0x (ZRX): Decentralized Protocol for Efficient and Flexible DeFi Trading
Date: 2023-11-13 Author: Dima Zakharov Categories: BLOCKCHAIN
1. Introduction to 0x (ZRX): Flexible and Secure Protocol for DeFi
0x (ZRX) has become one of the oldest and leading protocols in the world of decentralized finance (DeFi), providing secure and flexible settings for DeFi applications. Launched in 2017, this protocol marked a significant advancement in the development of decentralized asset exchange services, known for its reliable environment and customization capabilities.
2. History and Features of 0x (ZRX)
0x (ZRX) is one of the first and largest protocols for connecting decentralized asset exchange services. It gained prominence due to its ability to provide secure conditions for decentralized finance and flexibility in settings. In the fall of 2023, 0x experienced a surge in price and market capitalization, reactivating old ZRX coins.
3. Key Ideas and Goals of the 0x (ZRX) Project
The idea behind the 0x protocol is to become a "relay," connecting blockchains and offering low fees. This is especially crucial for the Ethereum network, grappling with high gas fees. The project aims to facilitate peer-to-peer asset exchange on the Ethereum blockchain.
4. Operation of the 0x (ZRX) Protocol: Reducing Ethereum Load
The 0x protocol (ZRX) operates off-chain from the Ethereum network. In decentralized exchanges using 0x, a trader's order is broadcasted off the ETH network, with the actual asset exchange taking place on the Ethereum blockchain. This reduces the number of operations on the ETH network, thereby decreasing the load and associated fees.
5. Additional Features of the 0x (ZRX) Protocol
0x also serves as a token registry and allows the management of open-source smart contracts. Any developer can create and manage their exchange service using 0x. The decentralized prediction market Augur and content creator platform with monetization, Publish0x, are built on this protocol.
6. ZRX Cryptocurrency: Role and Purpose
The ZRX token serves as compensation for nodes and participates in improvement-related voting for the 0x project. Additionally, it can be traded on exchanges, making it a vital instrument in the 0x ecosystem, ensuring stability and voting for further development.
