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

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Exchanges (DEX)

# 0x Token incentives Methodology

## 1. Overview

The 0x protocol token incentives metric measures the USD value of tokens distributed to users as incentives for trading or providing liquidity on the 0x protocol. This metric is calculated as zero across all time periods, reflecting that 0x protocol does not operate a token incentive program for users. The calculation establishes the proper dimensional structure and time series but explicitly sets all incentive values to zero.

## 2. Data sources

The calculation uses the following data sources to establish the dimensional structure:
- **0x protocol trading data**: Off-chain trading event records captured through 0x API or scraping infrastructure
- **Transaction metadata**: Including transaction hashes, log indices, timestamps, and chain identifiers
- **Token pair information**: Maker token and taker token symbols for each trade
- **Trading volume data**: Pre-calculated USD-denominated trading volumes for each transaction

## 3. Step-by-step calculation

### Component A: Trading event extraction
- **Purpose**: Extract and standardize trading events from 0x protocol to establish the base dimensional structure
- **Logic**: Raw 0x trading transactions are processed to extract key dimensions including timestamps, chain identifiers, and business classifications. Each trade is classified under the "Exchange Order Book" business line, "exchanges" market sector, and "dex" business segment. Token pair names are constructed by concatenating `takerTokenSymbol` and `makerTokenSymbol` with a hyphen separator.
- **Key fields**: `block_timestamp` for timing, `chain` for blockchain identification, `takerTokenSymbol` and `makerTokenSymbol` for token pair construction, `volumeUSD` for volume amounts

### Component B: Daily trading volume aggregation  
- **Purpose**: Aggregate trading volumes to daily granularity to create the dimensional framework for downstream metrics
- **Logic**: Trading events are grouped by day using timestamp truncation, along with chain, market sector, business segment, and product dimensions. Trading volumes in USD are summed for each dimensional combination. This creates daily trading volume records that serve as the structural foundation for other metrics.
- **Key fields**: `timestamp` truncated to daily boundaries, `chain_id` normalized to lowercase, `trading_volume` as USD sum

### Component C: Fee structure creation
- **Purpose**: Create a fees table structure with zero values, establishing that 0x protocol doesn't charge trading fees
- **Logic**: The daily trading volume records are transformed into a fee structure by copying the timestamp, chain, and product dimensions while explicitly setting all `fees` values to zero. This reflects 0x protocol's fee-free model for users.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `fees` set to 0

### Component D: Token incentives assignment
- **Purpose**: Create the final token incentives metric with zero values across all dimensions
- **Logic**: The fee table structure is used as a template to create token incentives records. All `token_incentives` values are explicitly set to 0, indicating that 0x protocol does not distribute token incentives to users. The dimensional structure (timestamp, chain, product) is preserved from the underlying trading data.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_incentives` set to 0

### Final aggregation
- **Combining components**: No aggregation is performed as token incentives are assigned directly from the fee structure dimensions
- **Currency conversion**: No conversion needed as all values are set to 0 USD
- **Time aggregation**: Daily boundaries are maintained from the trading volume aggregation step  
- **Final calculation**: Token incentives = 0 for all time periods, chains, and products. The `finalize_metric_token_incentives` macro ensures proper schema compliance, validates dimensional IDs, and forward-fills any gaps in the time series with zeros. Results are filtered to exclude dates beyond 2025-03-21.

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

Value of native tokens distributed as incentives.

0xZRX

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Token incentives

Token incentives

Competitive landscape

Chain breakdown