0x, one of the largest decentralized exchanges for trading ERC-20 standard Ethereum tokens, has announced the launch of Matcha. According to the company’s official Twitter announcement, the newly launched project will be a decentralized exchange aggregator that will allow users to trade ERC-20 tokens in a secure, peer-to-peer environment. 

The project is set to launch in the second quarter of the year, but the company did not give out a specific date when the platform will be released to the general public. Users are incentivized to sign up to a waitlist on the official website as well as refer their friends, family, and colleagues with their personalized invite links. 

0x’s announcement received a lot of traction on Twitter, despite very limited information being released about the project. The only thing the company shared is that the platform is currently being beta tested by a select group of users, which were all invited to share their feedback throughout the duration of the testing period. 

More information about the initial feature set will be released soon, though, and published on the official Matcha Twitter account. 

Despite the limited information released, 0x said that the Matcha platform will provide an “exciting opportunity” for users to create a new and streamlined trading platform. 

“There is an exciting opportunity to create a new trading platform that will usher in the next wave of users into the DEX & greater DeFi ecosystem,” the company wrote on Twitter.

“Matcha is built to feel natural, intuitive, and highlight the convenience of p2p crypto trading.”

Despite a positive response to the announcement, some users questioned the purpose of such a platform, asking what was that made it different from liquidity providers such as Uniswap and Kyber network. 

According to Clay Robbins, a developer working on the 0x Project, Matcha will use 0x’s API to aggregate all liquidity on decentralized exchanges. The platform, he explained, will include Uniswap, Kyber, 0x, Oasis, and many other similar services to provide users with the best pricing no matter what cryptocurrency pair they might be trading. 

However, the question of how Matcha will compete with similar services like 1inch exchange and DEX Aggregator still remains. 

But, despite increased competition, the timing for launching a decentralized exchange aggregator couldn’t be better. As 8BTC reported earlier this month, the latest data from Dune Analytics showed that non-custodial exchanges on Ethereum have seen a massive rise in trading volume.

As per the company’s analysis, trading volumes on decentralized exchanges (DEXs) reached an all-time high of $688 million in March. This number, while small when compared to the volumes seen on some of the bigger centralized exchanges, is a significant increase for the relatively young DEX market.

This shows that what once was a niche market targeting the security-conscious among traders, has now become one of the fastest-growing market segments. Dune Analytics pointed out that the soaring volumes might show that non-custodial exchanges are on their way to solving real problems on the market. Both the upcoming Matcha and other already existing services are all riding the wave of a rapidly maturing market.