Ethereum-based DEX 0x (ZRX) is Voting for Next Major Protocol Upgrade
- 0x coming with ZRX staking and a powerful set of bridge contracts that aggregate liquidity from 0x and other DEX networks
- ZRX that surged over 43% this month is currently up 3% at $0.2868
- Decentralized exchange protocol 0x is now preparing for its next major upgrade v3 for which the ZRX holders are set to vote in early November.
1/ The 0x v3 vote will commence on 11/4! 🗳️
A brief thread on the key features included in the v3 upgrade and how 0x is evolving into a community-owned liquidity API… 👀https://t.co/tGkRGwtsvX
— 0x (@0xProject) October 30, 2019
Created in 2017, Eth based Ox raised $24 million in the Initial Token Offering (ICO). Today, it powers several projects such as Radar, Paradex, OpenRelay, and Instex among others.
With the next upcoming vote, the project will have its fourth such proposal, ZRX token holders accepted the last three including; trade bundles of assets, StaticCallAssetProxy, and ERC-1155 multi-token standard. Each of these was received with overall approval of 99 to 100% out of the total 5 to 6 million votes cast.
On the past approval backdrop, the voting to implement v3 from November 4th to 11 looks merely like a formality.
One of the features to be included in this upgrade is to deepen the liquidity for the DeFi ecosystem and further improve the developer experience of building on the platform.
“Introducing 0x v3 is an exciting new chapter for our protocol, as this upgrade will establish 0x as the liquidity API and DEX aggregator for the greater DeFi ecosystem,” further states the team.
Moreover, other features will include a new ZRX staking mechanism that gives 0x market makers monetary rewards and adding voting power for providing liquidity to the markets. Every ZRX holder can earn staking rewards by delegating towns on the market maker pools.
For DEX liquidity aggregation, a powerful set of bridge contracts is developed that will aggregate DEX liquidity from 0x and other networks like Oasis, Uniswap, and Kyber.
“With Liquidity Bridges, 0x becomes a one-stop-shop to source the best prices for both popular and long-tail trading pairs across DEXs.”
Once the upgrade with these features is approved, v3 will be implemented on Ethereum mainnet after a two week grace period on Nov. 25th.
Meanwhile, the 35th largest cryptocurrency is trading at $0.2868 with 24 hours gains of 3.17%, as per Coincodex. This month, ZRX has surged over 43%.