[{"data":1,"prerenderedAt":330},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-0x-zrx":3,"en-gb/learn/cryptocurrency-guide/what-is-0x-zrx-en-GB-seo":61,"footer-en-GB":66,"navigation-en-GB-learn-center":239,"api/learn-categories-en-GB":290},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":43,"title":5,"formattedPublishedAt":54,"geofencings":55,"category":56,"pagination":58,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is 0x? (ZRX)","What is 0x? (ZRX) | Bitstamp by Robinhood ","What is 0x? How does 0x Protocol work? Read our guide to 0x and start trading ZRX on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_0x_2png_79313e6be2_15a360349a.png","image/png",".png",1200,628,"What_is_0x_2png_79313e6be2.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-is-0x-zrx/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-0x-zrx/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-is-0x-zrx/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-0x-zrx",false,"\u003Cp>The 0x protocol provides an infrastructure for the exchange of Ethereum-based digital assets using both on- and off-chain components.\u003C/p>\n",{"url":39,"mime":12,"ext":13,"width":40,"height":41,"name":42,"alt":17},"bitstampImageUrl/What_is_0x_2xpng_f1447cc7c1_fa77365c6c.png",3840,2160,"What_is_0x_2xpng_f1447cc7c1.png",[44],{"component":45,"props":46,"content":47,"secondaryContent":51,"ctas":52,"secondaryCtas":53,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":48,"width":49,"align":50},"\u003Cp>The 0x protocol provides an infrastructure for the exchange of Ethereum-based digital assets using both on- and off-chain components.\u003C/p>\n\u003Cp>\u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">Decentralized exchanges (DEX)\u003C/a> provide places for users to swap their digital assets without needing to rely upon centralized intermediaries. The most popular DEXes operate either an automated market maker model, like Uniswap, or a decentralized order book model, like dYdX.\u003C/p>\n\u003Cp>0x (pronounced “zero ex”) provides a similar service. However, instead of posting every transaction to the blockchain—which can be resource-intensive and quickly incur large gas fees—0x uses combinations of off-chain interactions and on-chain smart contracts to facilitate more cost-effective swaps. Built on the Ethereum blockchain and other \u003Ca href=\"/en-gb/learn/blockchain/what-is-the-ethereum-virtual-machine-evm/\">EVM\u003C/a> chains, 0x allows users to exchange both \u003Ca href=\"/en-gb/learn/crypto-101/what-is-erc20/\">ERC-20\u003C/a> tokens and \u003Ca href=\"/en-gb/learn/web3/what-are-nfts-non-fungible-tokens/\">non-fungible tokens (NFTs)\u003C/a>.\u003C/p>\n\u003Cp>The 0x protocol also aggregates \u003Ca href=\"/en-gb/learn/crypto-trading/what-is-liquidity/\">liquidity\u003C/a> from over 100 other exchanges (including those like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a> and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-curve-finance-crv/\">Curve\u003C/a>) to enable the swapping of assets at the best possible price. By doing this, the system aims to minimize slippage and execute swaps at optimal prices.\u003C/p>\n\u003Cp>The ZRX token is used to fulfill two main purposes for the 0x protocol, including governance and as a medium for rewarding participants.\u003C/p>\n\u003Ch2>How was 0x developed?\u003C/h2>\n\u003Cp>0x was founded in 2016 by American entrepreneurs Will Warren and Amir Bandeali. Prior to founding 0x and its parent firm, 0x Labs, Warren studied multiple subjects including mechanical/structural engineering and robotics. He then spent time with several startups including \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-basic-attention-token-bat/\">Basic Attention Token\u003C/a> and Brave. Amir Bandeali worked as a trader at Chopper Trading and other enterprises.\u003C/p>\n\u003Cp>Warren and Bandeali published the 0x whitepaper in February 2017. The following August, 0x held an \u003Ca href=\"/en-gb/learn/crypto-101/what-is-an-initial-coin-offering-ico/\">initial coin offering (ICO)\u003C/a> that sold 500 million ZRX and raised $24 million. The 0x team has raised more than $85 million from venture capital funding, including a $70 million round led by Greylock in 2022.\u003C/p>\n\u003Cp>0x has undergone multiple revisions over its lifetime. Notably, version 4 (v4) of the protocol was approved by the community in January 2023, voted on by over 2300 ZRX holders. 0x v4 introduced DEX aggregation with the goal of improving liquidity and trade pricing.\u003C/p>\n\u003Ch2>How does 0x work?\u003C/h2>\n\u003Cp>The 0x protocol is built using a set of audited \u003Ca href=\"/en-gb/learn/crypto-101/what-are-smart-contracts/\">smart contracts\u003C/a> that operate on the \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a> blockchain, \u003Ca href=\"/en-gb/learn/blockchain/what-are-layer-2-solutions/\">layer 2 solutions\u003C/a> (like Optimism), and other chains that use the \u003Ca href=\"/en-gb/learn/blockchain/what-is-the-ethereum-virtual-machine-evm/\">Ethereum Virtual Machine\u003C/a> (like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-avalanche-avax/\">Avalanche\u003C/a> and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-fantom-ftm/\">Fantom\u003C/a>).\u003C/p>\n\u003Ch3>Makers and Takers\u003C/h3>\n\u003Cp>There are two primary sides to the 0x ecosystem.\u003C/p>\n\u003Cp>\u003Cstrong>Makers\u003C/strong> provide the “supply” side of the market by providing liquidity to the order books and wait for their order to be matched.\u003C/p>\n\u003Cp>\u003Cstrong>Takers\u003C/strong> represent market “demand.” They use the liquidity provided by Makers to swap digital assets. Although Takers can be individual users, they can also be other DeFi protocols like dYdX or even centralized exchanges.\u003C/p>\n\u003Ch3>Trade execution\u003C/h3>\n\u003Cp>In an effort to reduce blockchain gas fees and minimize slippage on trades, 0x uses a combination of cryptographically secure transactions both \u003Cem>off\u003C/em> the chain and \u003Cem>on\u003C/em> the chain. This is called \u003Cstrong>off-chain relay and on-chain settlement.\u003C/strong>\u003C/p>\n\u003Cp>A trade begins with a Maker creating an order that details which asset they are willing to swap through the 0x protocol. This provides the necessary liquidity to the market. Meanwhile, a Taker submits an order off-chain that states which asset they wish to trade and for what price. At this point, no activity has occurred on the Ethereum blockchain—and thus no \u003Ca href=\"/en-gb/learn/blockchain/what-is-ethereum-gas/\">gas fees\u003C/a> have been incurred.\u003C/p>\n\u003Cp>If the Maker and Taker orders agree on a quantity and price of an asset, the Taker submits the order to the blockchain, and the trade officially settles \u003Cem>on-chain.\u003C/em> Importantly, 0x automatically aggregates the liquidity provided by all of the Makers participating in its infrastructure to optimize trade prices.\u003C/p>\n\u003Ch3>0x product suite\u003C/h3>\n\u003Cp>The 0x protocol makes use of several main products, including:  \u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Swap API\u003C/strong> – Uses smart contracts to aggregate data from multiple DEXes for developers to integrate 0x into their \u003Ca href=\"/en-gb/learn/crypto-101/what-are-decentralized-applications-dapps/\">decentralized applications (dapps)\u003C/a>.\u003C/li>\n\u003Cli>\u003Cstrong>Orderbook API\u003C/strong> – Allows for the creation and execution of limit orders on Ethereum, BNB Chain, or Polygon.\u003C/li>\n\u003Cli>\u003Cstrong>Matcha\u003C/strong> – A “DEX of DEXes,” allowing users to make trades powered by 0x’s DEX aggregator to find the most favorable (i.e., cheapest) trade execution.\u003C/li>\n\u003Cli>\u003Cstrong>NFT Swap SDK\u003C/strong> – A multi-chain software development kit that allows developers to integrate NFT swap functionality into dapps.\u003C/li>\n\u003C/ul>\n\u003Cp>By incorporating 0x’s flexible framework, developers have built decentralized exchanges, digital wallets, derivative platforms, and more.\u003C/p>\n\u003Ch2>How is the ZRX token used?\u003C/h2>\n\u003Cp>The ZRX token is used as a governance token, so that the community can vote on proposals to improve the protocol. It is also used to reward the relayers who communicate Maker’s orders to 0x’s order book.\u003C/p>\n\u003Ch3>Token distribution\u003C/h3>\n\u003Cp>At launch, there was a maximum total supply of 1 billion ZRX tokens. Of these, 500 million ZRX were sold during the 2017 ICO, while the other 50% were allocated as follows: 15% to operational and development expenses, 15% to the 0x developer fund, 10% to the team, and 10% to initial advisors and investors. At ICO launch, it was determined that the 10% team portion of the ZRX supply would be subjected to a 4-year vesting schedule (ending in 2021).\u003C/p>\n\u003Ch2>0x essentials\u003C/h2>\n\u003Cul>\n\u003Cli>0x is a protocol that creates a framework for decentralized swapping of digital assets, which can be used by developers of decentralized exchanges and other financial products.\u003C/li>\n\u003Cli>Operating on the Ethereum blockchain and other EVM chains, 0x aggregates multiple sources of liquidity to optimize the prices at which crypto is traded.\u003C/li>\n\u003Cli>The native ZRX token is used to reward those who provide an important role to the protocol and for decentralized governance.\u003C/li>\n\u003C/ul>\n\u003Cp>This webpage has been approved as a financial promotion by Bitstamp UK Limited which is registered with the UK’s Financial Conduct Authority. Please read the \u003Ca href=\"/legal/risk-warning/\" rel=\"nofollow\">Risk Warning Statement\u003C/a> before investing. Cryptoassets and cryptoasset services are not regulated by the Financial Conduct Authority. You are unlikely to be protected if something goes wrong. Your investment may go down as well as up. You may be liable to pay Capital Gains Tax on any profits you earn.\u003C/p>\n","full","left",{"text":17},[],[],"July 29th, 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Pulse","/crypto-pulse/",{},{},{"title":180,"content":17,"items":181},"Address",[182,186,190,194],{"noFollow":36,"isExternal":36,"name":183,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":184,"geofencings":185},"Bitstamp Ltd",{},{},{"noFollow":36,"isExternal":36,"name":187,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":188,"geofencings":189},"5 New Street Square",{},{},{"noFollow":36,"isExternal":36,"name":191,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":192,"geofencings":193},"London, EC4A 3TW",{},{},{"noFollow":36,"isExternal":36,"name":195,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":196,"geofencings":197},"United Kingdom",{},{},{"title":199,"content":17,"items":200},"Contact",[201,206,210,214,218,222,227,232],{"noFollow":36,"isExternal":36,"name":202,"value":203,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":204,"geofencings":205},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":207,"value":207,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":208,"geofencings":209},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":211,"value":211,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":212,"geofencings":213},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":215,"value":215,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":216,"geofencings":217},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":219,"value":219,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":220,"geofencings":221},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":223,"value":224,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":225,"geofencings":226},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":228,"value":229,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":230,"geofencings":231},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":233,"value":234,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":235,"geofencings":236},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":240,"ready":33,"platformButtonText":286,"backButtonText":287,"logInButtonText":288,"signUpButtonText":289},[241,246,252,255,259,264,269,272,277,282],{"headerName":242,"sidemenuName":123,"url":243,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":244,"submenu":245,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":247,"sidemenuName":247,"url":248,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":251},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":138,"sidemenuName":138,"url":139,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},{},[],{"headerName":256,"sidemenuName":256,"url":111,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":257,"submenu":258,"tag":17},"Mobile App",{},[],{"headerName":260,"sidemenuName":260,"url":261,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":262,"submenu":263,"tag":17},"Markets","/markets/",{},[],{"headerName":265,"sidemenuName":265,"url":266,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":267,"submenu":268,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":115,"sidemenuName":115,"url":116,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":270,"submenu":271,"tag":17},{},[],{"headerName":273,"sidemenuName":273,"url":274,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":275,"submenu":276,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":278,"sidemenuName":278,"url":279,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Learn","/learn/",{},[],{"headerName":283,"sidemenuName":283,"url":111,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":284,"submenu":285,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[291,295,299,303,307,311,314,318,322,326],{"title":292,"url":293,"geofencings":294},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":296,"url":297,"geofencings":298},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":300,"url":301,"geofencings":302},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":304,"url":305,"geofencings":306},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":308,"url":309,"geofencings":310},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":312,"geofencings":313},"/en-gb/learn/cryptocurrency-guide/",{},{"title":315,"url":316,"geofencings":317},"People profiles","/en-gb/learn/people-profiles/",{},{"title":319,"url":320,"geofencings":321},"Security","/en-gb/learn/security/",{},{"title":323,"url":324,"geofencings":325},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":327,"url":328,"geofencings":329},"Web3","/en-gb/learn/web3/",{},1777988170975]