0x Protocol: An Old Pony With New Tricks

APR 29, 2021 • 5 Min Read

Ashwath Balakrishnan

Disclosure: Delphi Ventures has invested in UNI and SUSHI. Members of our team also hold those tokens in addition to ZRX. 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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The vast majority of DEX volumes are currently generated by automated market makers (AMMs) like Uniswap, Sushiswap, and Curve. 0x stands alone as the only orderbook-based DEX live on Ethereum with meaningful spot volume. It accomplishes this by leveraging a hybrid on-chain/off-chain design to enable orderbooks and low latency trading.

That’s not the only thing that makes 0x unique. It’s one of the oldest and, perhaps as a result, underappreciated DeFi projects in the space. Without going into too much depth, I’m going to highlight a few notable data points to pay attention to for 0x. For a deeper understanding of the protocol’s inner workings and how it’s changed over the past few years, I recommend checking out our previous posts on the topics – November 2019, March 2020, and April 2020.

2020 was a breakout year for DEXs, and 0x was no exception to this. The launch of Matcha, an in-house front end for 0x’s aggregation product,

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