0x (ZRX): Price Updates, Recent Developments, Future Events, Community
- ZRX, the native token of 0x, an infrastructure protocol on , jumped more than 60% in a lackluster market.
- The ZRX rally comes after Coinbase (NASDAQ:) announced that it would use the 0x protocol to build its social NFT platform.
- Nested, a game-changing social trading platform, also relies on Ox’s state-of-the-art infrastructure.
- Offering up to 54% gas efficiency on Ethereum, Ox Labs announced that work is underway to integrate other chains supported by Ox.
0x, often referred to as ZRX, is an infrastructure protocol that allows platform users to easily trade ERC20 tokens and other Ethereum blockchain assets without relying on centralized intermediaries like traditional crypto exchanges. .
To operate as a decentralized exchange, 0x uses a collection of open-source, publicly auditable smart contracts that are known to work together to produce low friction. So why is there so much buzz around 0x?
The spotlight was on the 0x protocol, as its native token ZRX, which surged over 60% on Thursday, April 21. This is ZRX’s best one-day performance since February 2021, when it rallied in the broader alt-coin merger.
The pump sent the ZRX price up to $1.18, setting a new five-month high. The rally saw the market capitalization of 0x (ZRX) surpass $800 billion and enter the top 100 cryptocurrencies.
The seven-day price chart of Ox (ZRX). Source: commercial view
After its remarkable spike, 0x (ZRX) is correcting, down more than 10% in the past 24 hours. ZRX now trades at $0.900657 and is ranked 97th among cryptocurrencies, with a market capitalization of $761 million.
The 24-hour price chart of Ox (ZRX). Source: commercial view
The recent 50% rally in 0x (ZRX) follows a partnership between Coinbase NFT and the 0x protocol. 0x has announced that its infrastructure will be used to power Coinbase’s (COIN) non-fungible token (NFT) market.
Coinbase said its new social marketplace for NFTs will use the “powerful multi-chain NFT exchange support” of the 0x protocol. In addition, the Coinbase NFT marketplace will benefit from the gas efficiency of the 0x protocol, which can reach 54%.
The 0x protocol will also allow Coinbase NFT to reward creators with instant royalties and free, non-custodial listings. Will Warren, the co-founder of 0x Labs, said the partnership will help “unlock a massive wave of new users into the blockchain space.”
Its partnership with Coinbase comes two months after Ox Labs rolled out 0x Protocol v4 NFT exchange support to the Ethereum mainnet. The update introduced creator-centric features and gas efficiency, making NFT swaps on Ethereum very cheap.
In mid-March, Ox Protocol announced that the all-time token value traded on its platform exceeded $150 billion, placing it among the largest decentralized exchanges today.
0x was also chosen by Nested, a revolutionary social trading platform aimed at socializing DeFi, to power its NFT platform. Nested writes that Ox’s cutting-edge service can handle its innovative approach to trading and its exploitation of NFT technology “like child’s play”.
Events to come
0x stands to benefit from the partnership with Coinbase, as the latter is ranked as the second largest crypto exchange in the world by trading volume. This could see the 0x protocol infrastructure find more mainstream use.
While rolling out 0x Protocol v4 NFT exchange support, 0x Labs announced that work is underway to integrate other 0x supported chains – Binance Smart Chain, Polygon, Fantom, Celo, Optimism – “very soon”.
on the reverse
- The rally from 0x may be unsustainable due to the unfavorable macro backdrop.
- Crypto market sentiment is generally bearish due to the strengthening US Dollar and rise in US interest rates.
Despite having one of the most robust feature sets of any NFT exchange protocol, the 0x protocol has been largely under the radar. However, with the recent pump, there has been a resurgence in the 0x community, cheering the ZRX on for bigger gains.
Crypto trader @Gold_Cryptoz, predicted ZRX’s pump. Shortly after the announcement of the Coinbase NFT partnership, he wrote;
People sleep on it… It’s actually amazing how long the market gives people to get in. #ZRX $ZRX https://t.co/eWKlwnaLUo
— GOLD (@Gold_Cryptoz) April 20, 2022
Anticipating more gains, @BastiirMatt, wrote;
It’s kind of a summer $10 ZRX.
— Bastiir (@BastiirMatt) April 20, 2022
Impressed with the 0x protocol, @Cordoober wrote on Twitter (NYSE:);
$ZRX $10? One of the most powerful multi-chain NFT exchange support systems and the most robust feature set of any NFT exchange protocol, $ZRX is by far the clear best choice to power the new market @ coinbase NFTLast chance to buy below $1…don’t say i didn’t tell you
— Jonathan Cordoba CEO CarBuddy, Co. (@Cordoober) April 21, 2022
Why You Should Care
0x’s cutting-edge service, which offers competitive pricing, low return rates, and fast response time, is starting to catch the attention of developers with the DeFi and NFT spaces. Its phenomenal partnership with Coinbase could also boost the price of ZRX.
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