Mumbai-based cryptocurrency exchange WazirX, one of the largest cryptocurrency exchanges in India, recently announced that it will cooperate with blockchain scalability platform Matic Network to develop decentralized finance (Defi) products.
“We are launching an automated market maker (AMM) protocol and partnering with Matic Network to launch the protocol”, the exchange, a subsidiary of Binance, said in a blog post on Saturday. Automated market makers are algorithmic agents that can list and exchange cryptocurrencies more easily without the need for an order book. AMM-based decentralized exchanges (DEX) such as Uniswap, which can run publicly accessible on-chain liquidity pools for different tokens, have witnessed an amazing increase in trading volume in the past few months.
WazirX said: "The DeFi movement has risen globally, and WazirX plans to make it easier for billions of Indians to participate in the Defi ecosystem."
