how the 0x zrx protocol worked
the protocol set up a system of makers takers and relayers makers were the users who placed orders on the exchange proxy and waited for a match providing liquidity takers placed orders that were immediately matched removing liquidity relayers were network participants who maintained the order book acting similarly to an exchange the 0x protocol s message format was composed of a set of data fields that carried vital information such as the digital asset or token to be traded the price value of the transaction the expiration time and the defined identities of the transacting parties 7smart contracts took care of the necessary business logic for generating sending receiving and processing the data linked to the trading activity zrx was 0x s native governance and staking token zrx owners had a say in how the protocol evolved and token holders could also stake their tokens to earn eth the ethereum token ether liquidity rewards the future of 0x zrk 0x s future is somewhat unclear as its market cap and price have continued a general downward trend since its introduction having been shut down by regulators in 2023 the protocol and its few remaining fans don t have many options unless it transitions from exchange services or registered with the cftc 