Learn What is 0x Protocol (ZRX), Its History, & Working Mechanism

With the 0x Protocol, the global exchange of digital assets and values becomes effortless. The trusted open-source settlement layer platform made trading of ERC20 tokens and altcoins acceptable on different exchanges without the need for centralized parties.  

It is a protocol for decentralized exchange used by businesses working with Web3 applications like Portfolio trackers, wallets, Decentralized Exchanges, and others.   

All About 0x Protocol

Introduced by Will Warren and Amir Bandeali in 2016, the 0x Protocol made trading of ERC20 tokens and altcoins much more efficient.  

The platform works with a wide range of decentralized blockchains including Ethereum, Tether, Avalanche, USD Coin, etc. The protocol is also empowered with an ERC20 governance token termed ZRX, allowing holders to take part in trading and governance-related events.

In addition, the platform also empowered leading Web3 applications and is used by fintech businesses, Web3 native firms, and self-custody wallets, holding millions of users worldwide.

With $133 Billion trading volume, 7 Million unique wallets, and 60 Million transactions, the 0x Protocol is all set to rock the crypto universe soon. 

0x Protocol System 

The ZeroEx contract applies a delegate-call proxy pattern to develop a system of composable smart contracts. The 0x Protocol architecture helps individuals innovate with a growing DeFi ecosystem with minimal friction.     

Proxy in the system represents the entry point whereas the features contract applies the core features set of the 0x Protocol, trusted with user allowances. 

Transformers on the other hand extend the core protocol and the Flash Wallet holds funds for transformers to operate on.     

Why the Decentralized Exchange is Unique?  

• 0x Protocol supports both the fungible (ERC-20) and non-fungible token (ERC-723) and is used for permissionless trading. 
• Fees in the form of ZRX tokens are used to incentivize market maker liquidity and require users to pay a protocol fee in Ether (ETH). 
• The platform is applied to a wide range of use cases including OTC trading desks, eBay-style marketplaces, and exchange functionalities.  
• The network is built on top of the Ethereum blockchain, protecting the platform against attacks with the combined efforts of miners and node networks.  
• It is a fully integrated suite of APIs including Swap API, Tx Relay API with Token Registry API, Orderobook API, and Tx History API to be launched soon.  

0x Protocol Governance

0x Protocol was introduced with the mission of developing a tokenized world where all value flows freely, empowering the backend exchange infrastructure for various top DeFi applications.  

The team began working on 0x governance in 2017 and expects to offer complete control of release and funding to the community by the end of 2025, to create an accountable community.   

With 48 passed votes and 1.18 Million average ZRX voted per proposal, the platform is actively engaging the ZRX holders in the network’s decision-making. 

Treasury Z-10 GRANT PROPOSAL: 31Third to Build BundleSwapFeature (pZEIP) was created on November 22, 2023, and is under process.   

Where Can You Buy ZRX? 

With a total supply of 1 Billion and a circulating supply of 847,496,055, ZRX is all prepared to fulfill the holder’s need. The token is currently available on around 200 different exchanges including Binance, Kraken, Bitstamp, KuCoin, Coinbase, and BitMax. 

Let’s explore the buying process of ZRX. The token can be purchased in three easy steps.

• Creating an account on the cryptocurrency exchange is the initial step. You can consider the aforementioned platforms. Here, a few things to consider include token support, user interface, fee structure, and payment mode. 
• Connecting a funding method to the exchange account is the second step. Here, you need to fund your account with a preferred payment method like direct bank transfer, credit/ debit card, cryptocurrency, or any other online payment method.  
• Once the money is transferred, the account is all set to complete the ZRX token. All you need to do is enter the amount, select the token, and hit the buy button.     

The purchased tokens can be further traded or stored in cryptocurrency wallets such as MetaMask, Atomic Wallet, Ledger, Trust Wallet, and 0x Wallet.  

ZRX Price History

Focusing on the past 1 year’s data, the token experienced ups and downs throughout the journey. However, the token showcased positive growth most of the time.    

According to Coin Market Cap data, ZRX’s all-time high price is $2.53, recorded on January 09, 2018, whereas the all-time low price is $0.104, recorded on August 16, 2017.         

Conclusion 

0x protocol, a decentralized exchange made trading and use of digital assets much more efficient. The platform is mainly used by businesses working with Web3 applications like Portfolio trackers, wallets, and Decentralized Exchanges. ZRX, the native token can be purchased from exchanges including Binance, Kraken, Bitstamp, KuCoin, Coinbase, and BitMax. 

FAQs

Can ZRX be purchased and sold instantly? 

Yes, the token is available on many of the crypto exchanges and can be purchased or sold once connecting the funding method. 

Can I purchase ZRX with a credit card?

Yes, the respective token can be purchased with a Master card or Visa Card. In addition, the token can also be purchased using cash or other digital assets. 

What is the circulating supply of ZRX? 

The total supply of ZRX tokens is 1 Billion and the circulating supply is 847,496,055, ZRX. 

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.