What is 0x (ZRX)?

0x (ZRX) is an open-source protocol that enables the frictionless peer-to-peer exchange of assets on the Ethereum blockchain. The team envisions a future where all types of assets will be tokenized on the Ethereum network. 

For example, when someone sells their house, instead of going through a complicated process involving lawyers, escrow agents, and title companies, the 0x protocol delivers a comprehensive solution that can be used to tokenize the property and swap ownership with the buyer through a smart contract. This completely eliminates the need for any expensive intermediary while increasing the speed of the entire process – essentially transforming real estate into a liquid asset.

Anyone can build their own decentralized exchange (DEX) on top of 0x with the 0x Launch Kit and choose to charge fees for their services. The 0x protocol provides a standard messaging format for exchanges; similar to how SWIFT is the standard messaging system that banks around the world use to communicate with each other about the transfer of fiat currencies.

The team also launched the 0x API (application programming interface), which aggregates liquidity across the entire network, enabling users to swap assets at the best price – at all times.

How Does 0x Work?

The decentralized exchange of tokens is facilitated by 0x through the use of smart contracts which are free, publicly accessible, and can be integrated by any decentralized application (dApp). A smart contract is a transaction that automatically executes when qualifying conditions are met.

Most decentralized exchanges use Ethereum smart contracts to power all of their trades, but these are executed directly on the blockchain. This means that every time an order is placed, modified, cancelled, or filled, a gas fee is incurred which can make the process quite expensive.

The solution presented by 0x is to use an off-chain relay with on-chain settlement. This involves a user submitting an order to a relayer, which is sort of like a bulletin board for the network. The relayer then broadcasts the order off-chain where any other user can fill it by submitting their cryptographic signature to the smart contract.

0x also offers point-to-point orders in which a user submits an order that can be filled only by a specified person. In both types of orders, the assets are never in the custody of the relayer and only the actual value transfer occurs on-chain – drastically reducing both gas fees and network congestion.

Who Are The Founders of 0x? (History of 0x)

Based in San Francisco, the 0x team has 32 core members with backgrounds ranging from finance to engineering. The 0x Protocol was founded in 2016 by Will Warren and Amir Bandeali who serve as CEO and CTO, respectively.

After graduating from UC San Diego with a degree in Mechanical Engineering, Will Warren was a Technical Advisor for Basic Attention Token (BAT) and won first place in the Consensus 2017 Proof-of-Work Pitch Competition.

Co-founder Amir Bandeali earned a degree in Finance from the University of Illinois before working at Chopper Trading and DRW as a trading specialist.

In addition to the core team, 0x also has five advisors – including Coinbase co-founder Fred Ehrsam and Pantera Capital co-CIO Joey Krug. The ZRX initial coin offering (ICO) took place in August 2017 and made news by selling out after just 24 hours, raising $24 million USD in a single day.

What Makes 0x Unique?

The off-chain relayer technology employed by 0x allows a DEX to complete transactions far faster and cheaper than exchanges that execute all of their trades on-chain.

DEXs aren’t the only applications that 0x supports, however. The protocol can also be applied to OTC trading desks, digital marketplaces, portfolio management platforms, and exchange functionality for decentralized finance (DeFi) products.

0x facilitates the transfer of a wider range of assets than most Ethereum-based decentralized exchanges as it supports non-fungible tokens (ERC-721) as well as fungible tokens (ERC-20).

What Gives 0x Value?

ZRX is a utility token that is used to reward relayers with trading fees for hosting an order book. The 0x ecosystem saw tremendous growth in 2020, and in January 2021 alone, the protocol reached $5.7 billion in trading volume.

ZRX also derives value from being a governance token. All ZRX token holders can vote on protocol upgrades and developments, which could drive demand for the token. As ZRX has a capped max supply, ZRX price and market cap could be influenced by scarcity.

How Many 0x (ZRX) Tokens Are in Circulation?

0x (ZRX) currently has a circulating supply of loading and a max supply of loading. 500 million ZRX, representing 50% of the max supply, were sold to investors in the 2017 ICO. 

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The team placed a hard cap on the number of ZRX tokens that each participant could buy, in order to encourage a greater distribution of ZRX. It was determined afterwards that the ZRX tokens were spread across more than 13,000 different Ethereum addresses. This was especially important due to ZRX’s role as a governance token.

10% of ZRX was reserved for the founding team, 10% for early backers and advisors, with the remaining 15% going to the 0x core development organization and external project development fund.

Other Technical Data

The 0x API achieves 99.9% uptime, a 2% revert rate and a 1.5 second response time. 

Additionally, the 0x API is designed to offer better adjusted prices than Uniswap, 1inch, Paraswap and Dex Ag – a whopping 7 times out of 10.

How To Use 0x

Users can trade their ZRX tokens with a specific person by sending them a 0x order via instant message or email, which automatically executes when the other person accepts the trade. Alternatively, they can browse the marketplace of orders posted by others and confirm the one they want. The trade will be completed securely and autonomously by the 0x Protocol.

The 0x API can be integrated with wallets and DeFi applications in order to provide exchange functionality with market-leading prices. The 0x API is employed by projects such as Matcha, MetaMask, Zapper, and many more. 

The 0x API allows any market maker, automated market maker (AMM), or other on-chain decentralized exchange protocol to supply liquidity for the 0x ecosystem. AMMs currently supplying liquidity include Uniswap, Curve, Balancer, and Crypto.com.

Projects can also build on the 0x protocol to gain direct access to existing liquidity – and dozens of teams are already doing so. These include exchanges such as 1inch, wallets such as MetaMask, derivatives products such as Opyn, portfolio management platforms such as DeFi Saver, NFT-based projects such as Gods Unchained, and investment strategy products such as Rari Capital.

How To Choose a 0x Wallet

As ZRX is an ERC-20 token, any Ethereum-supporting wallet will work for storing your ZRX coins and the type you choose will likely depend on how many tokens you have and what you intend to do with them.

Hardware wallets or cold wallets like Ledger and Trezor provide the most secure cryptocurrency storage option with offline storage and backup. They can, however, involve a bit more of a learning curve and are a more expensive option. As such, they may be better suited to storing larger amounts of ZRX tokens for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of ZRX tokens or more novice users.

Online wallets or web wallets are also free and easy to use. They are accessible from multiple devices using a web browser but are considered hot wallets and can be less secure than hardware or software alternatives. As you are trusting the platform to manage your ZRX, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts or for more experienced frequent traders.

Kriptomat offers a secure storage solution, allowing you to both store and trade your ZRX coins without hassle. Storing your 0x (ZRX) with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buy and sell 0x (ZRX), or exchange it for any other cryptocurrency – it can be done in mere moments when you choose our secure platform as your storage solution.

0x Staking

In 2019, 0x introduced stake-based liquidity incentives that reward market makers for providing liquidity with protocol fees proportional to their ZRX stake. A market maker with insufficient ZRX or any other ZRX holders can also earn rewards by combining their ZRX tokens in a staking pool for third-party delegators.

Wrapping Up

0x is powering the creation of a tokenized world where all value can flow freely – even traditionally illiquid assets such as real estate. The protocol powers the frictionless peer-to-peer exchange of assets on the Ethereum blockchain. Anyone can build a decentralized exchange on 0x and the 0x API aggregates liquidity to enable token swaps at the best prices.

The use of off-chain relayers by the protocol reduces the amount of congestion on Ethereum and means that trades can be completed faster and cheaper. The ZRX token provides governance rights and rewards to relayers, and the introduction of staking promotes positive network economics.

Trading volume on 0x increased in 2020 as its ecosystem rapidly expanded, and there are now over 50 different DeFi projects that have built on or integrated with 0x. The ZRX ICO was very popular with investors, and although there are other projects working on the decentralized exchange of assets, 0x will always have its first-mover advantage.

0x FAQ

Are the 0x protocol’s smart contracts audited?

Yes, each of the 0x protocol’s autonomous smart contracts are open-source and tested by both the 0x core team’s internal protocol division, and by external auditors (Consensys Diligence, Trail of Bits).

What is a 0x staking pool?

0x liquidity providers (LPs) receive rewards in exchange for their active participation which is crucial for 0x markets to function in a healthy manner. To collect these rewards, the LP must stake ZRX tokens. To do so, LPs create staking pools which allow them to stake their ZRX while at the same time attracting others to stake their own ZRX tokens for a portion of the rewards.

How to Buy 0x

Buying ZRX tokens is as easy as visiting Kriptomat’s how to buy 0x (ZRX) page and choosing your preferred method of payment.

How to Sell 0x

If you already own 0x (ZRX) and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

0x Price

0x price is influenced by a lot of the traditional factors such as project news and developments, market sentiment, the flow of cryptocurrency on exchanges and the economy in general. 

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The governance rights and staking rewards offered by ZRX tokens could also drive demand and the capped supply means that ZRX price and market cap could be affected by scarcity.

The current 0x price is loading EUR.

The 24-hour trading volume of 0x is loading EUR. 0x is currently ranked of all cryptocurrencies by total market cap, with a market cap of loading EUR. It has a circulating supply of loading ZRX and a max supply of 1 billion ZRX.

Register now to begin your journey into the world of 0x and cryptocurrencies with Kriptomat!

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