0x – a reference to the first two characters in all Ethereum addresses – is a protocol built on top of the Ethereum network designed to make it easier for people to create decentralised exchanges (DEXs).
Rather than being a DEX itself, 0x provides the infrastructure for other actors (known as ‘relayers’) to build their own markets; think of it as the DEX equivalent of HTTP. They do this by offering networked liquidity, so that all markets operating on the 0x protocol can share the liquidity of a common pool of assets. Currently, 0x offers market functionality on Ethereum, Polygon/Matic and Binance Smart Chain.
ZRX is the native token of the 0x project. It’s used to pay for usage and transaction fees on the network, as well as offering holders the ability to vote on changes to the 0x protocol. ZRX is distributed to holders who improve market making by staking their tokens in specialised staking pools, as well as those who stake their tokens to verify transactions on the network.
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