What is 0x (ZRX) crypto, and what does it do?

Image Source: © Kviztln | Megapixl.com

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.

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