0x Protocol is one of the pioneers in building decentralized exchanges (DEX) on the Ethereum blockchain. Therefore, it plays an important role in promoting the development of the DeFi market.
In this article, AZCoin will analyze the 0x Protocol in depth so that investors have more information about this potential project!
What is 0x protocol?
0x Protocol is an open-source protocol that enables decentralized trading of digital currencies (tokens) on the Ethereum blockchain. Developed to provide a direct trading solution between users without the need for intermediaries, 0x Protocol facilitates the construction and operation of DEX.
Development team, investors and partners of 0x Protocol
Development team
The founding team of 0x Protocol consists of two main founders: Will Warren and Amir Bandeali. Will Warren currently serves as CEO of 0x, while Amir Bandeali serves as CTO. Both have many years of experience in the blockchain industry and have been instrumental in the development of the 0x protocol.
In addition to Will Warren and Amir Bandeali, the 0x team consists of 36 members with various expertise such as Engineering, Academic Research, Business and Design. This team has been working tirelessly to improve and develop the protocol to meet the growing needs of the user and developer community.
Investors and partners
In February 2021, 0x Labs conducted a successful funding round, attracting $15 million from leading investors such as Pantera Capital, Jump Capital, Nima Capital, Blockchain.com Ventures, Nascent Ventures, Coinbase Ventures, IOSG Ventures and DeFi Alliance.
How does the 0x Protocol work?
0x Protocol operates on two main entities: Maker and Taker.
- Maker: This is the party that creates orders and provides liquidity into the system for Takers to use. Makers can include DEXs, AMMs (like Uniswap, Curve, Bancor) and professional market makers. 0x aggregates liquidity from a variety of sources, including on-chain and off-chain liquidity.
- Taker: The party that consumes liquidity provided by Makers. Takers agree to trade their assets for Maker assets, i.e., use the liquidity available on 0x. Projects such as MetaMask, Coinbase and dydx are examples of Takers.
Highlights of 0x Protocol
Below are some highlights of 0x Protocol:
- Decentralized trading: 0x Protocol allows users to trade tokens directly with each other without going through CEX. This eliminates the risks associated with centralized intermediaries and gives users more control over their assets.
- ERC20 token compatibility: 0x Protocol is compatible with all ERC20 tokens, which is the most popular token standard on the Ethereum network. This means that users can trade any ERC20 token on DEXs built on the 0x platform.
- Relay system: 0x uses a unique relay system to improve liquidity. These relays are decentralized nodes that match buy and sell orders between users, ensuring that users can always find a trading counterparty for their tokens.
- Scalability: 0x Protocol is designed to be scalable, meaning it can handle large volumes of transactions without experiencing congestion. This is important to ensure widespread adoption of decentralized exchanges.
- Open source governance: 0x Protocol is an open source project governed by a community of users and developers, helping to ensure that the protocol evolves in a way that is consistent with the needs and contributions of the community.
Basic information about ZRX coin
What is the ZRX coin?
ZRX is the native token of 0x Protocol. It’s used for the following purposes:
- Paying transaction fees: Users need to pay a small fee in ZRX for each transaction made on 0x Protocol.
- Governance: ZRX holders can participate in the governance of the protocol by voting on proposals for changes or system upgrades.
- Incentivizing participation: ZRX is used to incentivize users to provide liquidity to trading pools on 0x.
Technical parameters
- Token code name: 0x protocol
- Symbol: ZRX coin
- Blockchain: Ethereum, Avalanche, Harmony
- Token standard: ERC-20
- Token type: Utility
- Contract:
Ethereum: 0xe41d2489571d322189246dafa5ebde1f4699f498
Avalanche: 0x596fa47043f99a4e0f122243b841e55375cde0d2
Harmony: 0x8143e2a1085939caa9cef6665c2ff32f7bc08435
- Market capitalization: 1,000,000,000 ZRX
- Circulating supply: 847,496,055 ZRX
- Total supply: 1,000,000,000 ZRX
ZRX coin allocation
With the total supply as above, ZRX coin is allocated as follows:
- Crowdsale investors: 50%
- Retained by 0x: 15.26%
- Developer fund: 14.9%
- Team: 13.02%
- Early backers: 6.82%
Where is ZRX Coin traded?
Currently, ZRX can be traded on many large and reputable exchanges, including Binance, Coinbase, Kraken, OKX, Kucoin and many other the best cryptocurrency exchanges.
Secure ZRX Coin token storage wallet
To protect your ZRX coins, it is important to use a secure wallet. Hardware wallets such as Ledger Nano S/X and Trezor both support secure storage of ZRX. Software wallets such as MetaMask also provide convenience and security when trading ZRX on the Ethereum platform.
Should you invest in the ZRX Coin project?
The 0x project and ZRX coin have proven their viability and continued growth in the DeFi market. With the launch of v4 and continuous improvements, 0x Protocol is becoming one of the leading protocols in supporting decentralized exchanges.
It’s predicted that with the increase in adoption and demand in DeFi, ZRX can bring attractive returns to investors in the future. However, as with any investment, careful consideration and monitoring of market factors is required to make the right decision.
Conclusion
Hopefully this article has given you an insight into how 0x Protocol works, its highlights and details about the ZRX coin. Don’t forget to stay tuned for the latest updates and do your due diligence before investing in this project.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
