0X protocol is an open-source protocol and enables peer-to-peer exchange of tokens on the Ethereum blockchain.
0X protocol is an open-source protocol and enables peer-to-peer exchange of tokens on the Ethereum blockchain. Several projects have been developed on 0X, such as Radar, ParaDex, and DeversiFi.
- The protocol is built on an off-chain order relay with on-chain settlement. Specifically, orders are signed and broadcasted on the blockchain, while settlement is done on the blockchain.
- Unlike Ethereum-built DEXs 1.0 (e.g., Oasis, IDEX), this protocol allows users to send and cancel orders without any associated gas fee, while maintaining the non-custodial feature of DEX.
- In addition, the 0X protocol allows interoperability between dApps, fostering the liquidity of networks through positive network effects.
- ZRX tokens are used for governance functions within the 0x ecosystem. They are also used by relayers to create liquidity pools.
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