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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etherscan

website

Exchanges (DEX)

# 0x Maximum token supply Methodology

## 1. Overview

The 0x token supply maximum metric represents the total maximum supply of ZRX tokens that can ever exist for the 0x protocol. This metric answers the fundamental question of token scarcity by providing the hard cap on token issuance as defined in the 0x token contract. The calculation uses fixed protocol parameters rather than dynamic blockchain data, as the maximum supply was permanently set at token launch and cannot be changed.

## 2. Data sources

This metric relies on protocol specification data rather than dynamic blockchain sources:
- **Protocol documentation**: Fixed parameters from the 0x protocol token contract specification
- **Token launch parameters**: Hardcoded maximum supply value set during the initial ZRX token deployment on August 16, 2017
- **Contract immutable values**: The maximum supply limit that was permanently encoded in the token contract at deployment

## 3. Step-by-step calculation

### Component A: Maximum supply specification
- **Purpose**: Defines the fixed maximum supply of 0x tokens as specified in the protocol design
- **Logic**: Sets the maximum token supply to exactly 1,000,000,000 ZRX tokens, established at the token launch date of August 16, 2017. This value represents the total cap on token issuance that was permanently encoded in the token contract
- **Key fields**: `timestamp` set to the token launch date, `timestamp_grain` set to daily granularity, and `token_supply_maximum` set to 1 billion tokens

### Final aggregation
- **Combining components**: No aggregation is needed as this is a single fixed value
- **Currency conversion**: Not applicable - this metric represents token count, not monetary value
- **Time aggregation**: The metric uses a fill-forward strategy to propagate the same maximum supply value across all time periods from the launch date onwards
- **Final calculation**: The maximum token supply remains constant at 1,000,000,000 ZRX tokens for all time periods, filtered to only include dates through March 21, 2025

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

Maximum number of tokens that can exist under the current token economics.

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Maximum token supply

Maximum token supply

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