After the decline in 2021 and 2022, the cryptocurrency market again brought a smile on the faces of investors in November 2023 and gave a lot of scare to the investors. One of the hottest emerging projects recently is the 0x protocol and its native token ZRX. So what is ZRX coin?
What is 0x protocol?
The 0x protocol is an infrastructure protocol that facilitates the decentralized exchange of ERC20 tokens and other assets on the Ethereum blockchain. This protocol allows users to interact directly with each other without the need for central intermediaries.
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Using smart contracts that are open source and therefore can be audited by anyone, it provides a flexible and low-friction trading protocol that can be easily integrated into developers’ products.
On the other hand, 0x is used by various Web3 applications such as wallets, decentralized exchanges, and portfolio tracking applications.
0x contributes to the expansion of decentralized finance by providing developers and users an efficient and secure trading experience within the Ethereum ecosystem.
What is ZRX coin?
What is ZRX coin? ZRX Coin is the native cryptocurrency of the 0x protocol and is built on the ERC20 standard on the Ethereum blockchain. Along with these, ZRX plays a fundamental role for both governance and business transactions within the 0x ecosystem.
As part of the decentralized exchange functions of the 0x protocol, users can use ZRX to trade on the platform and also gain the right to vote on the future direction of the platform.
As a result, ZRX holders can actively participate in the governance processes of the 0x protocol and vote on changes to the protocol. This functionality gives ZRX token holders the power to directly influence the development of the platform and makes them an important participant in the world of decentralized finance (DeFi).
Additionally, ZRX is also used to pay transaction fees and provide incentives to liquidity providers (market makers) in the 0x ecosystem. These features make the ZRX coin much more than just a store of value, making it an integral part of the functioning of the 0x protocol.
Now that we have answered the question what is ZRX coin, let’s learn more about this project!
What is the project of 0x protocol?
The project of 0x Protocol aims to provide the infrastructure needed to build decentralized exchanges (DEXs) and other financial applications on the Ethereum blockchain.
Founded in 2015 by Will Warren and Amir Bandeli, the protocol is built on a series of smart contracts that enable the exchange of tokens without the need for central intermediaries.
The main goal of the 0x protocol is to create a more efficient, transparent and accessible trading environment in the cryptocurrency market. The protocol enables secure and low-cost transfers of various Ethereum-based assets (such as ERC20 and ERC-721) between users. This makes 0x an ideal infrastructure for DEXs, portfolio management tools, and many other Web3 applications.
Additionally, the 0x protocol provides a platform to developers and projects where they can easily create their own custom exchanges or trading applications.
In short, the 0x protocol provides an innovative and flexible infrastructure that enables trading and exchange within the Ethereum ecosystem in a decentralized and user-friendly manner.
What does ZRX coin do?
Actually, we explained above what the ZRX coin is for. But let us explain in a little more detail.
As we just mentioned, the ZRX coin plays a fundamental role in the governance and operating mechanisms of the 0x protocol. The ZRX token entitles users to participate in governance processes within the 0x ecosystem and vote on protocol changes. It is also used to pay commissions and incentives on trades executed on the 0x protocol, acting as a tool to incentivize liquidity providers (relayers).
What was the highest point seen by the ZRX?
ZRX coin reached its all-time high of $2.53 on January 09, 2018.
What is the lowest level seen by ZRX?
Shortly after its launch, the ZRX coin fell to an all-time low of $0.104 on August 16, 2017.
How much supply of ZRX?
The total supply of ZRX coin is 1,000,000,000 ZRX and its maximum supply is limited to that amount.
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