Market makers offer trades through order book & make money on bid-ask spreads paid by takers.

0x is a non-custodial exchange protocol built on Ethereum. 0x was founded by Amir Bandeali & Will Warren and launched in 2016.

ZRX tokenholders own and govern the protocol. They currently do not take any of the total trading fees paid by traders (revenue). 0x’s investors include Coinbase Ventures, Jump Capital, Pantera Capital, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

# 0x Revenue Methodology

## 1. Overview

The 0x protocol revenue metric measures the total fees collected by the protocol from trading activities. This metric tracks revenue across multiple blockchain networks where 0x operates. However, the current implementation explicitly sets all revenue values to zero, indicating that 0x either operates as a fee-free protocol or that fee collection data is not currently tracked in this methodology. The metric provides a daily time series with proper dimensional breakdowns by chain and business segment, using trading volume data as the structural foundation.

## 2. Data sources

The methodology uses the following data sources:

- **0x protocol trade data**: Pre-processed transaction records from the 0x protocol scraper system containing trade execution details, token symbols, and USD-denominated volumes
- **Multi-chain transaction data**: Trade records spanning multiple blockchain networks where 0x operates, including transaction hashes, log indices, and chain identifiers  
- **Token metadata**: Symbol information for both taker and maker tokens involved in trades, used for account naming and trade pair identification
- **Pre-calculated USD volumes**: Trading volume amounts already converted to USD at the time of trade execution

## 3. Step-by-step calculation

### Component A: Trade data extraction
- **Purpose**: Extract and structure raw 0x protocol trade data for downstream processing
- **Logic**: Query the 0x scraper transaction data to retrieve all trade records. Extract key fields including block timestamps, transaction hashes, log indices, and chain information. Apply business classification by setting all trades as 'Exchange Order Book' business line, 'exchanges' market sector, and 'dex' business segment. Create account names by concatenating taker and maker token symbols with a hyphen separator. Convert chain names to lowercase for consistency.
- **Key fields**: `timestamp` for trade execution time, `transaction_hash` and `log_index` for unique trade identification, `chain` for blockchain network, `takerTokenSymbol` and `makerTokenSymbol` for token pair identification, `volumeUSD` for pre-calculated USD trading volume

### Component B: Trading volume aggregation  
- **Purpose**: Aggregate individual trades into daily trading volume totals by dimensional breakdowns
- **Logic**: Group trade data by truncated daily timestamps, chain identifiers, market sector, business segment, and product identifiers. Sum the USD trading volumes for each dimensional combination. This creates a daily time series of trading activity that serves as the structural foundation for fee and revenue calculations.
- **Key fields**: `timestamp` truncated to daily grain, `chain_id` for blockchain network, `trading_volume` as summed USD amounts

### Component C: Fee calculation
- **Purpose**: Calculate fees collected from trading activities (currently set to zero)
- **Logic**: Use the trading volume dimensional structure as a template but explicitly set all fee amounts to zero. Maintain the same time granularity, chain breakdowns, and product classifications as the trading volume data. Set `chain_id` to 'unknown' rather than using specific chain identifiers.
- **Key fields**: `fees` explicitly set to 0 for all records, maintaining dimensional consistency with trading volume data

### Final aggregation
- **Combining components**: Use the zero fees from the fee calculation component directly as revenue input, maintaining the daily timestamp grain and dimensional structure
- **Currency conversion**: No additional currency conversion needed as fees are set to zero
- **Time aggregation**: Data maintains daily boundaries with timestamps truncated to day precision
- **Final calculation**: Revenue equals fees, which are explicitly set to zero across all time periods, chains, and business segments. Apply the finalize revenue macro to ensure schema consistency, validate identifiers, and fill any gaps with zero values. Filter results to exclude dates after March 21, 2025.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

0xZRX

Archived

Revenue

Revenue

Competitive landscape

Chain breakdown