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0X Protocol introduces the new quotation system "RFQ"
Rhythblockbeats - On August 27, the 0X Agreement announced the imminent launch of a new pricing system, RFQ, which will bring the liquidity of a centralised trading platform directly to DEX and DeFi investors. The new protocol allows the 0X API to be built, which is an easy way for anyone to get the flow of aggregation from 0X, Uniswap, Kyber, Balancer, Curve, and so on. This new approach will not affect the user experience.
The specific process is as follows:
Step 1: The user requests liquidity through the 0X API
Step 2: The 0X API requires pricing information from all sources of liquidity along the chain, as well as from a large pool of professional market makers
Steps 3 and 4: The liquidity on the chain and the market-maker's response are passed to the 0X API, which USES intelligent order routing to take into account the optimal price of Gas costs and assign it to the user
Step 5: The 0X API returns the order mix at the optimal price to the user, who signs and commits the transaction to the Ethereum blockchain.
It is understood that up to 50% of the API volume of the current 0X major trading pairs (such as ETH/USDC) is already done through 0X's RFQ system.
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