The crypto world flew into a frenzy of excitement in July when Coinbase announced it was exploring the possibility of listed 5 new projects on its two flagship on Coinbase and Coinbase Pro (formally GDAX). One of the projects currently under review is 0x (ZRX), a unique project which could make significant changes to how erc20 tokens are traded. Let’s dig into ZRX in more detail and show you the best way to get some before its listed on Coinbase.

What is 0x (ZRX)?

ZRX is an open protocol which is designed to allow any erc20 token to be traded on the Ethereum blockchain, enabling the creation of a decentralized exchange. (The name “0x” is derived from Ethereum wallet addresses, which always begin with a zero and the letter x.)

While we admit that we’re pretty harsh on centralized exchanges, they do get some things right. In spite of higher security risks, they typically offer good market depth, which mean orders go through faster. Decentralized exchanges like EtherDelta are more secure, but the orders can take a long time to complete.

One the main goals of ZRX is to combine the pros of both while minimizing the cons by allowing off-chain order relay with on-chain settlement. This is designed to facilitate faster transactions with lower gas costs. This is done with “relayers”, who distribute orders via order books. By hosting these order books, the relayers facilitate transactions by offering the Maker’s tokens to the network, after which Takers complete the order by sending the necessary signatures to the smart contract. For each transaction, the relayer receives a small fee of ZRX. Other related projects like district0x (also available on Faast) make use of the ZRX token as well.

The other purpose of the token is to incentivize decentralized ownership and control of upgrades to the protocol. ZRX holders will have a say in how the protocol develops and evolves in the future. A user’s say is proportionate to to their ZRX token holdings; the more you have, the more weight your opinion carries.

Some of you might be thinking, “wait a minute, doesn’t this technically mean the ZRX is a competitor to Faast? Why would you list it?”

Well, yes…and no. It’s true that ZRX does allow trading of ERC20 tokens, but that is all it is designed to do. It doesn’t list any other protocols like Bitcoin, so you won’t be making any cross-chain trades on here.

While there are certainly many Ethereum-based tokens to choose from, we believe that a healthy portfolio should be more diversified, and that’s why we support multiple blockchains. We don’t necessarily think of ZRX as a competitor because it is really only focused on the erc20 ecosystem. It will not list BTC, or any other the other blockchains Faast will eventually support like BCH, ZEC, and more.

Plus, we already do list tokens from other instant exchanges like Kyber Network and Bancor. We believe in offering as many options as possible for our users, and that’s what we’ll continue to do.

ZRX Token Performance

ZRX launched in September 2017, and hit an all-time high price of $2.31 USD in mid-January 2018. Despite enduring a painful correction, ZRX actually regained a lot of ground in late spring, once again reaching nearly $2.00 in price before sliding back again. When the news a possible Coinbase listing broke, the ZRX price shot up again.

After the recent downturn of BTC, ZRX’s prices is now maintaining around $0.88–0.80. Now, if ZRX does indeed get listed, the price is almost guaranteed to soar. Coinbase is how many people get started with cryptocurrency, and when they see that cheap little 0x token sitting there ripe for the taking…it’s pretty easy to guess what they’ll do.

Of course, if you buy some before that happens, your gains will be much higher…

The Best Way to Buy 0x (ZRX) Before It’s Listed On Coinbase

If you want to grab some ZRX before it is listed on Coinbase, there’s no better way do it than with Faast. Our instant exchange allows you to trade ZRX and 100+ other cryptocurrencies in and out of your software or hardware wallet without ever creating an account or handing over your personal information.