0x (ZRX), launched in August 2017, is a decentralized protocol on Ethereum that enables peer-to-peer token trading through off-chain order books and on-chain settlement. Designed to power decentralized exchanges (DEXs), 0x supports permissionless trading of ERC-20 tokens and NFTs. Its native token, ZRX, facilitates governance and staking.

Key Features

  • Off-Chain Order Relay: Uses relayers to manage order books off-chain, reducing gas costs while settling trades on Ethereum.
  • Open Protocol: Enables developers to build DEXs (e.g., Matcha) and integrate 0x into dApps, with ~$1T in lifetime trading volume.
  • Staking Rewards: ZRX stakers earn fees from trades, with ~30% of tokens staked.
  • Ecosystem: Trades on 160+ exchanges (e.g., Binance, Coinbase) and 200+ markets, with wallet support like MetaMask.

ZRX Token

  • Purpose: Used for governance voting, staking for market maker rewards, and protocol fees.
  • Supply: ~850M ZRX in circulation, with a maximum supply of 1B.
  • Contract Address: On Ethereum, ZRX’s contract is 0xe41d2489571d322189246dafa5ebde1f4699f498 (addable to MetaMask) CoinGecko CMC.

Who Are the Founders of ZRX?

0x was co-founded by Will Warren (CEO) and Amir Bandeali (CTO) in 2016. Backed by 0x Labs, the project raised $24M in a 2017 ICO, with support from investors like Pantera Capital and Polychain. The 0x DAO, governed by ZRX holders, now drives protocol development.

What Makes ZRX Unique?

0x stands out in Web3:

  • Hybrid DEX Model: Combines off-chain order matching with on-chain settlement for cost efficiency and security.
  • Developer-Friendly: Open-source API allows DEXs like Matcha and DeFi aggregators to leverage 0x’s liquidity.
  • NFT Trading Support: Extended to ERC-721 and ERC-1155 tokens, powering NFT marketplaces.
  • Governance Incentives: ZRX stakers earn ETH fees, aligning incentives for protocol growth.

ZRX Network Upgrades (2025)

  • 0x V5 (Q1 2025): Improved gas efficiency by 20% and added cross-chain order support via Layer-2s.
  • Matcha V2 (March 2025): Enhanced 0x’s front-end DEX with 15% faster trade execution.
  • Layer-2 Expansion (June 2025): Integrated Optimism and Arbitrum, boosting transaction throughput by 25%.

How Is ZRX Secured?

0x and ZRX are secured through:

  • Ethereum PoS: Leverages Ethereum’s Proof-of-Stake for on-chain settlement security.
  • Smart Contract Audits: Regular audits by Trail of Bits and ConsenSys ensure protocol integrity.
  • DAO Governance: ZRX holders vote on upgrades, preventing centralized control.
  • Relayer Security: Off-chain relayers use signed orders, ensuring trustless trade execution.

Conclusion

0x (ZRX) is a foundational DeFi protocol, enabling efficient, decentralized token trading with 850M circulating supply. Integrated across 160+ exchanges and powering DEXs like Matcha, 0x’s hybrid model and 2025 upgrades like V5 enhance its role in Web3. While competition from newer DEXs persists, its developer-friendly API and staking incentives make 0x a key player in decentralized finance.