First Mover: 0x's ZRX Token Surged 67% in May to Become Month's Top Performer

Jun 1, 2020 at 11:50 UTCUpdated Jun 1, 2020 at 13:03 UTC.Will Warren, co-founder of 0x, speaks at 0xpo.The ZRX token from 0x, a developer at the forefront of the fast-evolving landscape for decentralized exchanges, surged 67% in May to become the month's top-performing digital asset.

Basic Attention Token had the second-best performance, with an 18% return in May, according to CoinDesk Research.

Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more.

Among the worst-performing tokens was XRP from Ripple, which slid 5.6% on the month to 20 cents.

Bitcoin SV lost 7.4%, falling to $192.ZRX's May surge took the token's price to the highest in almost a year, though the current price of about 32 cents is still down some 87% from the all-time-high of $2.50 reached in January 2018, according to data provider Messari.

The 0x project, which is led by co-founder and CEO Will Warren and raised the equivalent of $24 million in a token sale in 2017, specializes in software that can be used to create DEXs - essentially automated trading systems that can be maintained and operated with distributed computing networks.

Last month, 0x announced a second-quarter beta launch of a new trading platform, Matcha, that the company says has been "Built to feel natural, intuitive, and highlight the convenience of peer-to-peer crypto trading."

Denis Vinokourov, head of research for the crypto prime broker Bequant, said in emailed comments that the token may be getting some support from its weekly staking payouts - which are rewards for holding tokens, akin to interest.

The ZRX token enjoyed a steep one-day pop earlier this month when Ethereum founder Vitalik Buterin remarked that 0x was "One of the projects he wants to try out," according to the publication.

"Great month for Bitcoin, as it broke above previous resistance," tweeted popular analyst Josh Rager after the cryptocurrency ended Sunday at $9,446.