ZRX Coin: An Open-source Protocol Facilitates P2P Exchange
As the native token of the 0x exchange, ZRX coin has proven popular with those using the Ethereum blockchain. Its price history has been relatively stable with a couple of spikes since it launched. However, does ZRX have a future as a hot investment trend, given its relatively limited scope?
Let’s find out.
ZRX Coin Review
Price History and ZRX price prediction
Making a ZRX price prediction requires something of a history lesson on the cryptocurrency itself. Since a relatively low $0.22 with the ICO back in August 2017, ZRX has seen two distinct periods of stability, alongside two distinct periods of growth.
Initially, ZRX had a quiet time of it with the currency seeing little movement – going from roughly $0.17 to $0.25 by the end of 2017. 2018 though saw a massive increase, with ZRX hitting an all-time peak at just shy of $2.48 in January of that year.
Despite that good start, 2018 would turn out to have mixed fortunes for ZRX, with the despondent low of March canceling out the high of January. During this period, ZRX fell to $0.44 before making a modest recovery to $1.87 in May. That was then offset by a fluctuating downward trend to the back of December, slumping to around the $0.30 mark.
However, the price bucked its volatility trend and remained stable over the following two years. From December 2018 to January 2021, ZRX mostly lingered around the $0.20 to $0.30 mark, recording a high of $0.73 and a low of $0.14. 2021 though saw ZRX rise to $2.30 in April, before yet another fluctuating downward trend which has seen it drop to the current price of $0.56 at the time of writing.
Yet, if the future price of ZRX follows all its prior trends, and if calm follows chaos, we could once more be entering a period of relative stability where the currency becomes available to you at a reasonably low price for some time.
It’s also worth noting that you shouldn’t exclusively rely on history to forecast future trends. As we’ve seen in the last two years, events are unpredictable and can impact on crypto in a whole variety of ways. It’s essential for you to do your own research before making any financial decisions.
How ZRX Coin Is Used?
With ZRX tokens, you can earn rewards and accrue governance rights. By owning ZRX, you are encouraged to engage by being able to stake it for liquidity rewards and by receiving voting rights on the protocol. You will get a say on protocol upgrades and developments, and the more tokens you hold, the greater your say. In addition, you are able to sell ZRX tokens on your broker’s exchange.
Best Wallet to Store ZRX Coin
With the ever-looming threat of hackers, your choice of crypto wallet is no laughing matter, and ZenGo is always a trustworthy option. Available worldwide (including in Europe and English-speaking countries), ZenGo is well-respected for its 24/7 in-app customer support and keyless MPC technology, giving you full crypto control. As an ERC-20 token, ZRX is just one of the 70+ digital assets that you can buy, trade, and store securely with ZenGo. It’s also remarkably simple to use.
But why should you earn interest on crypto and invest in ZRX coin? Let’s find out with this next section.
What is 0x Exchange?
The 0x exchange is a high-profile decentralized exchange (DEX) protocol. It’s an intermediary that helps you trade cryptocurrencies, instead of relying on the traditional, centralized crypto exchanges. The overarching goal is to bring about a world where tokens and value can flow freely.
The greatest advantage of a DEX is that you pay comparatively lower fees when trading, as well as enjoying more privacy and independence. The smart contracts are open-source and you can create your own DEX from the 0x protocol.
Open-source smart contracts are beneficial since you can review them and verify them as being secure – an openness that helps promote a level of trust and assurance. This in turn ensures that your knowledge and opinions on making changes to the existing system can be backed up from a technical perspective.
0x’s focus on improving your user experience is further demonstrated by its ‘Matcha’ feature. Essentially an aggregating tool, Matcha enables you to scour all DEXs simultaneously for the best trading options, simplifying what might otherwise be an arduous and time-consuming process. Another benefit of the 0x protocol is that it supports both fungible and non-fungible tokens (NFTs). Given the rapid growth of NFTs in the blockchain industry over the last year or so, that’s a perk that cannot be underestimated.
It’s not all roses, however, because as well as suffering from the same problems shared by other DEXs like slow transaction times and low inconsistent liquidity, 0x faces increasing competition from those very same exchanges. On top of that, as a 0x user, you are required to own Ethereum. Yet despite some shortcomings, the future for 0x looks bright due to the broadening shift to decentralization, making it a worthwhile option for you.
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