On June 4, the transaction aggregator Matcha developed by the 0x team officially launched the v2 version.
As one of the projects with the most excellent transaction volume and user volume data in the transaction aggregation track, the new version of Matcha is better than 1inch. 1inch Some recent actions are somewhat similar. For example, both have chosen a multi-chain strategy and will expand to new ecosystems such as Polygon. However, overall, the two projects still show great differences in the direction of their efforts.
Vertical cultivation or horizontal expansion?
Before comparing the specific differences, let’s briefly review some recent upgrades of 1inch:
- At the end of March, 1inch officially launched the v3 version of the aggregation protocol. The main update is to optimize the gas cost and provide more than direct DEX (such asUniswap) Lower transaction cost on operation;
- In early April, 1inch announced the upgrade to 1inch Network, splitting the original project into 1inch aggregation protocol, 1inch liquidity protocol, and 1inch according to modules .DAO, 1inch Labs and 1inch Foundation ;
- In late April, 1inch upgraded the Pathfinder algorithm to find the best trading path faster;
- Or late April, 1inch and expanded business lines, launched iOS version wallet 1inch Wallet.
Aside from the overall planning strategy such as brand upgrade and the expansion of business lines such as the launch of wallet services, 1inch’s recent core actions are basically focused on optimizing its transaction aggregation protocol to provide users with more timely and cheaper on-chain transactions. Experience. In contrast, Matcha did not explicitly mention the optimization measures in the aggregation protocol in the v2 version, but made some more scene-oriented upgrades.
Specifically, the update of Matcha v2 can be roughly summarized into the following four points:
Upgrade 1: Multi-chain strategy
The first is the multi-chain strategies mentioned above, along with encryption currency world toward multi-chain era, liquidity spread between major ecological Based on this background, Matcha v2 to other Ethernet Square outside the public chain and side Deploy its products on the chain ecosystem. In the upgrade announcement, Matcha clearly mentioned Polygon and said that it will integrate QuickSwap, Dfyn, SushiSwap and other DEXs in the ecosystem.
It is worth mentioning that although both Matcha and 1inch already support Ethereum , BSC, and Polygon, the specific network switching experience is slightly different. 1inch needs to manually match the application network with the wallet network, while Matcha does The application network will be automatically switched according to changes in the wallet network, but there is no final conclusion about which method is better, it depends on the user’s personal operating habits.
Upgrade 2: Fiat currency deposit
This big upgrade direction of Matcha v2 is slightly rare in the DeFi field. The introduction of legal currency into DeFi has always been a long and complicated process. In order to simplify this process, Matcha v2 integrates the payment service provider MoonPay, becoming the first transaction aggregator with a built-in legal currency deposit channel. With the new version of fiat currencies, users can now directly use credit or debit cards in Matcha v2 to purchase cryptocurrencies with 160 fiat currencies.
The MoonPay deposit window is shown in the figure above. For the first use, you need to register a MoonPay account first .
Upgrade three: Matcha OTC
This is perhaps the most important upgrade for Matcha v2. There are a large number of runaway robots in the dark forest of Ethereum. These robots will always analyze the calls of smart contracts on the chain to discover and use potential profitable space.
For DEX users (especially large ones), the transaction fails due to the robot running away or the best price is lost due to being trapped (for the specific principle, please refer to ” Transaction trapped, mining pool doing evil, are Ethereum miners too powerful?” “) are obviously the worst trading experience. Matcha OTC is designed to solve this problem. Through this product, users can directly trade with professional market makers, and the transaction information will not be leaked, thus avoiding the risk of running away or being trapped. In addition, Matcha OTC adopts the idea of an order book, and the quotation can only be set by the user, so the user can execute the desired transaction at the locked price without slippage.
In the official upgrade announcement, Matcha said that through Matcha OTC, it can easily complete tens of millions of US dollars of trading orders, which has become an ideal trading tool for large customers.
Upgrade 4: User experience optimization
In addition to the above three key upgrades, Matcha v2 has also made a series of detailed optimizations on the user experience, such as adding a night mode, supporting the creation and management of watch currencies, and supporting asset value tracking in the wallet, etc. I repeat it.
Next step, differentiated development?
Based on the above points, the focus of Matcha v2 is basically the optimization of the trading experience in a specific scenario, rather than falling on the aggregation protocol itself. However, it is worth noting that the official said in the upgrade announcement-“We know that there are many things in Matcha v2 that need to be digested, so please pay close attention to all the new features of Matcha in the future.” Therefore, it does not rule out that Matcha will take further steps in the future. Announce more new version content.
As far as the author’s personal understanding is concerned, although the currently disclosed upgrade content of Matcha v2 does not seem to be as perpendicular to the track as 1inch, but the threshold for DeFi experience is still high and the rush robots are looting, the fiat currency of Matcha v2 is deposited into gold. To a certain extent, new functions such as, OTC, etc. may be more in line with the actual needs of some user groups, and thus achieve differentiated development.
DeFi is rolling in all directions, and trading-related tracks are rolling up and rolling up. The market is flooded with a large number of homogenous products. As the leaders in transaction aggregation services, 1inch and Matcha have chosen to work in different directions. A good thing.