LD Capital: 0x Protocol Short-Term Liquidity Analysis
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LD Capital: 0x Protocol Short-Term Liquidity Analysis
Upbit address holdings show significant growth, trading is active, but fundamentals lack major positive developments.
Navigating Web3 tides with focused insightsAuthor: Jill, LD Capital
Project Overview
0x Protocol is an Ethereum-based exchange smart contract protocol founded in 2016. It operates with an off-chain order book and on-chain settlement model, enabling relayers—off-chain participants—to become B2B users of the 0x protocol. Currently, there are 78 relayers integrated with the 0x protocol, including DefiLlama, MetaMask, and Coinbase.
In 2020, 0x officially launched Matcha, a DEX built on the 0x API protocol.
Source: 0x Explorer, LD Capital
Fundamentals
ZRX is the governance token of the 0x Protocol, with a total supply of 1 billion tokens. The current circulating market cap stands at $38.41 million, and the token is nearly fully circulated. Over the past 24 hours, trading volume reached $280 million, indicating extremely high turnover.
Source: Etherscan, LD Capital
According to on-chain data from Etherscan, the top 30 whale addresses hold 63% of the total supply. Centralized exchange addresses collectively hold around 19%, with Upbit’s address holding 10.9%, making it the largest on-chain holder of ZRX.
Source: Etherscan, LD Capital
According to Nansen data, Upbit’s address increased its holdings by approximately 4 million tokens over the past month—an increase of 3.7%. Another Upbit address also added nearly 4 million tokens during the same period, bringing Upbit’s total holding share to 11.37%.
Source: Nansen, LD Capital
Multiple small whale addresses have accumulated positions over the past month, collectively holding 1.33%.
Additionally, one large holder address (0xbdc) transferred 1 million tokens to Coinbase about a month ago. Other major addresses have not shown any abnormal large transfers recently.
Source: Nansen, LD Capital
Based on the historical transaction records of the 0xbdc address, this wallet received the tokens in December 2022 and began gradually selling them to Coinbase starting January this year. It currently holds 7.43 million tokens remaining, which could represent potential downward pressure.
Trading Volume Surge
According to TradingView data, Binance spot trading volume began increasing significantly from October 9. The main accumulation zone lies between $0.25 and $0.33, and the price has now broken through this resistance area. The current price range shows relatively low concentration of holdings, indicating weaker resistance ahead.
Source: TradingView, LD Capital
Futures Data
Binance launched ZRX futures contracts on June 29, 2020. Current futures data shows that around 1:00 PM on November 11, open interest in ZRX futures began rising, along with a moderate increase in active buy orders. However, both the long-to-short ratio among retail traders and the large-holder long-to-short ratio remain below 1, indicating bearish sentiment among both retail and major players. As a result, active sell-side pressure remains relatively strong. Overall, the futures market does not show a clear accumulation signal.
Summary: ZRX has seen frequent interactions with Upbit addresses recently, with notable increases in holdings on Upbit and heightened trading activity. On-chain whale accumulation signals are unclear, and there are no significant fundamental catalysts for ZRX at present.
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