An open-source protocol to build a unique decentralized exchange on the Ethereum Blockchain, 0x allows seamless communication of ERC based tokens. With 0x, users can build DApps, integrate them with exchange platforms, and trade in Ethereum tokens. Its popularity stems from two key factors; a significantly low transaction fee and support from reputable exchanges.
The Ethereum smart contracts-based protocol enables orders to be transported off-chain which in turn considerably reduces gas costs. That’s why it is being accepted widely as a solution to blockchain bloat. With an aim to ensure that every asset gets representation on the Ethereum blockchain, it is establishing a trustless exchange between these tokens.
0x has launched Protocol V2 which enables “trading everything.” The protocol V2 was introduced on 15th May 2018, with an official announcement on Twitter and a detailed description on Medium by Tom Schmidt, Product Manager at 0x.
The new smart contract architecture of 0x is capable of supporting new token standards. It will also facilitate the trade of ERC-721 tokens. After 0x deployment on Ethereum mainnet in August 2017, ERC-20 tokens have been widely traded. Given the recent developments, the latest versions will also enable the exchange of assets like financial derivatives and token baskets.
By the time of this new launch, the initial protocol of 0x had witnessed a total volume of $183 million across more than 100K trades with over 300 unique ERC-20 tokens. The second version of 0x got deployed on the Kovan test network for all developers on 28th June 2018.
As per a recent announcement, ZRX, the 0x tokens will be available for trading against BTC and ETH on CoinX.pro at 10:00 on July 30, 2018 (UTC+8).
As per data on coinmarketcap, the ZRX tokens experienced a slight decline of 6%; 5.99% in BTC and 5.31% in ETH at press time.