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0x (ZRX) is a decentralized exchange protocol that enables peer-to-peer trading of ERC-20 tokens on the Ethereum blockchain without requiring a centralized intermediary. Its key features include a flexible architecture that allows developers to build custom trading applications, off-chain order books for efficiency, and the ZRX token which governs the protocol and incentivizes liquidity providers. What makes 0x unique is its focus on being an open infrastructure layer for decentralized exchange rather than a standalone exchange itself, allowing any developer to create trading experiences on top of the protocol.