0x - possibly one of the best buys for upcoming bull market
0x (ZRX) is not an exchange, but a protocol. A concept that still confuses a lot of cryptocurrency enthusiasts, considering it is still relatively new. It aims to provide a platform and a standard to exchange tokens without a trusted centralized exchange holding wallets and private keys. It is free and open source, meaning that a team of developers all over the world have a ready-to-use base for their projects. The 0x protocol is a building tool for decentralized exchanges, which is only one of its use cases. Any project (such as a crypto exchange) that uses the 0x protocol is known as “Relayer”.
Why you should invest in 0x token
There is an increasing need for anonymity and this drives the DEX movement. While some environments are crypto-friendly (Malta for instance), some other governments are suffocating the industry with regulations and huge taxes.
The 0x Protocol through DEX allows wallet to wallet token trading without having to deposit tokens on an exchange. Traders and investors who want to avoid traces or dealing with KYC verifications will shift to decentralized exchanges.
People who invest in the 0x token can benefit from the rise of DEXs. Instead of investing in a particular exchange token like BNB, investing in 0x is like investing in an index fund where you can profit from the general performance of decentralised exchanges. Projects built upon the 0x network can cause the value to rise. Currently, there are over 15 independent 0x Relayers whose independent efforts work for the good of the 0x token.
Why ZRX price pump?
Right from when Coinbase released the news that it was considering adding 0x Protocol token to its portfolio, the price has performed quite well. In between market fluctuations, the price hit a monthly high of USD 1.17 before consolidating.
Despite this development not taking effect immediately, Coinbase’s subsequent acquisition of Paradex, a platform built on the 0x network sustained the hopes of 0x enthusiasts. Paradex enables investors to trade digital currencies directly without a centralized exchange.
However, Coinbase just released the news on Tuesday, 16th October that it has enabled retail trading of the 0x Protocol token (ZRX) barely a week after adding support for the token on just its professional investor platform. This has made ZRX the first ERC-20 token to be listed on the exchange. On the peak of the news, ZRX jumped 17%, reaching a daily high of $0.89.
The 0x (ZRX) token currently sits at #22 based on market capitalization and it is on the way to the top20. With the current price still hovering around $1, it could be one of the best buys ahead of the anticipated bull run.