The New Year and the subsequent developments have really rocked the cryptocurrency world with many coins seeing bearish falls and bullish surges, thanks to network developments and updates. 0x, a popular cryptocurrency which was out of the news for some time, recently released an update aimed to increase the coin’s presence in the space.
0x has launched a new program called the Market Maker Program which was created to cater to the cryptocurrency’s liquidity on the network. The initiative is designed to reward users on the network who will build automated liquidity solutions, with the said reward reaching up to $15,000. In a blog, 0x said:
“Market Makers (MMs) are important stakeholders in both the 0x network and the DeFi stack, as they provide the necessary liquidity to create efficient markets. 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 organization has also given a detailed breakdown of the three different levels that a market maker will go through. The first phase is called Integration with the perks including exclusive marketing list for “first mover” updates on the 0x ecosystem.
The second phase is coined as Market Making Bot with an incentive of $5,000. The company has stated that users involved in this stage will be part of a special discord group created for direct access to the dedicated 0x support team.
The final phase is the one that offers the maximum incentive, a whopping $10,000. Users receive this reward if they built the infrastructure and strategy to market make on top of the 0x for a long-term basis. Excluding the $10,000 reward, users will also receive ongoing support from the 0x engineering team. 0x further added in the blog:
“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.”
At a time when 0x has not seen a massive surge in prices, the Market Maker update is seen as a step to pave the way for positive developments. The last time 0x received a boost was when 0x was added as the first learning asset on Coinbase’s “Coinbase Earn” program. Coinbase’s blog had elucidated on the program by stating:
“Coinbase Earn allows users to earn cryptocurrencies while learning about them in a simple and engaging way. The idea is for users to understand more about an asset’s utility and its underlying technology while getting a bit of the asset to try out.”
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