NewsFlash Articles Data Fundraising BlockBeats Pro

Weekly increase of over 99%, LD Capital analyzes the short-term funding situation of ZRX.

Read this article in 8 Minutes

ZRX has recently had frequent interactions with Upbit addresses, and the growth of Upbit address holdings has also been significant, indicating active trading.

Original Title: "LD Capital: Short-term Funding Analysis of 0x Protocol"

Original Author: LD Capital

Project Introduction

0x Protocol is a transaction (Exchange) smart contract built on Ethereum. The project was founded in 2016, and its model is off-chain order book on-chain settlement. This settlement mechanism makes off-chain participants, such as relayers, become the B-side users of the 0x protocol. Currently, there are 78 relayers integrated with the 0x protocol, including DefiLlama, Metamask, Coinbase, and more.

In 2020, 0x officially launched Matcha, a DEX based on the 0x API protocol.

Source: 0x Browser, LD Capital

Basic Fundamentals

0x Protocol governance token ZRX, with a total supply of 1 billion, currently has a circulating market value of $38.41 million and is close to full circulation. The trading volume in the past 24 hours was $280 million, with a very high turnover rate.

Source: Etherscan, LD Capital

According to etherscan's on-chain data, the top 30 largest account addresses account for 63% of the total, while centralized exchange addresses account for around 19%. Among them, Upbit's address holdings account for 10.9%, making it the top holder of ZRX on-chain.

Source: Etherscan, LD Capital

According to data from Nansen, Upbit's address has increased its holdings by approximately 4 million coins in the past month, representing a growth of 3.7%. Another Upbit address has also increased its holdings by nearly 4 million coins in the past month, with Upbit's total holdings now accounting for 11.37% of the market.

Source: nansen, LD Capital

Multiple small whale addresses have established positions within the past month, with a holding ratio of 1.33%.

In addition, the large account address 0xbdc transferred 1 million coins to Coinbase a month ago, and other large account addresses have not had any abnormal large transfers in the past month.

Source: nansen, LD Capital

According to the transaction history of the 0xbdc address, it received this token in December 2022. Starting from January this year, it has been selling to Coinbase, and there are still 7.43 million tokens left in the address, which may cause potential selling pressure.

Trading Volume

According to Trading View data, Binance spot started to increase in volume on October 9th, with the chip concentration zone between $0.25 and $0.33, and has now broken through the resistance zone. The chip concentration in the current price range is relatively low, and the resistance is relatively small.

Source: Trading View, LD Capital

Contract Data

Binance launched the ZRX contract on June 29, 2020. Based on current contract data, the ZRX contract position began to increase around 1 pm on November 11th, and there was also a certain degree of increase in active buying. However, the number of long and short positions and the long-short ratio of large holders were all less than 1, and both retail and large holders were relatively bearish, so the active selling volume was relatively large. From the contract data, the signal for opening a position is not obvious.

Summary: ZRX has recently had frequent interactions with Upbit addresses, and the holding of Upbit addresses has also increased significantly, indicating active trading. There is no clear signal of large-scale address accumulation on the chain, and there is no significant positive news in the recent fundamentals.