Decentralized Crypto Exchange DDEX to Fork 0x Protocol, Remove ZRX Token

DDEX, a prominent decentralized cryptocurrency exchange, has recently revealed that it plans to fork the 0x protocol and, in the process, remove the ZRX token from its platform, in an attempt to better serve its users.

According to a post published by DDEX’s CEO Tian Li, the forked protocol will be called Hydro and is set to have a “new order schema” as well as an “engine capable of true matching, robust market orders, and a fundamentally different liquidity sharing model.”

He noted that DDEX has, since it was created, became one of the largest decentralized exchanges on the Ethereum network, and that it became evident most DEXs are currently “plagued by rudimentary problems such as order collision, front-running, and poor liquidity.”

In his post, Li notes that the ZRX token will have to be removed as it would cause “unnecessary friction.” Essentially, the team behind DDEX has rewritten “a large portion of the [0x] codebase” to have the abovementioned features.

The post reads:

The merit of the project will be defined by what we do in the months and years to come. DDEX will switch over to Hydro as soon as the new protocol is secured and audited. If the protocol doesn’t deliver, DDEX will be outclassed and quickly become irrelevant.

The move was first spotted by The Block, which noted that DDEX is currently the largest exchange operating on the 0x protocol, with over 46% of the trading volume. At press time, according to 0xtracker, it had over 2,200 trades in the last 24 hours, and saw over $150,000 worth of crypto change hands.

Behind it is Radar Relay, which saw 138 trades move $115 in said period. Coinbase-owned Paradex comes next, with a $10,000 volume coming from 21 trades. Other exchanges like TokenJar and Star Bit EX follow with volumes below $5,000.

The ZRX token itself, as pointed out by The Block, is used for governance and transaction fees. The 0x protocol, it reports, currently doesn’t have a formal governance feature, meaning ZRX is only used by relayers for access to the protocol’s order books. While these can charge users fees in ZRX, they aren’t required to.

At press time, the ZRX token is trading at about $0.269 after falling 8% in the last 24 hours, following the cryptocurrency ecosystem’s downward trend.

TRON's Justin Sun Announces New Acquisition as Rumors Point to Steemit

TRON founder Justin Sun has announced a new acquisition is set to be announced early next year. Details are scarce but Sun’s announcement claimed it was for BitTorrent and its BTT token.

TRON, as CryptoGlobe reported, acquired BitTorrent last year after winning against a $170 million bid from NEO. It launched its BTT token via the Binance Launchpad platform, and it has since been listed on major trading platforms. Sun’s announcement regarding the new acquisition reveals it’ll bring in “new members to BitTorrent family.”

According to various rumors on social media, Justin Sun’s announcement is referencing a new acquisition of the popular blockchain-based blogging platform Steemit. These rumors appear to cite Chinese news outlet Mars Finance, a crypto media outlet valued at $200 million that received investments from Binance, OKCoin, and others, as their source.

Steemit is a popular platform where users are rewarded in both STEEM and Steem Dollars (SBD) for creating and curating content. Its CEO, Ned Scott, revealed late last year the company behind the platform, Steemit Inc, was forced to lay off 70% of its staff to reduce operating costs and was restricting its organization to stay afloat.

Sun’s announcement doesn’t seem to have affected the price of either TRX or STEEM, as both are down by little over 1% in the last 24-hour period. The crypto market in general is in the red in the aforementioned period, with BTC dropping about 2%.

As reported, the TRON Foundation has announced it will be unlocked 33 billion TRX, worth around $440 million, in the beginning of 2020. The Foundation hasn’t revealed what the funds will be used for, but it’s possible they may go toward the recently announced acquisition.

Earlier this year, TRON invested in the popular cryptocurrency exchange Poloniex, shortly after it spun out of Circle. Since then Poloniex has been adding TRX trading pairs, and now features a decentralized TRX exchange as well.

Featured image via Unsplash.