LD Capital: 0x Protocol short-term funding analysis
Original author: Jill, LD Capital
Project Description
0x Protocol is an exchange smart contract based on Ethereum. The project was founded in 2016. Its model is off-chain order book and on-chain settlement. This settlement mechanism makes the off-chain participant relay party become the 0x protocol. B-side users. Currently, there are 78 relay parties integrated with the 0x protocol, including DefiLlama, Metamask, Coinbase, etc.
In 2020, 0x officially launched DEX Matcha based on the 0x API protocol.
Source: 0x Browser, LD Capital
Fundamentals
0x Protocol governance token ZRX has a total supply of 1 billion. Its current circulating market value has reached US$460 million, and the token is close to full circulation. Trading volume reached $860 million in the past 24 hours, with extremely high transaction turnover.
Source: CoinmarketCap, LD Capital
According to the data on the etherscan chain, the top 30 large account addresses accounted for 63%, and the addresses of centralized exchanges accounted for about 19%. Among them, the Upbit address accounted for 10.9%, becoming the number one currency holder on the ZRX chain. address.
Source: Etherscan, LD Capital
According to nansen data, the holdings of Upbit addresses have increased by about 4 million coins in the past month, with holdings increasing by 3.7%. The holdings of another Upbit address have increased by nearly 4 million coins in the past month, and Upbit’s total holdings currently account for 11.37%.
Source: nansen, LD Capital
Multiple small whale addresses have opened positions in the past month, accounting for 1.33% of the positions.
Source: nansen, LD Capital
According to the historical transfer records of the 0x bdc address, the address received this token in December 2022, and began to sell it to Coinbase in January this year. Currently, the address still has 7.43 million coins left, which may be a potential selling pressure. .
Trading volume
According to Trading View data, Binance spot began to increase volume on October 9, with the chip concentration area at $0.25~$0.33, and has now passed through the resistance zone. The concentration of chips 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. Judging from the current contract data, at about 1 pm on November 11, ZRX contract positions began to increase, and active buying volume also increased to a certain extent. However, the long-short ratio and the long-short ratio of large investors positions were both less than 1. Retail investors and large investors They are all relatively bearish, and the active selling volume is therefore relatively large. It can be seen from the contract data that the contract position signal is not obvious.
Summary: ZRX has frequently interacted with the Upbit address recently, and the Upbit addresss holdings have also increased significantly, and transactions are relatively active. The signal of opening a position from the address of a large investor on the chain is not obvious, and the fundamentals are not very favorable in the near future.
