0x Protocol

0x Protocol is an open exchange infrastructure that enables token trading on Ethereum and other EVM-compatible blockchains. Wallets, decentralized applications and payment services can add swap functionality to their own interfaces through the 0x APIs; Matcha, the project's consumer-facing aggregator, is also built on this infrastructure. ZRX is the token issued on the Ethereum network and used in the protocol's governance.

The system rests on the idea that orders are signed off-chain and written to the blockchain only at the moment of execution. When a swap request comes in, 0x scans liquidity pools on decentralized exchanges and quotes from professional market makers, then splits the trade along the most suitable route. ZRX holders can vote on proposals concerning protocol changes; this governance participation is the token's core role.

The ZRX price may move with factors such as trading volume in applications that use 0x infrastructure, competition among decentralized exchange aggregators, the token's limited use beyond governance and overall risk appetite in the crypto market. The US dollar price shown for ZRX on Lzzo.com is derived from its USDT pair on Binance and converted into dollars at Coinbase Exchange's USDT/USD rate; the chart on the page follows the same series.