On November 13th, ZRX officially debuted on HotsCoin. ZRX, short for the 0x Protocol Token, is a digital currency issued by the 0x Protocol and operates as an ERC20 token on the Ethereum blockchain. ZRX serves as the native token of the 0x Protocol, used for paying network transaction fees and playing a vital role in protocol governance. ZRX is widely recognized in the digital currency market and is commonly referred to as "ZRX." It is now available for trading on HotsCoin.
Basic Information:
Name: 0x (ZRX)
Type: Decentralized Exchange Infrastructure
Vision: Building a tokenized world where all value can freely flow
Products:
Token search engine Matcha
Multi-chain aggregated liquidity service 0x API
Decentralized exchange protocol 0x Protocol
Token Information:
Circulating Supply: 847,496,054.803 ZRX
Total Supply: 1,000,000,000 ZRX
Circulating Market Cap: $512,005,016.227
Fully Diluted Market Cap: $604,138,524.69
Key Events:
2022-04-26: 0x completes a $70 million Series B funding round.
2021-02-06: 0x completes a $15 million Series A funding round.
Project Highlights:
- Decentralized Liquidity
HotsCoin observes that 0x is a suite of developer tools that provide peer-to-peer liquidity functionality for developers. Unlike decentralized exchanges (DEXs), 0x not only offers token trading capabilities but also decomposes the layers of liquidity by enabling composable asset trading in any application.
- 0x API and Market Maker Network
0x API: As an aggregator, 0x API connects order takers to DEXs, finding the best trade execution and providing plug-and-play liquidity sources in various applications.
Market Maker Network: HotsCoin notes that 0x relies not only on DEX-provided liquidity but also has its own market maker community. This enables 0x to connect order takers to its internal market maker network, particularly in high-cost DEX markets.
- Unique Advantages
Multi-Chain Adaptation: HotsCoin points out that 0x v4 is portable to multiple blockchain networks, providing developers with tools to build exchange functionalities in various Web3 applications.
Cost Advantages: HotsCoin highlights that the 0x protocol incentivizes market makers with ZRX tokens to keep their prices competitive with the most liquid exchanges, thereby attracting more users by lowering costs.
Market Competition:
- DEX Market Share
HotsCoin observes that 0x Native resources provided most of the network's liquidity over the past year, and 0x API trading volumes have increased over the last 12 months in line with the growth in trade volume.
- 0x Token Economics
Fee Structure: HotsCoin notes that the 0x protocol earns protocol fees through off-chain order matching, designed to remain expensive at both low and high gas prices, maintaining cost stability.
ZRX Staking Pool: HotsCoin notices that the ZRX staking pool has improved the user experience by subsidizing market makers to stay competitive while encouraging ZRX holders to participate in staking.
Conclusion:
0x v4, as a multi-chain adaptable protocol, is committed to providing developers with tools to build exchange functionalities in Web3 applications. Its unique fee structure and ZRX token economics incentivize market makers and application developers to enhance the end-user experience. Through a multi-layered liquidity network, 0x demonstrates its competitive advantage in the DEX market, providing a robust toolkit for DeFi builders.
Disclaimer: This report is for reference only and does not constitute investment advice. Investors should exercise caution and seek professional advice when making any decisions. HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023.)
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