0x has been influenced by a number of factors such as the following.
Adoption and partnerships
The adoption of the 0x protocol by DEXs, relayers and other platforms can have a positive impact. Partnerships with prominent projects or exchanges can also generate positive sentiment and increase visibility. 0x has already achieved partnerships with Coinbase, Aragon, StarkWave, LedgerDEX, and Crypto.com.
The 0x protocol has a very active team who are always working on improving the protocol. Any type of positive improvement and upgrades to the protocol can influence the perception and value of the token. Enhancements that improve security, scalability and usability can lead to price increases.
0x faces competition from other DEXs and platforms such as Balancer, SushiSwap, Curve and Uniswap. These platforms have similar features and different liquidity, gees and incentives which can either attract or deter users and traders from using 0x.
Since its launch, the price of ZRX has been influenced by a number of important events and developments.
The functioning of 0x relies on the underlying 0x protocol. The protocol empowers users to generate and propagate orders, encompassing vital details such as traded assets, desired prices, and other pertinent information. These orders are cryptographically endorsed with the user's private key, ensuring integrity and resistance against tampering.Within this ecosystem, relayers assume a pivotal role as decentralized exchanges which are constructed on top of the protocol. They shoulder the responsibility of hosting order books and facilitating the matching of buy and sell orders. By amassing and consolidating orders from users, they execute trades based on predetermined criteria. To optimize efficiency and minimize expenses, the 0x protocol leverages off-chain order relaying. Consequently, instead of executing trades directly on the Ethereum blockchain, orders are transmitted off-chain, resulting in expedited processes and reduced gas fees.Ultimately, the settlement of trades in the 0x protocol relies on the utilization of smart contracts. When trades are executed off-chain, the details are subsequently settled on-chain through the deployment of smart contracts. This mechanism guarantees the secure transfer of assets between the involved parties, ensuring the integrity of the trade.
Traders and investors can use multiple reliable sources for answering the question – how much is one ZRX?
Since this is a 24/7 market, the price of ZRX has to be tracked attentively. This makes it imperative to take the help of reliable and authoritative sources to check out the live price of 0x. Sites such as CoinGecko and Coinmarketcap can provide information on price, use cases, history and the number of markets present in each exchange. This resource can be of help, especially to traders who prefer checking prices even when on the go.