Question 1

What is the 0x protocol?

Accepted Answer

0x is an open protocol for decentralized exchange settlement of tokenized assets. It provides wallets, trading interfaces, and other onchain applications with exchange infrastructure they can integrate: applications can obtain liquidity and trade routing, while users authorize and submit transactions onchain to complete asset swaps. The protocol aims to reduce integration costs caused by fragmented liquidity, rather than custody assets for users itself or act as a single exchange. Different applications may use different 0x APIs or contract components, so the chains, assets, and functions actually supported depend on the specific product being used.

Question 2

What is ZRX used for?

Accepted Answer

ZRX is the token used for governance of 0x protocol technology; 0x's introduction links governance coordination in the protocol's technical development with ZRX. It is not company equity, and holding it does not itself represent dividends, redemption rights, or fixed income. The historical design of a governance token does not mean that a governance process is currently available to participate in. The official 0x support page states that protocol governance is currently dormant, so holding ZRX cannot be directly understood as being able to vote on protocol changes now.

Question 3

How does an order through 0x go from creation to onchain settlement?

Accepted Answer

To complete an order through 0x, a market maker first creates and signs an order in a standard format, then provides the order to potential takers; 0x services can aggregate liquidity across multiple sources and provide routing. After determining the quantity, the taker signs and submits the order and fill quantity onchain. The 0x Settler contract described in current documentation verifies signatures, checks transaction conditions, and atomically exchanges the assets of both parties: if the conditions are not met, the entire exchange should not execute only partially. Relaying orders and finding liquidity offchain can reduce onchain operations, but the final asset exchange is still settled by onchain contracts, and offchain intermediaries do not custody user assets.

Question 4

How does 0x help applications aggregate liquidity?

Accepted Answer

0x's API addresses liquidity fragmentation: it can query onchain sources such as DEXs and AMMs as well as offchain sources such as professional market makers and open order books, then organize available paths into quotes and transaction call data that applications can use. Applications do not need to integrate each liquidity source separately, and users do not need to manually compare each path one by one. An aggregated route is only a candidate execution plan at the time of trading and does not guarantee that any quote will be filled. Price, available liquidity, Gas, slippage limits, the selected chain, and the onchain state when the user signs all affect whether execution can ultimately occur and the amount actually received.

Question 5

What do Exchange Proxy deprecation and dormant governance mean?

Accepted Answer

0x officially states that, with the development and deployment of the new 0x Settler smart contract in mid-2024, the former Exchange Proxy contract was effectively deprecated in 2024; protocol governance is currently dormant. Here, “deprecated” means that the technical stack's settlement path has moved to Settler, rather than claiming that all 0x products or all historical transactions immediately became invalid. The practical implication for users is that they should follow the contracts, networks, and transaction flows currently provided by the wallet or application they use, rather than continuing to assume that Exchange Proxy is the current default settlement entry point; meanwhile, ZRX holders should not treat the historical governance positioning as current active governance eligibility.

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