Why Jared Leto-Backed 0x (ZRX) Is Spiking Today

0x (ZRX), the token of an infrastructure protocol that allows for easy trade of assets on the Ethereum (CRYPTO: ETH) blockchain, is defying the downturn in major cryptocurrencies.
ZRX has spiked 8.55% to $0.84 even as Bitcoin (CRYPTO: BTC), Ethereum, and Dogecoin (CRYPTO: DOGE) traded in the red over 24 hours leading up to early Wednesday morning.

Trading Volume Explodes

The 24-hour trading volume for ZRX spiked nearly 432% to $608.865 million at press time.

0x Raises $70M In Series B Funding Round

0x Labs said in a blog post on Tuesday that it had raised $70 million in a Series B funding round led by Greylock. Other participants included Pantera, Sound Ventures, OpenSea, Coinbase Holdings Inc (NASDAQ: COIN) and Jared Leto. 

The funding will be deployed to fuel the expansion of 0x Labs team and its product and service offerings including a search engine for tokens known as Matcha.

0x On The Web

Web3 development platform Alchemy tweeted on Tuesday that 0x uses its technology to maintain reliable Remote Procedure Call (RPC) connections and to check system health and usage insights.

5. So how does 0x use Alchemy?

To power the next DeX generation, 0x uses:

– Alchemy Supernode, to maintain reliable RPC connections

– Alchemy Monitor, to check system health and usage insights

– Alchemy’s Enhanced APIs, to access higher-level abstractions for blockchain APIs

— Alchemy | We’re Hiring! (@AlchemyPlatform) April 26, 2022

The presence of Leto did not go unnoticed on Twitter.

Maybe not… he’s on the Alchemy team… or advisor team. pic.twitter.com/FADYdAmTVE

— CryptoMonk (∞) + (@CryptoMagi) April 26, 2022

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Photo courtesy: James Ackerley on Wikimedia