Zrx

ZRX is the native utility token of the 0x protocol, an open, permissionless framework for decentralized exchange on the Ethereum blockchain. It is an ERC-20 token used within the 0x ecosystem to align incentives, pay network fees, and participate in governance of the protocol.

0x is designed to enable peer-to-peer token trades without a centralized exchange by separating liquidity provision from order routing. Market makers host relayers—nodes that publish off-chain orderbooks—while users sign off-chain orders that are settled on-chain by 0x smart contracts. The ZRX token underpins the network’s incentives and governance, with holders able to participate in protocol upgrades and parameter changes through 0x governance mechanisms.

ZRX was launched in 2017 by 0x Labs for the 0x protocol. The token has a fixed supply of 1,000,000,000 ZRX, minted at genesis, with no new ZRX created after distribution. A portion of the supply was allocated to developers, investors, and ecosystem participants to support ongoing development and liquidity.

Governance activity has been a core focus, with proposals and voting conducted by ZRX holders to influence upgrades and changes to the protocol. As a governance and incentive token, ZRX aligns stakeholders across relayers, traders, and developers within the 0x ecosystem and broader Ethereum-based decentralized exchange activity.