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Users of decentralized exchange 0x will be able to vote on the next protocol upgrade

Users of decentralized exchange 0x will be able to vote on the next protocol upgrade

0x, a decentralized exchange protocol that enables token trading on the Ethereum network, announced that it has finalized plans for its next major update, that will be decided on by its users. All ZRX token holders will be able to cast their vote from Nov. 4 to Nov. 11, the company said.

Next updates to 0x to be decided by the ZRX community

Decentralized exchange protocol 0x announced that it has finalized its plans for the next major upgrade to the network. The protocol, which runs on Ethereum allowing ERC20 tokens to be traded on the Ethereum blockchain, is set to see its third version, 0x v3, come to life at the end of November. The company said:

“Version 3 of 0x is a major protocol upgrade that will establish 0x as the DEX + liquidity aggregator for the greater DeFi ecosystem.”

The holders of 0x’s native ZRX token will be able to decide whether the update goes through by casting their vote on the platform. The company said voting will begin on Nov. 4 and last until Nov. 11. If the v3 update gets approved, it will launch on the Ethereum mainnet after a two-week grace period, on Nov. 25.

V3 to bring more liquidity to the Defi ecosystem

While v3 will bring about quite a bit of innovation to 0x, most of them will focus on improving the protocol’s position in the DeFi space. The 0x team said that they developed “a powerful set of bridge contracts” that aggregate DEX liquidity both from 0x and other networks such as Kyber and Uniswap.

The company explained:

“With Liquidity Bridges, 0x becomes a one-stop-shop to source the best prices for both popular and long-tail trading pairs across DEXs.”

The upgrade will also bring about a ZRX staking mechanism that gives market makers monetary rewards (in ether) and additional ZRX voting power for providing liquidity.

0x | ZRX

Updated: Nov 7 at 2:43 am PDT
$0.30
0.16%

0x, currently ranked #36 by market cap, is up 0.16% over the past 24 hours. ZRX has a market cap of $179.81M with a 24 hour volume of $19.68M.

Chart by CryptoCompare

0x is up 0.16% over the past 24 hours.

Posted In: , Altcoins, DeFi, Price Watch
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Priyeshu Garg
Author

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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