What is 0x (ZRX)?
0x (ZRX) is a protocol that provides the plumbing for on-chain asset swaps, embedding itself into wallets and DeFi applications rather than operating as a standalone exchange. It acts as a swap engine: users often complete trades through their wallet's built-in feature without seeing 0x's name, while the protocol routes the order to the best available price across dozens of liquidity sources.
What ZRX does within the protocol
ZRX serves two on-chain purposes. Holders can vote on protocol upgrades and parameter changes, giving the community a say in its direction. Market makers, on the other hand, stake ZRX as a signal of reliability and to gain access to a share of the protocol's fee flow. The token itself lives on Ethereum as an ERC-20 asset.
How the swap infrastructure stands apart
Instead of storing every order on chain, 0x keeps orders off-chain and only settles them on chain at the moment of matching. This cuts the gas cost per trade significantly. Its Swap API scans automated market maker pools alongside binding quotes from professional firms in a single call, so the user gets the lowest-slippage execution without leaving the app. For a developer, one integration opens a door to broad liquidity. The project was founded by Will Warren and Amir Bandeali in 2017 and has a fixed supply of 1 billion ZRX; all early-investor and team vesting schedules have already concluded.
