0x Protocol

0x is open-source infrastructure for swapping tokens on decentralized exchanges; ZRX is its governance and staking token.

0x is a set of open smart contracts that let apps swap tokens on decentralized exchanges without a central intermediary. It was founded in 2016 by Will Warren and Amir Bandeali. A company, also called 0x, builds paid APIs on top of it: a Swap API, a Cross-Chain API and a Gasless API. Wallets such as Coinbase, MetaMask and Phantom use them.

ZRX is the governance token. It can be staked, and the staking design shares protocol fees with market makers and their stakers. But the protocol fee has been set to zero since September 2021, so staked ZRX earns no fee rewards today. The supply is capped at 1 billion ZRX and about 85% is in circulation.

The company website reports more than $200 billion settled and 211 million transactions across 21 chains. The governance forum has been quiet: its latest topic, from November 2025, asks for staking and fees to be turned back on. ZRX trades near its all-time low of $0.0731.