Exchange infrastructure for the Internet

Crypto technologies fundamentally enable a future where anyone with an internet connection can freely and reliably create and exchange value. We at Greylock believe deeply in the promise of that future.

The wave of innovation and investment that has been “DeFi Summer”, the mainstreaming of NFTs, and the continued influx of users and capital, all speak of the increasing resonance of the crypto value prop. In recent years, there has been a proliferation of chains, thousands of new tokens, and continuous innovation in DEXs, wallets, and other decentralized apps.

But as the “decentralized economy” has grown to several trillions of dollars, this decentralized innovation has also created liquidity fragmentation, making the exchange of value less efficient and more complex.

0x is the antidote to this challenge. The open 0x protocol enables the exchange of tokenized value for a vast and growing ecosystem of leading applications that unlock easy access to multi-chain liquidity and improve markets for all. 0x API aggregates liquidity and abstracts the complexity of routing orders between exchanges and market makers, while optimizing price, gas costs, slippage and reverts so developers and users don’t have to.

To date, 0x has enabled over $158 billion of tokenized value to flow across 43 million+ transactions. 0x has integrations across all top wallets and apps: including MetaMask, Coinbase Wallet and Coinbase NFT, Polygon Wallet, Brave, Matcha, dYdX, Zapper, Zerion, and Shapeshift. 0x is the trusted, reliable standard for decentralized exchange. This is an extremely powerful public good.

That’s why we’re leading the $70M Series B in 0x Labs, architect of Web3’s core exchange infrastructure, and Sarah will join the board. Developers and businesses can use 0x to easily incorporate exchange functionality into their applications and create new markets for all tokenized assets, including cryptocurrencies, DeFi tokens, and NFTs.

We are impressed by the rapid growth and market-leading positions of 0x API and Matcha, products that 0x Labs has built on top of 0x Protocol for businesses and consumers. We are especially optimistic about their expansion into NFTs and multi-chain over the past year. We’re excited about enabling “traditional finance” companies expanding into crypto, which we believe are key partners in onboarding the next 100 million users into Web3.

At Greylock, we especially like to support companies that arm builders: developers and entrepreneurs. 0x Labs is one of these companies. While some may believe that decentralization of exchanges is unfeasible and users will be drawn to a small handful of already leading exchanges and wallets, we take the opposite view. We believe that we are at the beginning of rebuilding our financial infrastructure on new rails, where the minimum future trading volume includes all existing traditional financial assets, and the expected end state includes an ownership economy across social networks, games, other real world assets and more.

In 2021, more than $1 trillion was exchanged on decentralized exchanges and $14 trillion on centralized exchanges. At Greylock, we expect this gap to narrow as activity moves from short-term speculation to owning and using their assets through non-custodial portfolios and transacting through more decentralized exchanges and applications. Liquidity (via 0x!) and improved product experiences in the decentralized economy are prerequisites for this future. Decentralization isn’t free – but it’s worth it and it depends on the quality of the standards and primitives we build as a community.

Most importantly, we are excited to support the co-founders of 0x Labs, Will Warren and Amir Bandeali, and the entire mission-driven, talented 0x Labs team. The 0x team has been around since the early days of Ethereum and plays an important role in the wider Web3 ecosystem. Will and Amir embraces long term thinking with positive sum – this philosophy is reflected in 0x – because it succeeds as the whole ecosystem grows and serves users better.

We are grateful to be part of the 0x community and hope you will join us. If you are a developer, check out 0x API† If you are an investor or trader, please check matcha† And if you want to join the mission, 0x Labs hiring

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