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$944.3M
$197.7M
847.5M ZRX
47 days
#94
$2.53
+0.27%
-6.87%
+11.9%
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
ZRX is an Ethereum token that is used to power the 0x protocol. The protocol itself is designed to allow Ethereum tokens to be traded at a low cost directly from your wallet.
0x Protocol (ZRX) is an open-source infrastructure protocol that enables users to exchange ERC20 tokens and other assets across various blockchains, including Ethereum, without the need for centralized intermediaries. This functionality is achieved through a collection of publicly auditable smart contracts, creating a flexible, low-friction trading protocol that developers can incorporate into their products. The 0x Protocol is powered by an ERC20 governance token known as ZRX, which allows holders to participate in protocol governance and influence changes within the community treasury.
0x Protocol operates through a network of smart contracts that facilitate decentralized trading. Users can trade a wide range of assets, including both fungible (ERC20) and non-fungible (ERC-723) tokens. The protocol charges a fee in ZRX tokens for liquidity takers, incentivizing market maker liquidity. Users also need to pay a protocol fee in Ether (ETH) to cover the gas used in their transactions. As an open-source protocol, 0x does not receive any share of this revenue. Instead, it is supported by ZRX tokens unlocked as team and developer incentives, along with its initial ICO funding.
0x Protocol can be applied to a broad range of use cases. It can be used for permissionless trading of a wide variety of assets, enabling holders to exchange and transfer the majority of Ethereum assets through more than a dozen different apps. The protocol can also be used to create eBay-style marketplaces for digital goods and services, OTC trading desks, and exchange functionality for DeFi protocols. Additionally, 0x can be built into products where asset exchange is a secondary feature, such as in-game purchases and portfolio management platforms.
0x Protocol was founded in 2016 by Will Warren and Amir Bandeali. The platform was launched following an initial coin offering (ICO) in 2017, during which it collected funds amounting to $24 million. The team behind 0x Protocol is composed of more than 30 individuals, including engineers, researchers, and designers who work to update the platform and keep it running smoothly. The protocol has processed transactions amounting to over $200B since its inception, indicating its impact on the cryptocurrency trading landscape.
0x Protocol uses smart contracts to enable developers to operate a decentralized business, allowing users to trade ERC20 tokens. The protocol operates on a hybrid off-chain relay, on-chain settlement architecture. This means that orders are stored off-chain, and only trade settlement occurs on-chain, making 0x an adaptable DEX protocol. Users who create 0x orders, known as "makers", indicate the details of the order, including the tokens they wish to exchange and the price at which they are willing to exchange them. These orders can then be filled by "takers". The 0x protocol's settlement logic verifies the maker's digital signature and ensures all the conditions of the trade are satisfied. Once these conditions are met, the tokens are exchanged between the maker and taker directly into their wallets. The native cryptocurrency of the 0x network, ZRX, is primarily used in exchange for the services of the relayers and for decentralized governance of the 0x protocol.
The ZRX token plays an integral role within the 0x ecosystem, serving as a governance and staking token. As a governance token, ZRX holders have the capacity to vote on 0x Improvement Proposals (ZEIPs), which are public proposals to modify the behavior of the 0x pipeline of smart contracts. Each token equals one vote, so the quantity of tokens an individual holds determines their voting power. In terms of staking, market makers that stake ZRX tokens receive non-monetary incentives funded through a protocol fee applied to every 0x trade. The fee is denominated in cryptocurrency and deposited into a staking contract. At the end of each epoch, market makers that stake ZRX tokens collect a portion of the accumulated pool. This staking mechanism aims to encourage market makers who bring the liquidity necessary for markets to function, which is integral in expanding the overall network and facilitating market operations.
The 0x protocol seeks to address order book liquidity and trade execution by utilizing a hybrid off-chain relay, on-chain settlement architecture. Unlike other decentralized exchanges that operate solely on-chain, 0x does not store orders on the blockchain. Instead, orders are stored off-chain, and only trade settlement occurs on-chain. This feature positions 0x as a protocol that aims to provide flexibility and gas efficiency for developers. Users who create 0x orders, known as "makers", specify the details of the order, including the tokens they wish to exchange and the price at which they are willing to exchange them. If the maker of a 0x order already knows their desired counterparty, they can send the order directly to them. If the maker doesn't know a counterparty willing to take the other side of the trade, the order can be submitted via 0x Mesh to a 0x relayer. When an individual identifies a 0x order they would like to fill, they have the option to submit the order, along with the amount they want to fill it for, to the blockchain. The 0x protocol's settlement logic will verify the maker's digital signature and that all the conditions of the trade are met. Upon verification, the protocol facilitates a token swap between the maker and taker.
The off-chain order relay in the 0x protocol plays a role in aiming to improve efficiency and cost considerations of decentralized exchanges. In traditional decentralized exchanges, every transaction, including order placement and execution, occurs on the blockchain, leading to high gas fees and slower transaction speeds. The 0x protocol, however, employs an off-chain order relay system, where orders are broadcasted and stored off-chain, and only the final trade settlement occurs on-chain. This approach aims to reduce the number of on-chain transactions, thereby aiming to lower gas fees and improve transaction speed. And it provides potential for flexibility and scalability, as it enables the creation of a shared liquidity pool across multiple decentralized exchanges. This feature of off-chain relay and on-chain settlement is a solution that seeks to offer efficiency and adaptability for developers building decentralized exchanges and financial applications on the Ethereum blockchain.
The 0x protocol utilizes relayers to facilitate the trading of Ethereum-based assets. Relayers in the 0x network are entities that assist traders in creating, finding, and filling 0x orders. They maintain an off-chain 0x order book and may receive non-financial incentives for their trade facilitation services. However, it's important to note that relayers do not execute trades themselves, nor do they act as trusted middlemen. They merely provide a platform for order discovery and matching. Two types of relayers in the 0x network are "makers" and "takers". Makers are users who create 0x orders, indicating the tokens they wish to exchange and the price at which they are willing to do so. Takers, on the other hand, are users who fill these orders. The 0x protocol's hybrid off-chain relay, on-chain settlement architecture facilitates a form of trading, which is utilized in the development of some decentralized exchanges.
0x Protocol supports a variety of trading models, including both order books and Automated Market Makers (AMMs). The protocol operates on a system of Makers and Takers. Makers are entities that create 0x orders and contribute to the system's resource pool, while Takers are entities that consume the resources provided by 0x. 0x aims to aggregate resources from multiple sources, including on-chain resources from various decentralized exchanges and automated market makers, and off-chain resources from professional market makers. The protocol uses a unique feature of off-chain relay and on-chain settlement, meaning that orders are stored off-chain, and trade settlement only occurs on-chain. This feature of 0x contributes to its gas efficiency and adaptability for developers. The protocol's settlement logic verifies the Maker’s digital signature and checks the conditions of the trade, facilitating the atomic swap of assets between Maker and Taker.
Market makers on the 0x protocol commonly use strategies such as Request for Quote (RFQ) and Automated Market Makers (AMMs) to provide liquidity. The RFQ system allows professional market makers to bring centralized exchange liquidity directly to decentralized exchange users, supporting competitive pricing for medium and large trades. This system is designed to facilitate choice for market makers, enabling them to decide when and with whom they want to trade. On the other hand, AMMs are a class of decentralized exchanges that rely on mathematical formulas to price a token. They facilitate the process of providing liquidity through a completely automated process. Market makers can contribute to liquidity pools, which are smart contracts that hold pairs of tokens, allowing trading between them. These strategies aim to optimize for an efficient execution price, aim to mitigate the risks of slippage and MEV attacks, and strive to enhance the efficiency of providing liquidity.
0x Protocol is designed with the intention of facilitating peer-to-peer exchange of Ethereum-based assets. It serves as a component for developers who require exchange functionality. The protocol employs a hybrid architecture that combines off-chain relay with on-chain settlement. In this architecture, orders are stored off-chain, and only the settlement of trades occurs on-chain. This feature is intended to allow 0x to interact with other blockchain networks. For example, orders created on 0x can be submitted to a 0x relayer. These relayers are designed to assist traders in creating, finding, and filling 0x orders, thereby facilitating interaction between different blockchain networks. 0x Protocol is being developed with the intention of expanding its functionality to other blockchain networks.
The 0x protocol incorporates several security measures with the aim of enhancing the security of user transactions. It employs secure communication protocols such as HTTPS to encrypt data transmission, which helps in preventing unauthorized access. It also uses robust authentication mechanisms to ensure that only authorized users can access the API. The protocol implements rate limiting as a measure to prevent abuse and protect against DDoS attacks. The 0x protocol adheres to established practices for secure coding and undergoes regular security audits to identify and address potential vulnerabilities. It also uses smart contracts for transactions. These are self-executing contracts with the terms of the agreement directly written into lines of code, which aids in reducing dependency on intermediaries and the risk of fraud and hacking.
Numerous initiatives and projects have utilized the 0x protocol, taking advantage of its open-source, decentralized exchange infrastructure. These projects strive to incorporate exchange functionality into their applications, thereby establishing markets for various cryptocurrencies and tokens. Projects such as Maker, Augur, Request Network, Aragon, and Dharma have integrated the 0x protocol. These projects aim to make their native tokens directly tradable against other ERC-20 tokens that have also integrated the 0x protocol. The 0x protocol has been utilized with the intention of building digital wallets, options and derivatives platforms, prediction markets, and platforms for non-fungible tokens (NFTs), among others.
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829 unique individuals are talking about 0x Protocol and it is ranked #97 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, 0x Protocol has an average sentiment score of 3.2 out of 5. Finally, 0x Protocol is becoming more newsworthy, with 0 news articles published about 0x Protocol. This is a 0% increase in news volume compared to yesterday.
On Twitter, people are mostly neutral about 0x Protocol. There were 21.5% of tweets with bullish sentiment compared to 14.5% of tweets with a bearish sentiment about 0x Protocol. 64% of tweets were neutral about 0x Protocol. These sentiments are based on 200 tweets.
On Reddit, 0x Protocol was mentioned in 17 Reddit posts and there were 25 comments about 0x Protocol. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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829 people
#97
3.2 out of 5
200 people
21.5%
Bullish
64%
Neutral
14.5%
Bearish
17
25
813
870
ZRX/CAD (Canadian Dollar)
CA$1.50
ZRX/JPY (Japanese Yen)
¥166.29
ZRX/INR (Indian Rupee)
₹91.69
ZRX/BRL (Real)
R$5.58
ZRX/EUR (Euro)
€1.02
ZRX/NGN (Nigerian Naira)
NGN 1,695.09
ZRX/KRW (South Korean Won)
₩1,479.54
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The price of 0x Protocol has increased by 0.27% in the last hour and decreased by 6.87% in the past 24 hours. 0x Protocol’s price has also risen by 11.90% in the past week. The current price is $1.10 per ZRX with a 24-hour trading volume of $197.73M. Currently, 0x Protocol is valued at 56.37% below its all time high of $2.53. This all-time high was the highest price paid for 0x Protocol since its launch.
The current circulating supply of 0x Protocol is 847,496,054.803 ZRX which means that 0x Protocol has as total market cap of 847,496,054.803.
We update our 0x Protocol to USD currency in real-time. Get the live price of 0x Protocol on Coinbase.
The current market cap of 0x Protocol is $944.30M. A high market cap implies that the asset is highly valued by the market.
The all-time high of 0x Protocol is $2.53. This all-time high is highest price paid for 0x Protocol since it was launched.
Over the last 24 hours, the trading volume of 0x Protocol is $197.73M.
Assets that have a similar market cap to 0x Protocol include Chromia, Galxe, Ankr, and many others. To see a full list, see our comparable market cap assets.
The current circulating supply of 0x Protocol is 847 million.
The median time that Coinbase customers hold 0x Protocol before selling it or sending it to another account or address is 47 days.
0x Protocol ranks 46 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 68% of Coinbase users are buying 0x Protocol. In other words, 68% of Coinbase customers have increased their net position in 0x Protocol over the past 24 hours through trading.
Yes, 0x Protocol is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy 0x Protocol guide.
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