What is 0x Protocol?
0x is an open-source liquidity aggregator protocol on Ethereum, Polygon, Optimism, BNB Chain, Avalanche, Fantom, and Celo.
Background
Will Warren and Amir Bandeali founded 0x Protocol in 2017.
How Does It Work
0x helps facilitate DEXs and DeFi applications by providing a decentralized global P2P order book. The secure smart contracts provided by 0x serve as an open standard building block for developers. 0x also launched a DEX aggregator, Matcha, using its API. Matcha searches across the DeFi landscape, providing the best prices and reducing slippage for traders.
$ZRX is both the utility and governance token of 0x. Users of 0x’s order book must pay fees in $ZRX to nodes, or relayers, to make, fill, or cancel transactions. ZRX holders can also participate in the governance of the Protocol. Holders can vote on proposals put forth by the project team on the development of the Protocol.
Key Takeaways
- 0x Protocol conducted an ICO in 2017, selling half the token supply and raising $24M.
- $ZRX was the first ERC-20 to trade on Coinbase.
- 0x Protocol is present on Ethereum, Polygon, BSC, Avalanche, Fantom, Celo, Arbitrum, Optimism, and Base.
