Matcha Website Review
- Matcha is a decentralized exchange (DEX) that is built by the 0x Protocol.
- Matcha functions through the utilization of the 0x API as well as 0x Mesh.
- Matcha leverages aggregation liquidity and price information from sources such as Uniswap, Oasis, and others.
- Matcha was specifically built with simplicity and ease of use in mind, something which is seen across the entirety of the website.
Cryptocurrency platforms are nothing new within the cryptocurrency space. However, there is seemingly a new one popping up on a consistent basis, trying to offer something new. Matcha is one such cryptocurrency platform. However, it is built by the 0x Protocol. It is intended to enable users to swap their tokens through a peer-to-peer (P2P) smart contract infrastructure.
Let’s dive in and go over everything you need to know about Matcha in our website review.
Matcha's website is actually extremely appealing to the eye. From the very second you enter the website, you are greeted by pastel colors that do not strain your eyes in any way. The white background, mixed with the various colors of the tokens listed, makes it one of the simplest websites to navigate through.
The homepage, by default, gives you access to a lot of shortcuts and even a search field on the top of the page which will allow you to instantly navigate to your preferred trading pair.
Matcha is ambitious in the way through which it attempts to support literally thousands of trading pairs, all of which are super-simple to dive into.
As you scroll down the page, you will find a list of the seven most commonly traded tokens, including:
- Ethereum (ETH)
- Binance Coin (BNB)
- Polygon (MATIC)
- Wrapped Bitcoin (WBTC)
- Uniswap (UNI)
- SushiSwap (SUSHI)
- 0x (ZRX)
Alongside them, you can also click on the "add token" option, which will redirect you to the Advanced mode menu, where you can do your own research, create a token, and trade with caution.
As you scroll further down the page, you can learn a lot more about the DEX, such as the fact that it has private liquidity exclusive to Matcha, as well as an open order book with free limit orders, alongside market makers through 0x’s RFQ system.
You can also merge tokens into a single trade, so you can save both time and money. This will enable you to utilize better gas than going directly through the source, and you will be showcased all of the costs from the very beginning. Additionally, Matcha lets you trade directly from your own cryptocurrency wallet, which means that you do not have to create a separate account in order to use Matcha, nor do you have to pay any deposit or withdrawal fees, and there are no trading limits at all.
On the top bar, on the far-right side of the screen, right next to the “Home” option, you will also see the “Trade” option. Here, you can directly trade on Ethereum.
One specific thing that comes in handy here is that on the right side of the screen, you will always have a “Person Icon” that you can click on, after which you can access the menu which will allow you to buy cryptocurrencies with FIAT, the help center, as well as a switch to make the website dark. In other words, Matcha has a dark mode that is easily enabled.
The dark mode is just as pleasing to the eyes as light mode, where you will not find any colors bleeding anywhere, and it all looks neat and simple to use.
However, whenever you click on any given token, you can also access educational content. In other words, Matcha has put in the time as well as an effort towards building asset pages that will even let newcomer investors learn about new tokens they might have otherwise not heard of and will continuously evolve and enhance this list as new tokens get added.
That said, when we look at the overall trading interface, it is clean and easy to use for just about anyone, regardless of their experience with trading cryptocurrencies or their technical skills. They provide constantly updated price information as well, which is convenient, and users are even given the opportunity to place market orders or limit orders with a custom price as well as the expiration date.
Decentralized exchanges (DEXs) that facilitate peer-to-peer (P2P) trading are popular due to the fact that users do not need to complete any Know Your Customer (KYC) or anti-money laundering (AML) procedures. In other words, users do not need to submit documentation and can remain anonymous as a result. The main appeal of cryptocurrencies historically is their anonymous nature, so Matcha is preferred by investors due to the fact that it allows them to keep this level of anonymity.
However, day traders will typically prefer centralized exchanges due to the fact that they offer higher liquidity and the ability to margin trade; however, due to the fact that Matcha does not currently charge any platform fees, this makes trading extremely convenient and cheaper for traders, which is yet another reason as to why they might choose to go with this route instead.
Alongside all of that, on the bottom right corner of the screen, there is a "Start Conversation" bubble, which you can click on. This is the "live support," where the typical reply time is listed under 2 hours. You can also visit the frequently asked questions (FAQ) page here directly to assist you if you run into any issues or just have general confusion regarding the usage of the platform.
Connecting a Wallet to Matcha
When you visit the website, in the middle of the screen, you will find a huge button that has the words "Start Trading" on it. Under it, there is the smaller, clickable text that says, "Buy crypto with credit or debit card →. " However, to get started, you need to click on the hamburger menu on the right side of the screen and click on "Connect Wallet."
This will take you to another screen, where you can either click on "Get Started" or connect your mobile wallet, Coinbase wallet, or Bitski wallet directly. If you do not have a wallet already, Matcha will recommend creating a Bitski wallet and will redirect you to an external website where you can create it.
Once you have connected your wallet successfully on the platform, you can search for a trading pair simply by navigating to the search bar, which is always on the top of the page, and typing in the cryptocurrency that you want to trade. Once you find your preferred trading pair, you can click on it and get redirected to the market directly.
Here, all that’s left for you to do is enter the amount of the coin you would like to trade, and you will instantly get the best rates. You can even click the exchange rate to get all of the juicy details.
Before you can initiate the order fully, you can click on "Review Order," after which you will be able to see all of the fees prior to placing your order. Once all of that is checked by your end, you can place your order and confirm the transaction within the wallet you have connected.
Keep in mind that you will need to allow the Matcha platform to actually spend the token that you intend on trading. What this means is that you will be required to approve the token once, and after that, you won’t really need to approve it again as long as you have the same wallet connected and use the same wallet again.
Then there's the Matcha limit order menu, where you can place limit orders on a variety of different trading pairs, except for the ETH-based ones. What this means is that you are given the opportunity to place orders which will be active for either 24 hours, three days, seven days or until you cancel them.
History of Matcha
Matcha is an Ethereum-based decentralized exchange (DEX) aggregator that was launched by 0x. What this means is that it was developed with the intention of allowing users to swap tokens at the best prices through aggregating the liquidity across a variety of different exchange networks, including 0x Mesh, Kyber, Uniswap, Oasis, and Curve.
Given the fact that Matcha was founded by 0x, its founders can be nailed down to the creators of 0x, which include Amir Bandeali and Will Warren.
WhileDecentralized Exchanges (DEXs) online based on the 0x Protocol already existed, Matcha was the first and the only one which was produced by the 0x team directly.
The 0x Protocol is seen by many as a leading liquidity aggregator project which was built on top of the Ethereum blockchain. They initially had their initial coin offering (ICO) for the ZRC token back in August of 2017, where they managed to raise $24 million within the span of around 24 hours.
The main goal of ZRX was and still is for facilitating on-chain protocol governance. ZRX holders can also earn Ether (ETH) by delegating tokens to the market-making pools. On June 30, 2020, the 0x Protocol Launched the Matcha Decentralized Exchange (DEX) after months of closed-beta testing from the community, where they managed to gain access to free transactions without any fees.
Matcha was specifically developed with simplicity and ease of use in mind, as we saw when we went over the website itself. It supports a multitude of cryptocurrency wallets, including MetaMask, Coinbase wallet, and others. Users can also use Matcha directly with various mobile wallets, including WalletConnect or even Trust Wallet. To make all of this function properly, Matcha utilizes what is known as the 0x API, which uses smart ordering routing to essentially split orders across the 0x Mesh, Kyber, Uniswap, Oasis, Curve, or other providers. Additionally, it also offers a wide range of ERC-20 tokens and stablecoin-based trading pairs.
Pros and Cons of Matcha
Pros of Matcha
- You are not required to create an account to use Matcha.
- You can directly connect your cryptocurrency wallet and trade from with, and there is a wide range of wallets supported.
- There are no deposit or withdrawal fees.
- You can also utilize fiat on-ramp purchases.
Cons of Matcha
- The user interface could be a bit too simple for veteran traders.
- Lacks many charting features found at the competitors.
The Bottom Line
Matcha is by far one of the most well-designed and simple-to-use, consumer-centric DEXes out there and the only one built by the 0x Protocol team directly. Through the utilization of the 0x API and 0x Mesh, it can find the best liquidity and price information from a variety of different sources. Through using smart order routing, users are essentially automatically provided with the best possible price for each of their trades, and this is what makes Matcha great. Note that this same praise is also its biggest complaint, as more advanced users might want a bit more features to play around with.
Frequently Asked Questions (FAQ)
Who actually built Matcha?
Matcha was built by 0x Labs. After building the 0x Protocol and enabling others to build other Decentralized Finance (DeFi) products, the team over at 0x Labs wanted to make it easier for more people to access new markets.
How does Matcha offer the best prices?
Matcha aggregates liquidity from an ever-growing number of sources, such as 0x, Uniswap, Balancer, Curve, Kyber, Oasis, and others. It does this by pulling data from all liquidity sources at the same time in which the trade is initiated and then uses a process called "smart order routing" as a means of splitting your trade across all liquidity sources to provide you with the best price, which has the lowest possible slippage.
What is price slippage on Matcha?
Price slippage is the difference between the expected price and the executed price of a trade. Matcha automatically protects users from high levels of slippage by not processing trades resulting in more than 1% slippage.
Is trading on Matcha safe?
Alongside going through testing from 0x Labs themselves, the blockchain company ConsenSys Diligence audited the 0x v4 smart contracts that Matcha uses.