What is 0x (ZRX)?

0x is an open source protocol. 0x enables peer to peer exchange of assets on Ethereum blockchain. The 0x protocol was designed as a standardized efficiency system to exchange ERC-20 tokens of various DApps.

0x is not entirely an off chain or an on chain protocol. It utilizes both approaches for best results. The off-chain relayers and Ethereum smart contracts facilitate decentralized exchange and also provide an open order book. ZRX is the native cryptocurrency of the 0x protocol. It is used as a payment form to pay off-chain relayers. ZRX token also acts as a governance token for 0x protocol upgrades.

Why Do We Need 0x Protocol?

0x is designed to enable trustless exchange. Each trade on 0x protocol is an atomic swap. It means the transfer of value occurs at the same time on both party’s end. No counterparty risk is involved. The transactions can also be processed outside of the blockchain. They are much faster and the transaction fees are much lower.

What is 0x (ZRX) Token?

ZRX token is the native crypto coin of the 0x protocol. It gives developers access to open standards for exchange of assets. It also helps in the governance of 0x protocol. ZRX also plays an important role in deciding the distribution of voting rights. The more ZRX a person owns, the larger his influence over proposed changes in 0x protocol.

ZRX Token Economics

At the time of writing this article, 1 ZRX = $0.293279 USD. The total number of ZRX coins in circulation is 597,769,457 ZRX. With a market cap of $175,313,470 USD, it is ranked as the 49th biggest cryptocurrency on CoinMarketCap.

How to Buy ZRX in 5 Easy Steps?

Step 1: Choose the mode of payment. Decide if you will buy ZRX with USD, wire transfer or with cryptocurrency. If you want to buy ZRX with fiat currency, choose a crypto exchange that accepts fiat currency as payment and buy ZRX coin from there directly. Alternatively, you can buy Bitcoin or other cryptocurrencies from an exchange that accepts USD, Credit/debit card payments, eg Coinbase. You can then use the newly purchased crypto coin to buy ZRX.

Step 2: If you have some crypto coins in your wallet, head to a non-custodial crypto exchange like Switchain. You won’t have to undergo the hassle of creating an account to trade your crypto coins on Switchain. Just pick the coin you own from the drop-down menu on the left-hand side and choose ZRX coin from the right-hand side drop down menu.

Step 3: You will see the exchange rate offered and price chart for ZRX coin. You will also see other trading pair options for ZRX coin.

Step 4: Pick the right trading pair, enter the ZRX address and your crypto address.

Step 5: Transfer the coins and confirm the transaction. It’s that simple!

Best exchanges to Buy ZRX

ZRX is listed on a number of popular exchanges like:

Binance: ZRX/USDT, ZRX/BTC, ZRX/ETH, ZRX/BNB
Switchain: ZRX/BTC, ZRX/ETH, STORM/ZRX, DNT/ZRX
ZBG: ZRX/USDT
BiteBTC: ZRX/BT
HitBTC: ZRX/BTC
Coinbase Pro: ZRX/BTC
OKEx: ZRX/USDT
Bitfinex: ZRX/USD

Where to Store ZRX?

Since ZRX is an ERC-20 token, it can easily be stored in ERC-20 compatible wallets like:

MetaMask
MyEtherWallet
Ledger Nano S Hardware Wallet
Exodus
Coinomi
Monedero

Conclusion

0x (ZRX) is a permissionless protocol which makes trading ERC-20 tokens easier and more seamless. The project has strong investor backing and their team is strong. They are keen to contribute to the blockchain industry. The native cryptocurrency of the platform is ZRX. Like other crypto coins, ZRX is also subject to volatility. Since its launch, it has seen a fair share of highs and lows. It is currently priced at $0.293279 USD. The past and the present price of ZRX cannot be considered as a parameter to predict its future. ZRX price has increased following news of new product launches, listings, and other such announcements. If you are keen to invest in ZRX, do your own research and keep an eye on the company’s upcoming announcements.

About Switchain

Switchain is an instant non custodial cryptocurrency exchange. Our user-friendly platform makes trading crypto easy and fast. We work with different cryptocurrency trading partners to guarantee the best cryptocurrency rates to our clients.

You might also be interested in:

Check out the Oxis multi-coin web wallet. Oxis is non-custodial and also allows users to exchange cryptocurrency without providing personal information. Oxis also includes fiat on-ramping.

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