0x is a decentralized exchange infrastructure created to facilitate peer-to-peer (P2P) exchange of Ethereum-based assets such as real estate, gold, video game items and stocks across multiple blockchains. Built atop the Ethereum blockchain, 0x is protected by Ethereum's security features.
To accomplish decentralization, 0x taps into a collection of publicly auditable and open-source smart contracts. These smart contracts work in sync to deliver a low-friction and flexible trading protocol that developers can easily use in DeFi apps or any product that involves asset exchange. Examples include video games and portfolio management products.
0x also has a smart order routing system that splits users' transactions across multiple DEX platforms like Uniswap, Curve, Oasis, Bancor, Mooniswap and more to ensure quick processing with the lowest possible slippage. The protocol claims to have 99.9% uptime, a 2% revert rate and a 1.5 second response time.
The native token, ZRX, is used to pay transaction fees to market makers. Additionally, it is used for staking and participation in the 0x's governance.