0x whitepaper

Abstract

0x: An open protocol for decentralized exchange on the Ethereum blockchain
We describe a protocol that facilitates low friction peer-to-peer exchange of ERC20 tokens on the
Ethereum blockchain. The protocol is intended to serve as an open standard and common building
block, driving interoperability among decentralized applications (dApps) that incorporate exchange
functionality. Trades are executed by a system of Ethereum smart contracts that are publicly accessible,
free to use and that any dApp can hook into. DApps built on top of the protocol can access
public liquidity pools or create their own liquidity pool and charge transaction fees on the resulting
volume. The protocol is unopinionated: it does not impose costs on its users or arbitrarily extract
value from one group of users to benefit another. Decentralized governance is used to continuously
and securely integrate updates into the base protocol without disrupting dApps or end users.

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