Coinbase NFT Partnership Sparks 60% Rally for 0x Protocol’s Token, ZRX
2022.04.22 15:31
Coinbase NFT Partnership Sparks 60% Rally for 0x Protocol’s Token, ZRX
0x (ZRX) is a decentralized exchange infrastructure protocol that bypasses centralized intermediaries to facilitate the trading of assets on the Ethereum blockchain, emerged as the top-performing crypto on April 20 after a surprise partnership with Coinbase (NASDAQ:COIN).
Coinbase NFT to be Built on 0x Protocol
On April 20, after announcing the launch of its much-anticipated NFT marketplace, Coinbase, in a follow-up blog post, revealed that its new social marketplace for NFTs will utilize the 0x Protocol’s “powerful multi-chain NFT swap support.”
0x Protocol offers up to 54% gas efficiency compared to other infrastructures. Coinbase says it will use this architecture to provide better ways to “discover, buy, sell, and connect around NFTs at the lowest transaction costs for their users.”
ZRX Takes to the MOON!
Just hours after the partnership with Coinbase NFT was announced, 0x Protocol’s native token (ZRX) began a rally, which saw the ZRX gain more than 60% at its peak on Thursday, April 21.
ZRX price chart April 20 – 21. Source: Tradingview
At the rally’s peak, ZRX traded as high as $1.17 in its best one-day performance since February 2021, when it rallied alongside the broader altcoin market.
On The Flipside
- Unable to sustain the trend in the bearish market, ZRX has corrected by 11% over the last 24 hours.
- ZRX now trades at $0.902991 and is ranked as the 97th largest crypto with a market cap of $764 million.
The 24 hours price chart of (ZRX). Source: Tradingview
Why You Should Care
0x stands to benefit from the partnership with Coinbase, as the latter is ranked as the second-largest crypto exchange in the world by trading volume.
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