ZRX Price Jumps 150% After Weekly Staking Payouts Announcement

The 0x or ZRX price jumps 156 percent against the US dollar after the announcement of the weekly staking payouts and the potential support coming from Vitalik Buterin. Let’s read more in the coming altcoin news.

The0x community voted in favor of a proposal that aims to cut the regularity of the staking payouts from 10 days to 7 days. all of the 0x users who choose to become liquidity providers will start receiving payouts every week. In the meantime, the creator of Ethereum Vitalik Buterin mentioned 0x or ZRX as one of the projects that he wants to learn more about and to try it during the Ethereal Virtual Summit a day ago. It seems that all of the eyes are now turned into 0x.

The ZRX price jumps by more than $150 after it traded at $0.2134 on May 7. A day later, the coin surged to a new high of $0.52048 which marked a 143% gain before it dropped back to the $0.44 position. Once 0x spiked on Friday, it marked a monthly upturn of 218 percent and then dropped to the $0.44 range which left the altcoin with the 150% increase for the month and the 89% increase for the week.

The sudden price increase by ZRX pushed the ERC-20 altcoin up between the top 40 cryptocurrencies by market cap once there was an all-time high influx of trading volume. 0x is an open-source protocol for the ETH-based tokens on decentralized exchanges. The holders can serve as protocol liquidity providers by staking the coins with the market makers. This way they will receive payouts in the form of ETH. The token was considered a beneficiary of increased attention over the past seven days after the community voted to reduce the length of staking epochs. Epochs is a period that the stakers have to go through to receive their payouts.

As of the latest improvement proposal ZEIP 77, 10 million ZRX was staked on the community vote which ended up in bringing a decision to shorten the epoch length to 7 days. Vitalik Buterin as well, named 0x as one of the projects that he wants to try:

 “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.”