Rida Afzal

النقاط الرئيسية

تسمح CLMMs لمزودي السيولة بتحديد نطاقات أسعار محددة لأصولهم بدلاً من توزيعها عبر جميع الأسعار الممكنة.

يمكن أن يقدم هذا النموذج كفاءة أفضل من خلال تركيز الأموال حيث يحدث التداول فعليًا، مما يعني أن المزودين يمكنهم كسب المزيد من الرسوم بنفس مقدار رأس المال.

على عكس النماذج التقليدية، تتطلب CLMMs من المستخدمين مراقبة السوق بشكل أكثر تكرارًا. إذا ترك السعر النطاق المحدد المخصص، فإنهم يتوقفون عن كسب الرسوم.

بينما العوائد المحتملة أعلى، فإن خطر الخسارة غير الدائمة يمكن أن يكون أيضًا أكبر إذا تحرك السوق بسرعة ضد مركزك.

النقاط الرئيسية

Zcash (ZEC) هي عملة مشفرة تم فصلها عن Bitcoin في عام 2016، مصممة لتقديم خصوصية محسنة للمستخدمين.

تستخدم الشبكة تقنية تسمى zk-SNARKs، وهي بروتوكول أمان يسمح بالتحقق من المعاملات دون الكشف عن المرسل أو المستلم أو المبلغ.

تستخدم Zcash خوارزمية Equihash للتعدين، والتي تختلف عن SHA-256 الخاصة بـ Bitcoin، ومن الأفضل تعدينها باستخدام الدوائر المتكاملة الخاصة بالتطبيقات (ASICs).

تستخدم Zcash خوارزمية تعدين تسمى Equihash. هذا يختلف عن SHA-256 الخاصة بـ Bitcoin، لذا يحتاج المعدنون إلى أجهزة محددة لتعدين ZEC.

Key Takeaways

The 0x Protocol is a decentralized infrastructure platform that enables peer-to-peer exchange of digital assets across multiple decentralized exchanges (DEXs) without relying on centralized intermediaries.

The platform uses a hybrid architecture combining off-chain order relay with on-chain settlement to reduce costs and improve trading efficiency.

Developers can integrate the 0x API suite to access aggregated liquidity from multiple sources and add token swap functionality to their applications.

As of 2026, the 0x Protocol supports multiple EVM-compatible chains and continues to expand its multi-chain liquidity routing capabilities.

Introduction

The 0x Protocol is a decentralized infrastructure platform developed by 0x Labs that supports the peer-to-peer exchange of digital assets. It provides an open standard for building applications that enable token trading without centralized intermediaries, serving as an aggregated liquidity network and API suite that simplifies trade discovery, routing, and settlement across different blockchain networks.

The protocol's developer tools connect liquidity from multiple DEXs and market makers on EVM-compatible networks, enabling applications to access competitive pricing and integrate decentralized exchange features. This article covers how the 0x Protocol works, its API suite, use cases, and the ZRX token.

How 0x Protocol Works

The 0x Protocol uses a hybrid architecture that combines off-chain order management with on-chain settlement through smart contracts.

Off-chain order relay

The 0x Protocol keeps order creation and discovery off-chain to improve efficiency. A Maker creates an order specifying the trading pair, price, amount, and expiration time, then signs it with their private key. These signed orders are shared through the 0x relayer network, helping reduce gas fees and limit on-chain congestion.

Relayer network

Relayers maintain off-chain order books and distribute available orders to potential traders. They act as marketplaces for liquidity discovery and can be independent platforms, wallet integrations, or components within trading applications. Relayers never hold user funds; they only facilitate order matching and earn fees for their services.

On-chain settlement

When a Taker fills an order, the trade is settled on-chain through the 0x Settler contracts. The smart contract verifies the order signatures, checks validity, and swaps assets between Maker and Taker in a single atomic transaction, meaning it either completes fully or not at all. This structure maintains security and transparency while reducing on-chain operations.

The swap process

The 0x swap process typically follows these steps:

Order creation: A Maker creates a 0x order in JSON format specifying the token pair, price, and amount.

Maker signature: The Maker signs the order with their private key, committing to the trade terms without broadcasting on-chain.

Order sharing: The signed order is shared off-chain via relayers or sent directly to potential Takers.

Aggregation: The 0x API collects and aggregates liquidity across multiple on-chain and off-chain sources to find the most efficient execution route.

Order submission: The Taker selects and signs the order, submitting it on-chain with the desired fill amount.

Settlement: The 0x Settler smart contract verifies both signatures and performs an atomic swap of assets.

The 0x API Suite

The Swap API

The Swap API enables developers to integrate token swaps with a single connection. It aggregates liquidity from multiple sources, including DEXs and private market makers using a Request-for-Quote (RFQ) model, to find the best available price. The smart order routing system can split a single trade across multiple platforms. Once a route is chosen, the API returns a ready-to-sign transaction for execution.

The Gasless API

The Gasless API enables developers to offer gasless approvals and swaps, removing the need for users to hold native tokens for transaction fees. This streamlines the trading process and helps prevent failed transactions caused by insufficient gas, making the experience more accessible for newer users.

The Trade Analytics API

The Trade Analytics API provides developers with structured insights into all trades executed through the 0x Swap and Gasless APIs. Teams can understand how users interact with their applications and how trades perform over time, enabling data-driven product decisions.

Multi-Chain Expansion (2025-2026)

The 0x Protocol has expanded beyond its Ethereum origins to support a broad range of EVM-compatible networks. Key 2025-2026 developments include:

Coin98 Wallet integration (July 2025): The 0x API was integrated into Coin98, a multi-chain DeFi wallet popular in Southeast Asian markets, routing trades through 0x aggregation under the hood.

Monad integration (November 2025): 0x extended API support to the Monad ecosystem, a high-performance Layer 1, positioning itself as a routing layer on newer high-throughput chains.

HyperEVM expansion (March 2026): The 0x API became available on HyperEVM, enabling developers building on that execution environment to access aggregated DEX liquidity.

These integrations reflect 0x's strategy of operating as a chain-agnostic liquidity router rather than an Ethereum-only protocol. The approach combines RFQ liquidity from professional market makers with AMM routes, often providing better quotes for larger trades while reducing MEV exposure.

Use Cases

The 0x Protocol's architecture and developer tools make it suitable for many applications across DeFi and the broader Web3 ecosystem:

Exchanges and marketplaces: Supporting DEXs, NFT marketplaces, and over-the-counter (OTC) platforms with underlying swap and order-matching infrastructure.

Wallets and interfaces: Crypto wallets, dashboards, and token screeners integrate 0x APIs to offer seamless in-app swaps (examples include MetaMask, Coinbase Wallet, and Coin98).

Liquidity provision: Market makers and liquidity providers connect through 0x APIs to contribute liquidity across on-chain order books and automated market makers (AMMs).

Data analytics: The Trade Analytics API supports real-time dashboards and multi-chain analytics tools visualizing trading activity.

Automation: AI agents, bots, and smart contract wallets can use 0x to automate on-chain transactions and portfolio management.

The ZRX Token

The ZRX token is the native token of the 0x Protocol, serving multiple functions within the ecosystem:

Staking: Holders can stake ZRX with market makers to earn rewards, aligning incentives between liquidity providers and the protocol.

Governance: ZRX holders participate in governance through the 0x DAO, voting on proposals related to upgrades, fees, and treasury management.

Network utility: ZRX can be used to pay trading fees to relayers that host order books and facilitate trading.

In May 2026, co-founder Will Warren stepped down as co-CEO of 0x Labs while remaining on the board and as a major shareholder. Amir Bandeali, the other co-founder, continues as sole CEO. This leadership transition represents a change in operational structure at 0x Labs rather than a modification to the protocol's on-chain governance or tokenomics.

FAQ

What is the difference between 0x and a DEX?

The 0x Protocol is infrastructure that powers DEXs rather than being a DEX itself. It provides the underlying liquidity aggregation, order routing, and settlement layer that multiple DEXs and applications can build on top of. Matcha, the 0x reference interface, functions as a consumer-facing DEX built on this infrastructure.

How does 0x aggregate liquidity?

The 0x API scans multiple liquidity sources on each supported chain, including AMM pools, RFQ market makers, and on-chain order books. Its routing algorithm evaluates price, gas costs, and slippage to find the best execution path, potentially splitting a single trade across multiple venues.

Is 0x only available on Ethereum?

No. As of 2026, the 0x Protocol supports multiple EVM-compatible networks including Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum, Optimism, and newer environments like Monad and HyperEVM. The protocol's strategy is to be chain-agnostic.

What happened to 0x leadership in 2026?

Co-founder Will Warren stepped down as co-CEO of 0x Labs in May 2026 but remains on the board and as a major shareholder. Amir Bandeali now leads as sole CEO. The protocol's on-chain governance through ZRX token voting remains unchanged.

How do relayers make money on 0x?

Relayers earn fees for facilitating order matching and distribution. They maintain off-chain order books and connect Makers with Takers. Since relayers never hold user funds, their revenue model is based on transaction fees charged for successful trade facilitation through their platforms.

Closing Thoughts

The 0x Protocol serves as foundational infrastructure for decentralized token trading, connecting liquidity across multiple networks through a unified API framework. Its hybrid model of off-chain order management and on-chain settlement balances efficiency with transparency. 

Through continued multi-chain expansion and wallet integrations in 2025-2026, the protocol has positioned itself as a chain-agnostic liquidity routing layer rather than a single-chain solution. For developers building trading applications, the 0x API suite offers a way to access aggregated liquidity without building custom routing logic.

Further Reading

What Is Cross-Chain Interoperability?

What Is a Trading API and Is It Worth It for Traders?

What Is Tokenomics and Why Does It Matter?

What Are Liquidity Pools in DeFi?

What Is a Crypto Wallet and How to Choose the Right One?


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نقاط رئيسية

Morpho هي منصة إقراض لامركزية مبنية على Ethereum وغيرها من سلاسل الكتل المتوافقة مع EVM.

تقدم البروتوكول طبقة إقراض من نظير إلى نظير فوق بروتوكولات DeFi، مما يطابق المقرضين والمقترضين مباشرة لتعزيز كفاءة رأس المال.

تمكن Morpho Markets المستخدمين من إنشاء أسواق إقراض معزولة مع معلمات قابلة للتخصيص، بما في ذلك نوع الضمان، وأصل القرض، ونموذج سعر الفائدة.

تعد Morpho Vaults خزائن منظمة يديرها منسقون من طرف ثالث تعمل على تحسين العائد من خلال التعرض المتنوع لعدة أسواق Morpho.

النقاط الرئيسية

DoubleZero هو شبكة لامركزية مصممة لتعزيز الاتصال ومشاركة البيانات بين سلاسل الكتل والأنظمة الموزعة.

تستخدم المنصة روابط ألياف بصرية مخصصة وأجهزة قدمها الأفراد والمنظمات، مما يحول البنية التحتية غير المستخدمة إلى شبكة عالمية عالية الأداء.

قام المساهمون بإعداد أجهزة DoubleZero (DZDs) وتشغيل برنامج DoubleZero لتقديم خدمات مثل التوجيه، والترشيح، ومعالجة البيانات.

2Z هو الرمز الأصلي للشبكة. يُستخدم لمكافأة المساهمين، ودفع تكاليف عرض النطاق الترددي والتوجيه المحسن، والمشاركة في الحوكمة.