DDEX, the largest exchange currently using 0x as its base currency, has announced plans to fork the protocol, remove the native ZRX token from its platform and to create a new token to be called Hydro in its place.
Why we are forking 0x https://t.co/MrC23EVyEQ
— Tian Li (@tstyle11) December 14, 2018
According to DDEX CEO Tian Li, the new token was chosen to reflect the improved fluidity it will bring to users as it containes an “engine capable of true matching, robust market orders, and a fundamentally different liquidity sharing model.”
Ethereum Eco-system Project
0x is an Ethereum-based blockchain project providing a service for decentralised exchanges who in turn can build a ‘relayer’ on top of the 0x protocol allowing the creation of non-custodial exchanges and peer-to-peer trading.
Two months ago the 0x project reached a wider audience when its ZRX token was listed as one of the assets available for purchase on Coinbase and CoinbasePro. While other exchanges such as Radar Relay and Paradex use 0x, DDEX handles around half of all daily trading volume of the protocol.
Tian Li claims that he remains a supporter of the 0x team and was “thrilled to see 0x tackle such a wide range of important issues” but felt that their “perspective of what’s most urgent diverged.”
The CEO went on to explain that DDEX needed a cure for “order collision, front-running and poor liquidity,” with the latter likely qualifying as the most crucial element.
However, he recognises the risks involved with forking and should Hydro fail to deliver then “DDEX will be outclassed and quickly become irrelevant – we either make something people want, or we die. And that’s the way it should be.”