0x

0x (ZRX) is an open-source protocol developed on the Ethereum blockchain that facilitates frictionless peer-to-peer exchange of ERC20 tokens. The protocol operates on an open standard and serves as a common building block, driving interoperability among decentralized applications (dApps) that incorporate exchange functionality. It's designed to be unopinionated, meaning it doesn't impose unnecessary costs on users or favor any particular group.

0x protocol is used to execute trades through a system of Ethereum smart contracts that are publicly accessible and free to use. Any dApp can leverage these contracts to access public liquidity pools or create their own liquidity pool, and apply transaction fees on the volume of transactions. It also utilizes a decentralized governance system, which allows continuous and secure integration of updates to the protocol without disruption to its users or dApps built on top of it.

The 0x's native token, ZRX, is used by market participants to pay transaction fees to Relayers (entities that host and maintain public or private order books). Additionally, ZRX tokens are used for decentralized governance, providing the token holders with voting rights on proposed updates to the protocol. This helps maintain the fairness and balance within the 0x ecosystem.