0x (ZRX) gained 143% against the dollar leading into Friday, May 8. The price surge comes after announcing weekly staking payouts, and potentially getting a fortuitous ‘Ethereum rub’ from Vitalik Buterin.
Notably, on May 7, the 0x community voted in favor of a proposal that would cut the regularity of staking payouts from 10 days to 7 days. 0x users who opt to become liquidity providers will now receive payouts weekly.
Meanwhile, Ethereum creator Vitalik Buterin mentioned 0x as “one of the projects he wants to try out,” when he spoke at the Ethereal Virtual Summit on May 7. All eyes seem to be on 0x right now.
0x (ZRX) Jumps 143%
ZRX opened May 7 trading at a coin price of $0.213485. Around 36 hours later, the coin surged to a brief peak of $0.520408. That briefly marked 143% gains before an eventual fallback to the $0.44 range at the time of writing.
When ZRX peaked on Friday afternoon, it briefly marked a monthly upturn of 218%. The cooldown to the $0.44 range still leaves ZRX with over 150% for the month, and 89% for the week, according to data from CoinGecko
The sudden surge by 0x pushed the ERC-20 based altcoin up among the top 40 cryptocurrencies by market cap, while CoinGecko reported an all-time high influx of trade volume.
Staking Payouts Come Weekly
0x is an open-source protocol for the decentralized exchange of ETH-based tokens. ZRX holders can act as protocol liquidity providers by staking their coins with market makers. In return, they receive payouts in the form of ETH.
The token may have been the beneficiary of some increased attention this week, after a community vote to shorten the length of staking epochs was passed. ‘Epochs’ refer to the period stakers need to wait to receive their payouts.
As per the improvement proposal ZEIP 77, 10 million ZRX was staked on the community vote, and the decision to shorten epoch lengths to 7 days was passed.
Ethereum Creator Namechecks 0x at Ethereal
Ethereum creator Vitalik Buterin appeared at the Ethereal Virtual Summit on May 7, where he named 0x as one of the projects he wanted to try out.
Speaking to The Defiant’s Camila Russo, Buterin discussed some of the apps he’s used or intends to use:
“I have a bit of money in being a uniswap liquidity provider. I have used the DAI in a lot of cases. Uniswap is nice because it’s really simple for feeding into a lot of things. I’ve tried Loopring,” he said, adding, “I still want to try out 0x at some point.”
Buterin also revealed he’s been hitting the treadmill and listening to Dan Carlin’s Hardcore History podcast.