We’re continuing our listing sequence with the launch of the 0x (ZRX) market. On July 28, we’ll kick off 0x (ZRX) deposits and ZRX/USD trading. We’ll enable withdrawals shortly thereafter and will inform you when we do.
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📚 About 0x and the ZRX token
0x is a blockchain protocol and platform for the direct decentralized exchange of Ethereum-based tokens. It enables trustless trading of any ERC-20 token pairs without setting up an exchange and without paying excessive gas to the blockchain in multiple trading transactions.
The 0x ecosystem keeps it simple with a single token, ZRX. It’s used for staking with reliable decentralized market makers, token exchange rewards on the platform, and governance of the 0x protocol.
Unlike other decentralized exchange (DEX) providers that take a commission for all transactions, 0x-based exchanges pay out ZRX tokens. So, users can trade or stake these tokens within the platform.
🙌 What problem does 0x solve?
Historically, converting among ERC-20 tokens has been a complex task. On centralized exchanges, direct markets exist only for the very top trading pairs that make economic sense. On decentralized exchanges, the selection of trading pairs is usually much bigger. However, direct trading of pairs that aren’t shortlisted is quite difficult. The reason for it is that it requires manually selecting tokens and/or their smart contracts and the presence of other market players that want to trade such a pair.
Additionally, there are some other factors that work against centralized exchanges and classic DEX platforms. In particular, it’s the need to go through KYC procedures with centralized exchanges and to pay multiple excessive fees and gas with DEX platforms.
💡 What is the innovation in 0x?
The 0x project provides a smart contract ecosystem that brings the direct trading or exchange of ERC-20 tokens down to a single transaction. Apart from the immediate availability of any possible trading market, 0x offers the cheapest trading in terms of Ethereum gas expenses.
The project is built in a way that allows other exchanges to use its parts. For example, an exchange can provide its own user interface to traders and use the 0x core under the hood to run trading cheaply.
🧬 Ecosystem
There are a few user roles in the 0x platform:
- Makers put their trading offers into the stack.
- Takers select needed trades, sign them, and send them to the 0x smart contract as a transaction.
- Relayers host and maintain the order book. It needs to be stored off-chain to make sure the ecosystem pays as few fees as possible. Relayers are incentivized with ZRX tokens.
- Stakers delegate their ZRX with the market makers or relayers to support their trustfulness. After successful trades, stakers receive a share in ETH payouts. Stakers can also vote with their ZRX tokens in the decentralized governance process related to platform updates.
🤝 Adoption
According to the 0x project, over 30 projects have already been built using the 0x blockchain protocol. 0x is aiming to serve the needs of various industries from financial markets to entertainment. Some use cases of this technology include crypto derivative platforms and decentralized prediction markets, decentralized lending. Tokens are also used for economic mechanisms for maintaining the stability of stablecoins. In the gaming industry, 0x is used for item tokenization and in digital art with non-fungible tokens.
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Note: Please be aware that ZRX is currently available to all non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please study the asset on your own before making any investment or trading decisions.