The cryptocurrency exchange DDEX has announced today plans to fork the 0x token (ZRX) in order to improve fluidity.
DDEX is one of the largest decentralized exchanges built on the Ethereum network and is currently the most prominent crypto exchange that is using 0x as a base currency.
In the medium post, DDEX CEO Tian Li lauds the important work that the 0x team have achieved in developing a high-quality project and how it helped DDEX become one of the largest decentralized exchanges.
However, the need for a fork is cited as necessary due to problems such as poor liquidity and order collision.
The new fork will be called Hydro and contains largely rewritten code with a new order schema which will facilitate true matching and improved liquidity sharing. Upon launching the new token, the ZRX token will be removed from the platform in order to reduce unnecessary friction.
Li points out that the team are prepared to accept that the new token may not achieve desired expectations, and should that happen they are prepared to go back to the drawing board and rethink their strategy.
We recently reported on the launch of 0x’s Instant platform, designed to support the seamless trading of any tokenized asset on the blockchain. How these new developments will affect that project have not been made clear at this point.