The recent staking frenzy led 0x (ZRX) to reach a new and higher user activity level and a price increase by 14% as we are about to read in the upcoming altcoin news today.
The recent market developments with the Defi tokens and staking, bring growth in both technology and price values over the past month. Caught up by the interest is the 0x protocol, the open-permissionless protocol that enables peer-to-peer exchange of assets on the Ethereum blockchain. The data shows active wallets reaching an all-time high in two months since April 2020 while ZRX or 0x, jumped 14 percent at the time of writing.
On-chain analytics firm Santiment explained on Friday that the 0x wallet addresses and the corresponding price bump show an increase in wallet activity on the protocol which bolstered the public interest in staking application and passive incomes from the crypto holdings that are growing as well. Protocols such as Balancer and Compound are leading the pack as the former returned with more than 800 percent to holders in less than two days of issuance back on June 18, falling to the $185-$190 level as on June 4.
$ZRX is seeing its highest amount of unique addresses interacting on its network in nearly two months as the price has jumped +14.7% in the past 24 hours. When a nearly identical DAA level hit back on May 7th, 2020, the price jumped ~+39% two days later. https://t.co/88SmWfgxsy pic.twitter.com/6nA1IJ8jZx
— Santiment (@santimentfeed) July 3, 2020
While 0x is nowhere near close to such returns, it is a project that is not governed by complex eternal factors such as MakerDAO’s zero-fee DAI sales. The staking frenzy started in early 2020 as the holders gained three main ways to lend their tokens. This was possible using some third-party protocols. The data on Staking Rewards shows that ZRX delegates stand to gain their annual reward of 0.51% with a lockup period of 14 days. “Liquidity pool” owners get 3.45% on a similar lockup with moderate risk. On Compound, ZRX’s supply reached $42 million which is an 0.4% increase since Friday.
The developers can use 0x as a platform to create exchange applications on top it as the project notes. For the end-users, 0x will be the main infrastructure of a wide variety of user-facing applications such as the 0x portal, a decentralized application that uses trustless trading on Ethereum-based tokens. In the meantime, ZRX saw some token selling at the 34-EMA on July 3 while the sellers sold the $0.41 level but charts show that some are waiting on the $0.37-$0.38 price level.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post