0x Protocol

0x Protocol is a decentralized exchange infrastructure layer built on the Ethereum blockchain, designed to let developers embed peer-to-peer token trading into their own applications. It addresses the fragmentation of liquidity and the complexity of building trading features by providing a shared set of open smart contracts that any application can plug into. The ZRX token is the native asset of this system, used primarily for governance.

0x routes token swaps through a set of Ethereum smart contracts that aggregate liquidity from multiple sources and settle trades on-chain, without requiring a central operator to hold funds. The protocol does not run its own consensus mechanism — it inherits finality from Ethereum — which is why the block time shown here is zero and no consensus algorithm is listed. ZRX holders can participate in governance decisions that affect protocol parameters, and the token has historically been used to pay trading fees to market makers in certain versions of the protocol.

The data stored here does not include a fee revenue figure for 0x Protocol, so fee-based measures that this site calculates for other assets cannot be applied here. What is recorded is a circulating supply of 848,396,562.906836 ZRX against a maximum supply of 1,000,000,000, meaning 84.84 percent of all tokens that will ever exist are already in circulation at the time of this snapshot. The remaining 17.87 percent of supply is pending issuance, representing the dilution overhang. Without a captured fee stream, there is no on-chain revenue figure to attribute to token holders or the protocol treasury from this data set.