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Highlights:
- 0x (ZRX) protocol offers trading services for tokens and other assets on Ethereum.
- The project was founded by Will Warren and Amir Bandeali in 2016.
- ZRX has a market capitalization of US$288 million, with 193,635 token holders.
The 0x (ZRX) token gained 1.80% on Wednesday even as its volume dropped around 28% to US$35.8 million in the past 24 hours. The token was priced at US$0.3403 at 4:56 am ET.
However, the global crypto market continued to fall, shrinking nearly 59% year-to-date. Major cryptocurrencies like Bitcoin (BTC) have been falling sharply.
Let us look at what is 0x and what does it do?
What Is 0x (ZRX)?
0x is an infrastructure protocol offering trading services for ERC-20 tokens and other assets without centralized intermediaries on the Ethereum blockchain.
The protocol uses publicly auditable, open-source smart contracts that allow developers to apply its flexible, low-friction elements to build their products.
The project was co-founded by Will Warren and Amir Bandeali in 2016, and they serve as the company’s CEO and CTO, respectively.
Ox raised US$24 million from investors, such as Polychain Capital, Pantera Capital, FBG Capital, etc., during its initial coin offering in 2017.
0x is different from other Ethereum decentralized exchanges as it supports both fungible and non-fungible ERC tokens that enable holders to transact in various Ethereum assets.
Data Source: Coinmarketcap.com
The protocol is used in services such as OTC trading and marketplaces for digital goods.
0x users pay their protocol fee/gas bills in Ether (ETH) token. Liquidity borrowers pay fees in ZRX token, which incentivizes the nodes’ or relayer’s liquidity.
It does not receive any revenue share since it is an open-source protocol, supported only by the unlocked ZRX tokens and ICO funding.
ZRX token and its performance:
ZRX is an ERC-20 utility token of the 0x protocol. It is used for paying nodes, called ‘relayers’, for their services. It is also used for participating in the 0x protocol’s governance.
With 193,635 total holders, the token has a market capitalization of US$288 million. Its circulating supply is 847.5 million ZRX, and the total supply is one billion.
The token can be purchased from Binance, MEXC, Bitget, and Bybit crypto exchanges.
Bottom line:
The crypto market fell 5.42% to US$895.49 billion on Wednesday morning as it continued its fall. Investors should exercise due diligence before investing in cryptos.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
