also available and aggregated from a host of over 70 exchanges and swapping protocols such as Uniswap. However, these are only available for trading pairs that are already recognized or already have traction on the Ethereum and Polygon blockchains. The API is currently available on a beta release.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.