Overview of 0x Protocol (ZRX)
0x Protocol (ZRX) is a cryptocurrency launched in 2017, designed to facilitate the peer-to-peer exchange of Ethereum-based assets. It operates as an open protocol, enabling decentralized exchanges and applications to leverage its infrastructure for liquidity and trading. The native token, ZRX, is used for governance, staking, and paying transaction fees within the ecosystem.
As of the latest data, the price of ZRX is $0.2188, with a 24-hour trading volume of $16.4 million. The market capitalization stands at approximately $185.7 million, ranking it #188 among cryptocurrencies. The circulating supply is 848,396,563 ZRX, with a maximum supply capped at 1,000,000,000 tokens.
Key Market Data and Performance
ZRX has experienced a -4.79% change in value over the past 24 hours, with a trading range between $0.2184 and $0.2300. Compared to its all-time high of $2.32, the current price reflects a decrease of -90.58%. Over the past 30 days, ZRX reached a high of $0.2633 and a low of $0.1929, showing volatility typical of the cryptocurrency market.
When compared to other cryptocurrencies launched in 2017, ZRX demonstrates above-average trading volume. The average 24-hour trading volume for 445 cryptocurrencies from that year is $6.36 million, while ZRX averages $16.4 million, indicating sustained interest and activity.
Technical Indicators and Analysis
Several technical indicators provide insights into ZRX's market behavior:
- RSI (14): 51.44 (Neutral)
- Commodity Channel Index (20): 6.19 (Neutral)
- Average Directional Index (14): 49.89 (Neutral)
- Moving Averages: Most short-term and long-term SMAs and EMAs indicate a "Sell" signal, suggesting downward pressure on the price.
These indicators help traders assess market sentiment and potential price movements, though they should be used in conjunction with other analysis methods.
Historical Performance and ROI
ZRX's initial coin offering (ICO) took place from August 15 to August 20, 2017, raising $24 million at a price of $0.048 per token. This represents an ICO ROI of +355.83% based on the current price.
However, recent performance shows mixed results:
- 3-Month ROI: -5.97%
- 6-Month ROI: -58.91%
- 12-Month ROI: -32.51%
Volatility metrics indicate significant price fluctuations, with 12-month volatility at 94.50%. The maximum drawdown recorded was -95.55%, highlighting the asset's high-risk nature.
Ecosystem and Use Cases
0x Protocol is built on the Ethereum blockchain and serves as a foundational layer for decentralized finance (DeFi) applications. Its primary use cases include:
- Decentralized Exchanges (DEXs): Providing liquidity and trading infrastructure for DEXs like Matcha and others.
- Governance: ZRX holders can participate in protocol upgrades and decisions through a decentralized governance model.
- Staking: Users can stake ZRX tokens to earn rewards and contribute to network security.
The protocol has facilitated over 17,764 transactions in the past 30 days, averaging 592.13 daily transactions, demonstrating active usage.
Team and Development
The project was co-founded by Will Warren (CEO) and Amir Bandeali (CTO), with key contributors like Alex Xu (Director of Operations) and Fabio Berger (Senior Engineer). The team has focused on expanding the protocol's capabilities and adoption within the DeFi ecosystem.
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Frequently Asked Questions
What is 0x Protocol (ZRX)?
0x Protocol is an open-source protocol enabling decentralized trading of Ethereum-based tokens. The ZRX token is used for governance, staking, and fee payments within the network.
How does ZRX compare to other DeFi tokens?
ZRX focuses on providing liquidity and infrastructure for decentralized exchanges, whereas other DeFi tokens may serve different purposes like lending or yield farming. Its unique value proposition lies in its protocol-level functionality.
What factors influence ZRX's price?
Price is influenced by overall market trends, adoption of decentralized exchanges, protocol upgrades, and broader developments in the Ethereum and DeFi ecosystems.
Is ZRX a good investment?
As with any cryptocurrency, ZRX carries investment risks due to its volatility. Potential investors should conduct thorough research and consider their risk tolerance before investing.
Where can I buy and store ZRX?
ZRX is available on major cryptocurrency exchanges and can be stored in any Ethereum-compatible wallet, including hardware wallets for enhanced security.
How does staking work for ZRX?
Staking involves locking ZRX tokens in a smart contract to earn rewards. This helps secure the network and allows participants to share in protocol fees.