Well, the bear market has been tough on tokens. It’s pretty obvious if we take a look at the charts. When a coin sees the slightest hint of green, it’s worth noting. 0x has seen a flash of green in day-on-day trading, so we want to see how this compares over the year.
At the start of the year, 0x entered proceedings as the 59th most valuable cryptocurrency by market cap on January 7th, and traded at $1.45 USD. At the time, the cryptocurrency bore a total market cap of $695,907,214 USD.
Fast forward to the current state, and although 0x has gained traction in the position, it is now trading for only $0.822246 USD and bears a total market cap of $448,492,301 USD.
Looking at the stats, the token has lost a near 43% of its trading value over the past months, while its market cap has similarly diminished by approximately 35% amount.
What is 0x?
1) Welcome to the 0x twitter page 👋 0x is an open protocol that facilitates peer-to-peer exchange of digital assets on the Ethereum blockchain. pic.twitter.com/wAFi1BXxys
— 0x (@0xProject) July 16, 2018
The 0x project is a protocol which allows ERC20 tokens to be exchanged on the Ethereum blockchain. The token operates under an open public infrastructure. The main purpose of the project is to offer a completely decentralized exchange, removed from the flaws inherent to standard digital exchanges. This is critical in the cryptocurrency industry and – if it is done right – can be a gamechanger.
The system offers a remarkable efficiency on token trading and it is constantly developing. As the 0x token (ZRX) is an ERC20-based token, any Ethereum-compatible wallet will support it. 0x’s Ethereum token – the ZRX – is used to offer decentralized control over 0x protocol’s upgrade system. This means that ZRX owners have authority, proportional to how much they own, on how the protocols can be developed over time.