How to buy 0x (ZRX) in Australia

What is 0x?

0x (pronounced “zero-ex”) is an open-source protocol that facilitates the peer-to-peer exchange of tokenized assets on Ethereum and EVM-compatible blockchains. Launched in 2017 by Will Warren and Amir Bandeali, 0x provides the infrastructure—smart contracts, order schemas, and tooling—for decentralized exchanges (DEXs), aggregators, wallets, and applications to enable low-friction token trading. Its native token, ZRX, is used primarily for protocol governance and historically was used for staking and liquidity incentives in certain versions of the protocol.

At its core, 0x aims to make the exchange of ERC-20 (and ERC-721/ERC-1155) assets efficient, modular, and composable. Rather than being a single exchange, 0x is a set of standards and smart contracts that developers can plug into, complemented by an off-chain order relay and on-chain settlement model that reduces gas costs and improves trade flexibility.

Reputable references:

• 0x Protocol documentation and GitHub repositories
• 0x Labs blog and technical papers
• Peer-reviewed and audited smart contracts (e.g., OpenZeppelin audits, Trail of Bits/Consensys Diligence reports when applicable)

How does 0x work? The tech that powers it

• Architecture overview:

  • Off-chain order relay, on-chain settlement: 0x separates order creation and discovery (off-chain) from trade execution (on-chain). Makers sign orders with their private key and broadcast them through relayers or peer-to-peer channels. Takers fill orders by submitting them to the 0x smart contracts on-chain for settlement. This reduces gas usage because only finalized trades touch the blockchain.
  • Smart contract system: The protocol exposes exchange and asset proxy contracts that verify signatures, transfer tokens, and enforce trade conditions. Over time, 0x has evolved through versions (e.g., v2, v3) to improve gas efficiency, permit new asset standards, and add features such as meta-transactions.
  • Relayers and APIs: Historically, independent “relayers” hosted order books and collected fees for facilitating matches. Today, order discovery is largely unified through the 0x API, which aggregates liquidity from multiple DEX sources (including Uniswap, Sushiswap, 0x-native liquidity, and others) to provide best-execution routing for swappers and wallets.
  • RFQ and professional market makers: 0x’s Request-for-Quote (RFQ) system allows takers (like wallets) to request firm quotes from professional market makers off-chain and settle on-chain, often achieving better pricing and lower slippage for larger trades than purely on-chain AMM routes.
  • Asset support: 0x supports ERC-20 fungible tokens and, via extensions, NFTs using ERC-721 and ERC-1155, enabling marketplaces for both fungible and non-fungible assets.
  • Security and audits: The protocol’s core contracts are open source and have undergone multiple security audits. Integrators rely on signature verification (EIP-712 typed data) and allowance/permit flows to securely transfer tokens at settlement.

• Execution flow (simplified):

  1. Maker crafts an order off-chain specifying sell token, buy token, price, size, expiration, and allowed taker(s). The order is signed per EIP-712.
  2. The order is shared through a relayer, the 0x API, or direct RFQ channels.
  3. A taker selects the best route (could include multiple 0x and AMM sources) returned by the 0x API, then submits a transaction to the 0x Exchange Proxy contract.
  4. The contract validates the maker’s signature and balances/allowances, fills the order (fully or partially), and atomically transfers tokens between parties.
  5. Optional: Protocol or integrator fees are assessed as configured.

• Composability and meta-transactions:

  • 0x’s Exchange Proxy supports meta-tx patterns, allowing users to submit signed intents that relayers can relay and pay gas for (useful for gasless experiences).
  • Developers can compose 0x fills with other on-chain actions (e.g., swapping then depositing to a lending protocol) in a single transaction.

• Aggregation and best execution:

  • The 0x API functions as a liquidity router across AMMs and RFQ makers. It evaluates routes by gas-adjusted price, slippage, and on-chain complexity, returning an optimized transaction payload ready to broadcast. This makes it a backbone for wallets and DEX frontends that want best-price execution without building their own routers.

What makes 0x unique?

• Hybrid liquidity model: 0x pioneered combining orderbook-style RFQ with AMM aggregation. For size-sensitive trades, professional market makers can quote firm prices off-chain, while small trades may route through AMMs for speed and depth.
• Developer-first infrastructure: Rather than being a monolithic DEX, 0x is a toolkit and API platform powering many apps—wallets, on-ramps, and trading interfaces—abstracting complexity while preserving on-chain settlement guarantees.
• Gas efficiency and flexibility: Off-chain order relay minimizes on-chain bloat. The Exchange Proxy is optimized for gas and can bundle multi-hop routes and permit flows.
• Broad asset coverage, including NFTs: With ERC-721/1155 support, 0x can power both fungible token swaps and NFT marketplace features under a unified framework.
• Governance via ZRX: The ZRX token provides a mechanism for community input into protocol parameters and upgrades, aligning stakeholders across integrators, market makers, and users.

Notable ecosystem footprints:

• Wallets and apps integrating the 0x API for swaps and quotes
• Market makers using the RFQ system for institutional-grade pricing
• NFT trading integrations built on the 0x NFT modules

0x price history and value: A comprehensive overview

Note: Always verify current data using reputable market sources (e.g., CoinGecko, CoinMarketCap, Messari). The following is a high-level historical outline, not real-time data.

• Launch and early years (2017–2019): ZRX was among the earliest governance/utility tokens in DeFi. Its price experienced volatility typical of early crypto cycles, with spikes around major releases (e.g., protocol upgrades, exchange listings).
• DeFi expansion (2020–2021): As DeFi and DEX usage surged, interest in liquidity aggregation and efficient routing boosted visibility. ZRX saw significant appreciation during the 2021 bull market, followed by corrections.
• Post-2021 normalization: Market-wide drawdowns affected most assets, including ZRX. Fundamental value increasingly tied to 0x API adoption, trading volumes through the Exchange Proxy, and perceived governance value.
• Value drivers:
  • Protocol usage: Volumes routed via the 0x API and RFQ system, integrator growth, and cross-chain expansion.
  • Governance relevance: The extent to which token holders influence meaningful protocol parameters or treasury decisions.
  • Competitive landscape: Performance relative to other aggregators and DEX protocols (e.g., 1inch, Paraswap, Uniswap routers).
  • Market sentiment and macro: Crypto-wide risk appetite and regulatory developments.

Because token economics evolve, consult the latest 0x documentation and analytics dashboards (e.g., Dune Analytics, 0x Stats) for up-to-date volumes, fee flows, and governance participation.

Is now a good time to invest in 0x?

This is not financial advice. Consider the following framework:

• Thesis considerations:

  • Adoption momentum: Evaluate integrator count, API call growth, daily routed volume, and RFQ market maker participation. Higher sustained volumes can strengthen the protocol’s position.
  • Differentiation: 0x’s blend of RFQ and AMM aggregation can offer better execution for many trade sizes. Assess whether this edge is durable versus competitors.
  • Token utility and governance: Understand how ZRX captures value—governance scope, treasury rights, potential fee switches, or incentives. Strong, active governance can improve long-term alignment.
  • Multi-chain strategy: 0x supports multiple EVM chains. Broader chain coverage can diversify volume sources but also fragments liquidity; check execution quality per chain.
  • Regulatory and security posture: Review audit history, incident response, and compliance stance of key integrators.

• Risk factors:

  • Competitive pressure from other aggregators and native AMM routers.
  • Changes in Ethereum gas dynamics and L2 adoption that could narrow 0x’s efficiency edge.
  • Governance apathy or unclear fee/value accrual to ZRX holders.
  • Market cyclicality and liquidity risks.

• Practical due diligence checklist:

  • Read the latest 0x governance forum proposals and outcomes.
  • Inspect 0x API stats: fill rates, slippage vs. peers, and chain-by-chain volumes.
  • Review recent audits and any disclosed incidents.
  • Compare execution on a small test swap across 0x-integrated apps versus competitors.
  • Use reputable market data to assess valuation relative to protocol traction.

If your thesis is that execution quality and integrator breadth will keep improving—and that governance will increasingly matter—ZRX may merit research. If you believe aggregation will commoditize and token governance remains limited, caution may be warranted.

Summary

0x is a foundational exchange protocol and liquidity aggregation layer for Ethereum and EVM ecosystems. By separating off-chain order relay from on-chain settlement and combining RFQ with AMM routing, it delivers efficient, flexible, and composable trading infrastructure. Its ZRX token underpins governance and community alignment. For builders, 0x offers robust APIs and smart contracts; for users, it often delivers competitive execution via partner apps. As always, evaluate current metrics, governance, and competitive dynamics before making investment decisions.