Disclosure: Members of our team hold ZRX and other DEX tokens. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
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0x has undergone much change since it launched in 2017. For a detailed write up on 0x core concepts, please refer to our first report from December 2019.
Introduction to 0x
Before we get into 0x, here are a few important participants in the 0x ecosystem that you should know:
- Market Makers: Traders that add liquidity to 0x’s orderbook and earn a fee for doing so.
- Takers: Traders that utilize 0x orderbook liquidity to swap between any assets and pay a fee for doing so
- Relayers: Entities that host 0x orderbooks
- Mesh Operators: Entities operating an 0x Mesh node
Understanding the Workings of the 0x Protocol
Firstly, it’s important to restate that trade settlement on 0x is never done off-chain. All funds are settled on-chain, so users get to enjoy a non-custodial trading experience. 0x&
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