| Stat | Value |
|---|---|
| Ticker | ZRX |
| Price | $0.11 |
| Market Cap | $92.31M |
| 24h Change | +2.5% |
| Circulating Supply | 848.40M ZRX |
| Max Supply | 1.00B ZRX |
| All-Time High | $2.50 |
| Contract (Ethereum) | 0xe41d...f498 |
What Is 0x Protocol?
0x Protocol is an open-source, decentralized exchange (DEX) infrastructure layer that enables peer-to-peer token trading via off-chain order relay and on-chain settlement. Rather than being a DEX itself, 0x is a protocol and API layer that powers DEXes, aggregators, and trading applications. 0x’s Matcha DEX and 0x API are among its most prominent consumer-facing products.
How 0x Works
Off-Chain Order Books: Makers sign orders off-chain (no gas required). These signed orders are broadcast through “relayers” — entities that host order books and match buyers with sellers. Only the final settlement happens on-chain, reducing gas costs dramatically compared to purely on-chain AMMs.
On-Chain Settlement: When a taker fills an order, they submit the signed maker order to the 0x smart contract, which verifies the signature, checks order validity, and atomically executes the token swap.
0x API: Provides a DEX aggregator interface that sources liquidity from Uniswap, Curve, Balancer, Kyber, and other DEXes — routing orders to minimize slippage. Integrated by MetaMask Swaps, Zapper, Coinbase Wallet, and many others.
ZRX Token
ZRX is 0x’s governance token:
- Governance: ZRX holders vote on 0x DAO decisions, including 0x Protocol upgrades and treasury grants
- Market maker staking: Historically ZRX was staked by market makers to earn liquidity rewards — this mechanism has evolved over protocol versions
- Fee discounts: Users pay protocol fees in ETH, with ZRX stakers receiving a share
Industry Role
0x was one of the earliest DeFi infrastructure protocols (launched 2017), predating most DEXes. Its “off-chain relay, on-chain settlement” design influenced subsequent DEX and aggregator architectures across the industry.