0x Protocol (ZRX): how it works, supply and reviews

Exchange token

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Key facts

Ticker: ZRX
Category: Exchange token
Network: token on Ethereum
Launched: 2017-08
Official site: 0xprotocol.org
Source code: github.com/0xProject/0x-monorepo

Data: CoinGecko, 2026-10-27. Only projects that still trade with meaningful volume are listed.

What is 0x Protocol

0x Protocol is an open set of Ethereum smart contracts for peer-to-peer exchange of tokens, used as settlement infrastructure by wallets and trading apps. ZRX is its governance token, and the protocol’s main developer, 0x Labs, also runs commercial swap APIs built on top of it.

Network and consensus

Network and consensus — 0x Protocol
Parameter	Details
Type	Decentralized exchange protocol (smart contracts), not a separate blockchain
Runs on	Ethereum; ZRX is an ERC-20 token
Smart contracts	Exchange V4 contract system (Exchange Proxy, transformers, staking)
Launched	Whitepaper published 21 February 2017

Supply and issuance

Supply and issuance — 0x Protocol
Parameter	Details
Maximum supply	1,000,000,000 ZRX, fixed at deployment (18 decimals)
Issuance	No ongoing issuance; the whole supply was minted to the deployer
Staking rewards	ETH protocol fees were once paid to makers who staked ZRX; protocol fees were removed on 29 September 2021

What ZRX is used for

Governance of 0x Protocol by ZRX holders
Staking by market makers (protocol fees for staking were removed in 2021)
Originally designed to pay relayer fees

Who develops and governs 0x Protocol

Developer: 0x Labs, primary developer and steward since the 2017 whitepaper
Founders: Will Warren and Amir Bandeali
Governance: ZRX holder governance with a protocol-owned treasury; admin functions run through ZeroExGovernor, a time-locked 2-of-3 multisig
Improvement proposals: 0x Improvement Proposals (ZEIPs)
Open source: Yes

History

History — 0x Protocol
Date	Event
21 February 2017	Whitepaper published by Will Warren and Amir Bandeali
2021	Protocol-owned treasury and Bootstrap Delegates programme launched
29 September 2021	Protocol fees removed for all order types (ZEIP-91)
16 March 2023	0x Labs announced the move to fully on-chain governance, with the protocol getting its own website and channels

Security and audits

Third-party audits of the protocol contracts are published, including Consensys Diligence (December 2020)
0x v2 (Settler) contracts had four audits by three firms and a bug bounty on Immunefi of up to 1,000,000 US dollars

Official ZRX contracts

Official ZRX contracts
Network	Contract address
Ethereum	0xe41d2489571d322189246dafa5ebde1f4699f498

ZRX is an ERC-20 token on Ethereum.

Risks and caveats

Administrative functions are controlled by a 2-of-3 multisig; some emergency functions have no timelock
Protocol fees that rewarded ZRX staking were removed in 2021
0x Labs, the main developer, runs commercial APIs and is one of many stakeholders in governance

Official links

Website: 0xprotocol.org
Docs: protocol.0x.org
Whitepaper: 0x.org/pdfs/0x_white_paper.pdf
Source code: github.com/0xProject/protocol
Governance forum: gov.0x.org

Questions and answers

What is 0x Protocol?

0x Protocol is an open set of Ethereum smart contracts for peer-to-peer token exchange; ZRX is its governance token.

Who created 0x?

0x was created by Will Warren and Amir Bandeali, whose whitepaper was published on 21 February 2017; 0x Labs has been its primary developer.

What is the maximum supply of ZRX?

1 billion ZRX, fixed in the token contract.

How is 0x Protocol governed?

By ZRX holders through proposals (ZEIPs) and votes; admin functions run through a time-locked 2-of-3 multisig.

Sources

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Page updated: 2026-10-29