Staking frenzy pushes 0x (ZRX) to highest user activity since April, price jumps 14%

Staking frenzy pushes 0x (ZRX) to highest user activity since April, price jumps 14%

The recent infatuation for most in the cryptocurrency market is with DeFi tokens and staking, with the sectors seeing strong growth in both technology and price values since the past month.

Buoyed by the interest is 0x protocol, the open, permissionless protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.

Surge in active ZRX wallets

Recent data shows active wallets reached an all-time high in two months since April 2020, while ZRX—0x’s native token—has jumped 14 percent at press time.

On-chain analytics firm Santiment tweeted Friday on 0x’s wallet addresses and the corresponding price bump:

The metrics indicate wallet activity on the protocol has bolstered, presumably as public interest in staking application and passive incomes from cryptocurrency holdings grow.

Protocols like Compound and Balancer are leading the pack. The former returned over 800 percent to holders within two days of COMP issuance on June 18, eventually falling to $185-$190 level as on June 4.

Up for the taking is “risk-free” returns of 10-120%. While 0x is nowhere close to such returns—it’s a project not governed by complex eternal factors, such as MakerDAO’s zero-fee DAI sales in March.

After 0x’s beta staking launch in early-2020, holders have three main ways to lend their tokens. Previously, this was possible using some third-party protocols.

Staking frenzy catches on

Data on Staking Rewards shows ZRX “delegates” stand to gain an annual reward of 0.51% with a lockup period of 14 days. “Liquidity pool” owners get 3.45% on a similar lockup, with a risk rating of “moderate.”

(Source: Staking Rewards)

On Compound, ZRX’s gross supply is over $42 million, up 0.4% since Friday. Gross borrow is $16 million, with borrowers charged 14% per annum. The table below shows:

Compound dashboard. Displayed are ZRX lending/borrow values. (Source: Compound)

Developers can use 0x as a platform to build exchange applications on top of (0x.js is a Javascript library for interacting with the 0x protocol), as the project notes.

For end-users, 0x will be the infrastructure of a wide variety of user-facing applications i.e. 0x Portal, a decentralized application that facilitates trustless trading of Ethereum-based tokens between known counterparties.

Meanwhile, ZRX is seeing some token selling after a rip above the 34-EMA on July 3. Sellers sold at the $0.42 level, but charts show there might be buyers waiting on the $0.37-$0.38 price band.


4 Jul at 10:02 am UTC



0x, currently ranked #36 by market cap, is up 13.09% over the past 24 hours. ZRX has a market cap of $288.9M with a 24 hour volume of $116.44M.

0x Price Chart

ZRXUSD Chart by TradingView

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