Rank: 181
Founded in 2017, 0x is an open protocol that powers the peer-to-peer exchange of assets on the Ethereum blockchain in a decentralized way. A protocol is a set of rules used by two or more parties to make it easy to communicate with each other. In 0x’s case, the protocol is a message format for two parties to exchange tokens, directly between each other, without having the need to rely on a third-party exchange to handle the transaction between them.
By utilizing the 0x protocol, developers can build their own applications for a wide range of functions. To conduct over-the-counter trading of tokens that are issued on the Ethereum blockchain. But also for data storage, prediction markets, and various other use cases.
The ZRX tokens are also used to implement decentralized management of the 0x protocol update mechanism, which allows for the replacement and improvement of the underlying smart contracts.
ZRX is the native token of 0x. It is used to charge fees for relayers. But ZRX is primarily a governance token that allows holders to stake their ZRX, share in their staking pool’s protocol fees, and vote on governance proposals. To learn more about their governance model, check their roadmap here.
