What is 0x (ZRX)?

0x is the infrastructure layer of decentralized exchange (DEX) trading: rather than being an exchange application itself, it is an open protocol and API family that adds swap capability inside other applications; ZRX is the protocol's governance and staking token. Founded in 2017 by Will Warren and Amir Bandeali, the project set out to build the standard infrastructure for peer-to-peer asset exchange on Ethereum, under the vision of "value flowing freely as tokens." Its main product today is the 0x API (Swap API): wallets and DeFi applications reach dozens of liquidity sources (AMM pools, professional market makers' RFQ prices) through one integration and give their users the best swap price — 0x is, in effect, a "swap engine" that end users mostly use without ever seeing its name. Matcha, the team's consumer product, is a DEX aggregator running on the same infrastructure.

Important Note: ZRX is one of the most established infrastructure tokens of DeFi's first wave — but its price history is among the sector's longest declines: the token never durably recovered from its ~$2.50-2.53 January 2018 peak, saw its all-time low around ~$0.074 in February 2026, and, as of August 2026 when this guide was prepared, traded just ~7% above that historic low, in the ~$0.079-0.083 band (~96.8% below the peak, at a ~$67-70 million market cap). The combination of "established infrastructure + weak token value capture" is central to any ZRX assessment.

History and Founders

• 2017: Will Warren (engineering background) and Amir Bandeali (fixed-income trading background) founding 0x; the $24 million ICO in August 2017 and the protocol going live on Ethereum.
• 2018-2019: The first "relayer" (order-book hosting) ecosystem; protocol version upgrades and the arrival of the market-maker staking model with v3.
• 2020-2021: The 0x API's rise with DeFi Summer — swap infrastructure embedded into wallets and applications; the Matcha aggregator's launch.
• 2021-2023: The v4 contracts; multichain expansion (major EVM networks); professional market-maker RFQ liquidity deepening.
• 2024-2026: The API product maturing with revenue-model experiments; the token sliding to its all-time-low region in the broad altcoin correction (the February 2026 ATL).

How Does It Work?

• Off-chain orders, on-chain settlement: 0x's classic architecture relays orders off-chain and settles on-chain only at the moment of matching — lowering gas costs.
• The aggregation engine: The Swap API scans AMM pools and RFQ market-maker prices to find best execution and route intelligently.
• The RFQ model: Professional market makers give binding quotes on demand — reducing slippage on large trades.
• ZRX staking and governance: ZRX grants voting rights in protocol governance and is used in the market-maker staking mechanism (within the protocol fee-sharing framework).

Token Use Cases

• Governance: Voting on protocol parameters and treasury decisions.
• Staking: Sharing in protocol fee flows by staking ZRX to market-maker pools (the framework introduced with v3).
• Ecosystem incentives: Development and integration incentives from the community treasury.

Tokenomics

ZRX's total supply is 1 billion tokens; circulating supply is ~848 million (~85%). The 2017 ICO distribution: 50% sale, 15% the developer organization, 15% an ecosystem development fund, 10% the founding team (with 4-year vesting), and 10% early backers/advisors — team vesting completed long ago, and no major scheduled unlock pressure remains. There is no deflationary mechanism; token value depends on governance/staking demand and ecosystem growth — the weakness of that link is the main subject of the risks section below.

Why It Draws Attention

0x is one of DeFi infrastructure's invisible but widespread layers: hundreds of thousands of users' in-wallet swaps have executed through 0x routing without their awareness, and the API model is among the sector's most mature examples of "sell the infrastructure, let others build the application." A near nine-year uninterrupted contract record, institutional-grade RFQ liquidity, and multichain coverage have earned the protocol trust among integrators. The price sitting in its all-time-low region is why it enters the radar of investors seeking established infrastructure — but that interest must be weighed against the token's problem of capturing value from the protocol's success.

Risks

• The all-time-low region: ZRX saw its all-time low in February 2026 and still sits just above that region; there is no confirmation that the structural downtrend running since 2018 has reversed.
• Weak value capture: The API's usage success translates only weakly into ZRX demand — the degree to which fee flows connect to the token has historically stayed weak; the "protocol wins, token doesn't" critique is ZRX's core problem.
• Aggregator competition: DEX aggregators led by 1inch, plus wallets' own built-in swap engines — an intense, margin-eroding competitive field.
• Shrinking scale: A ~$67-70 million market cap carries liquidity and attention-loss risk.
• The DEX market's evolution: Liquidity shifting to new chains and models (intent-based systems, on-chain order books) can pressure the classic aggregator architecture's share.

Price and Market Status

ZRX saw its all-time high of ~$2.50-2.53 in the January 2018 mania; in the years after — despite DeFi Summer's periodic rallies — the long-term downtrend stayed dominant. An all-time low of ~$0.074 was recorded in February 2026.

As of early August 2026, when this guide was prepared, ZRX was trading in the roughly $0.079-0.083 band — ~96.8% below its peak, ~7% above its historic low — with market cap around $67-70 million and circulating supply ~848 million ZRX (of 1 billion total). Confirm the current price from live data before trading.

How to Buy 0x (ZRX)

1. Create a Bitlo account: Sign up for Bitlo and complete email and phone verification.
2. Complete identity verification (KYC): As required by Turkish regulations, complete the identity verification steps.
3. Add funds: Transfer a balance to your account using Turkish Lira deposit methods.
4. Find the ZRX trading pair: Select the ZRX pair from the trading screen.
5. Place your order: Use a market order for an immediate purchase, or a limit order to buy at a specific price. In low-liquidity periods, limit orders offer extra protection.
6. Choose how to store it: You can keep your ZRX in your Bitlo account or withdraw it to your own (ERC-20-compatible) wallet.

Before trading, it is helpful to check the current trading pairs and fees on Bitlo.

Frequently Asked Questions (FAQ)

What is 0x (ZRX) and what is it used for?

0x is the DEX infrastructure protocol and API family adding swap capability to applications — wallets and DeFi apps reach dozens of liquidity sources with one integration. ZRX is used in governance and the market-maker staking mechanism.

Who founded 0x?

It was founded in 2017 by Will Warren and Amir Bandeali; the August 2017 ICO raised $24 million and the protocol went live on Ethereum.

Who uses 0x?

The 0x Swap API powers the built-in swap features of numerous wallets and DeFi applications — end users mostly use this infrastructure without seeing the 0x name. Matcha is the consumer aggregator on the same infrastructure.

What is ZRX's supply?

Total supply is 1 billion ZRX; ~848 million (~85%) circulates. Team vesting from the ICO distribution completed long ago; there is no major scheduled unlock pressure.

How can I buy ZRX from Turkey?

You can buy ZRX on Bitlo after creating an account, completing your identity verification, and depositing a Turkish Lira balance.

What is 0x's biggest risk?

The most prominent risks are the price sitting just above the February 2026 all-time low (~96.8% below the peak), the API's success translating weakly into ZRX demand (weak value capture), aggregator competition led by 1inch, and the shrinking market cap.