0x (ZRX) is an open protocol that is designed to offer a decentralized exchange as part of the Ethereum blockchain
Essential details:
- With respect to 0x protocol, it uses a message format that allows 2 different users (maker and taker) to directly exchange tokens between each other instead of having to use a third party
- Core functions of the 0x protocol consist of a message format and smart contracts
- This token is how users pay relayers’ trading fees
- It is also primarily a decentralized form of governance for the 0x protocol’s upgrade system since upgrades are necessary
- who own ZRX tokens can have a contribution to the improvements of the 0x protocol that is proportional to the amount they owned