Following the news of a significant collaboration with the crypto exchange Coinbase, the price of Ox crypto (ZRX) has increased by more than 50% in the last 24 hours. According to CoinMarketCap data, the price of ZRX reached a new high of $1.02.
The Ox blockchain will support Coinbase’s social NFT marketplace, which was launched on Wednesday. Ox was chosen by Coinbase because it is more gas efficient than other options.
“With the most complete feature set of any NFT exchange protocol and powerful multi-chain NFT swap capability, 0x was the logical choice to power the new marketplace.” Furthermore, because the 0x Protocol v4 is up to 54% more gas efficient, Coinbase marketplace users will benefit from lower trading expenses,” according to a statement on Ox’s official blog.
Ox is a new blockchain initiative that describes itself as the DeFI industry’s liquidity terminus. It functions as a liquidity aggregator for large blockchains such as Ethereum, Celo, Optimism, BNB Chain, and Fantom. It was first released on August 11th, 2017. The total supply of 0x is 1,000,000,000 coins, with 847,496,055 coins in circulation.
“0x is an open protocol that supports the decentralized exchange of Ethereum-based tokens and assets,” according to CryptoCompare. Developers can use 0x to create their own bespoke exchange apps with a variety of user-facing applications, such as 0x OTC, a decentralized software that allows for trustless over-the-counter trading of Ethereum-based tokens. Makers and Takers utilize the 0x token (ZRX) to pay transaction fees to Relayers (entities that host and maintain public order books). ZRX tokens are also utilized for decentralized governance of the 0x protocol’s update mechanism, which allows for the replacement and improvement of its underlying smart contracts over time.
Ox crypto’s entire market value has increased by 54% to $946,792,321 as on 21st April. According to data from CoinMarketCap, the previous 24-hour trade volume of Ox crypto increased by 3496 percent to $1,442,754,844. Based on market capitalization, Ox crypto is now ranked 92nd on CoinMarketCap.
