0x (ZRX) — a decentralized exchange (DEX), looking to move from a monolithic governance system to a dynamic option.
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About the 0x (ZRX) project
Оx — a decentralized exchange (DEX), aiming to move from a monolithic system of governance to a dynamic, collaboratively managed by users. Ox issued the ZRX governance token and granted voting rights to holders. Essentially, anyone who owns ZRX can participate in running the 0x protocol.
It is an infrastructure protocol that allows users to easily trade ERC20 tokens and other assets on the Ethereum blockchain without relying on centralized intermediaries such as traditional cryptocurrency exchanges. Nodes that (also known as relays) host an off-chain order book and offer user apps that provide this information and allow users to make, complete and cancel transactions are paid in ZRX tokens (as trading fees).
The project was founded by two co-founders who continue to maintain the platform:
- Will Warren - 0x CEO;
- Amir Bandeali - Technical Director;
At this stage, the platform team consists of more than 30 people, including engineers, researchers and designers, who are working to update the platform and ensure its smooth operation.
Cryptocurrency features
The protocol can help to create highly flexible exchange products and is easily integrated into products where asset exchange is a secondary function, such as in-app purchases and portfolio management platforms.
Main functions:
1. Blockchain - the platform supports both fungible (ERC20) and non-fungible (ERC-723) tokens
2. In the 0x protocol, liquidity recipients pay a fee in the form of ZRX tokens - this fee helps to incentivize the liquidity of market makers
ZRX implements decentralized exchange functionality, using a set of publicly verifiable open source smart contracts that work together to create a flexible, low friction trading protocol that developers can easily weave into their products.
Tokenomics and trading 0x (ZRX)
There are 1 billion ZRX tokens in total. At the moment, about three-quarters of this maximum supply is already in circulation, with only a small fraction of that amount, locked up for staking rewards.
A significant part of the total volume of the token is traded on the following major exchanges:
- Coinbase Pro;
- BitMax;
- Binance;
Unlike many protocols, 0x has never publicly described the rate of issuance of new ZRX tokens, making it difficult to determine how long it will take until the circulating supply is completely diluted.
Safety
The project is protected from attacks by the joint efforts of huge mining, Ethereum miners and a node network. This is due to the fact that ZRX runs on the basis of the Ethereum blockchain. Turning our attention to the underlying smart contracts, we know that the third version of the protocol was tested by several third-party firms that checked for any major vulnerabilities, backdoors and redundant features, including ConsenSys Diligence - no serious problems were found.