At one time, before the active adoption of decentralized finance and DeFi protocols, developing a decentralized currency, the creators of 0x (ZRX) had to use centralized platforms to store users' assets. This is insecure because there is a threat of hacking. It is enough to recall cases of hacking and theft of funds from wallets.
Features of the 0x protocol
The 0x protocol was initially created based on Ethereum but later got its blockchain network. It has open-source code that other developers can use. The protocol is fundamentally different from centralized marketplaces. It allows developers to create their own DEX (decentralized exchanges). Such platforms do not require the user to register because it is a protocol, not software. Where no registration is required, there are fewer opportunities for hacking.
The maximum issue of ZRX tokens is 1 billion, 847 million of which are in circulation. Any person or organization can use ZRX tokens; it is enough to purchase them. The tokens are transferred in a fast and maximally secure mode in the smart-contact system.
Buying and selling
Token exchange (buying and selling) is carried out on specialized exchanges or in exchangers.
Examples of exchanges with ZRX support:
Of course, before making exchange transactions, it is worth looking at the exchange rate and commissions offered by a particular service for the operation. Entering and withdrawing funds on exchanges is only sometimes with additional commissions, which is also essential. ZRX cryptocurrency is usually displayed on charts compared to the dollar, euro, bitcoin and ethereum rates.
It is also essential to consider that platforms often offer to first exchange fiat currency for USDT and then - for another, less popular cryptocurrency. You can transact directly with exchangers, but the rate may be less favourable.
Buying ZRX on exchanges is recommended to immediately solve the issue of storing cryptocurrency. Exchange wallets are only one of the most reliable solutions, especially if the owner has decided to use cryptocurrency to store funds. Expecting that the system tokens will increase in value, it is better to keep cryptocurrency on a separate wallet, for example, a hardware wallet.
Risks of buying and holding coins
The cost of project tokens depends on the capitalization and turnover of the system. At one time, with the growth of investments and the development of projects based on the 0x protocol, the cost of the cryptocurrency increased (the maximum level of $ 2.5 was reached in 2018).
For 2023, the cryptocurrency is much less in demand due to the high competition in the DeFi field. They give $0.19 for it, and the project is in 183rd place in market capitalization.
The advantages of the project, however, have not gone away:
- the protocol solves the problems of centralized systems;
- increases market efficiency;
- developers are actively involved in the development of the system;
- all the advantages of blockchain systems - decentralization, lack of trust requirements, etc.
ZRX does not require trust: each exchange procedure is essentially an atomic operation in which counterparties do not participate. The sender can be sure that the funds will be transferred to the recipient. Transactions are made over a distributed network without a single point of failure. The system allows you to make transactions quickly without any delays.
Founders attract partners ready to develop their projects based on 0x. Cryptocurrency is inseparable from the protocol that underlies it. Therefore, considering ZRX as a medium of exchange separate from a decentralized platform is inappropriate.
Transactions with ZRX are made on-chain, but part of this procedure is carried out off-chain. This significantly reduces gas costs. Gas - certain expenses incurred by the sender for the tokens to be included in blocks and sent. When carrying out operations bypassing the standard scheme, costs are reduced. This makes the use of 0x tokens more profitable.
The assets of the system are cryptographic tokens. However, the developers claim that all assets and goods will be tokenized in the future. This opens up new possibilities for users. Any user can become a relayer, use the system, and engage in cryptocurrency exchanges.
About the cost of tokens
Accurate information about how much it will cost to exchange fiat currency for a certain amount of ZRX can only be obtained empirically - the numbers will depend on the site, the currency used, and the amount of ZRX that the user wants to receive.
Our monitoring will help you find the most profitable options for the price and the safest exchange offices.