0x Labs Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
0x Labs builds open exchange infrastructure (protocol, API, consumer app) for on-chain token trading across multiple blockchains.
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About this model
0x Labs operates a three-layer exchange stack: the open 0x Protocol settles ERC20, ERC721, and ERC1155 transactions; 0x API supplies liquidity aggregation to wallets and app builders; and Matcha is its retail trading interface. The routing layer combines DEX liquidity with RFQ market makers and considers gas costs across seven chains.
The split matters because its customers and evidence differ. Matcha had processed $34 billion cumulatively by December 2021, while 0x API served more than 60 integrators, including MetaMask and Coinbase Wallet. API unique addresses reached 669,860 in December after a 20x year-on-year volume increase.
A useful model separates Matcha and API routed volume by chain, then applies their own basis-point monetisation assumptions. Keep the ZRX-governed $14.38 million community treasury outside operating revenue, and make volume growth, take rate, headcount, and cloud costs the key scenario variables.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About 0x Labs
0x.org
How to build a detailed financial model for 0x Labs
A complete walkthrough of the business, drivers, and assumptions behind the downloadable 0x Labs model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three-layer stack, each with a distinct user:
| Layer | Product | Customer | Value prop |
|---|---|---|---|
| Settlement | 0x Protocol | Developers / dApps | Open, composable smart-contract settlement for ERC20, ERC721, ERC1155; upgradeable via ZRX governance |
| Aggregation | 0x API | App builders / wallets | Liquidity aggregation across 95+ DEX sources + professional market makers (RFQ); smart order routing with gas cost factoring; multi-hop and multi-source routing |
| Consumer | Matcha | Retail traders | Token search engine / DEX aggregator UI; live on 7 blockchains; 100+ liquidity sources |
Core thesis: all value will be tokenized and settle on-chain; fragmentation across chains and protocols creates a need for unified infrastructure.
Market
Context provided: deck argues that derivatives, collectibles, stablecoins, art, yield/liquidity, and governance tokens will all move on-chain, implying a multi-trillion-dollar eventual addressable market - but no numbers are cited.
Revenue model
- 0x API: likely a fee on routed volume (basis-point take rate) paid by integrators - standard for DEX aggregator APIs.
- Matcha: likely a protocol fee embedded in swap pricing.
- 0x Protocol: historically zero protocol fee; ZRX staking/governance token captures potential future value.
- Community Treasury holds $14.38M in assets (MATIC, ZRX, wCELO) governed by ZRX holders.
No take-rate figures, pricing tiers, or revenue line items disclosed.
Traction & metrics
Matcha
- Launched: March 2020
- Cumulative trade volume since launch: $34 billion
- 2021 YoY growth (Dec 2020 → Dec 2021):
- Volume $: 14.6x
- Transactions: 7.9x
- Traders: 3.5x
- Monthly volume data points (from stacked bar chart, slide 8):
- Dec '20: ~$500M (approx, chart scale)
- Peaked ~Nov '21 and Oct '21 at highest bars
- Monthly users (slide 8 chart): 16,883 (Dec '20) → 102,902 (Nov '21) → 80,771 (Dec '21)
- Blockchains: 7 (Ethereum, Optimism, Avalanche, Polygon, BSC, Celo, Fantom)
- Liquidity sources: 100+
0x API
- Integrators: 60+ (including MetaMask, Coinbase Wallet, Zapper, dYdX, ShapeShift, Rainbow)
- 2021 YoY growth (Dec 2020 → Dec 2021):
- Traders: 15.3x
- Volume: 20x
- Transactions: 50.5x
- Unique addresses (0x API, slide 13): 41,838 (Dec '20) → peak 847,587 (Oct '21) → 669,860 (Dec '21)
- Monthly volume (0x API, slide 13): growing from ~$1B range (Dec '20) to ~$7–9B peaks (Oct–Dec '21); Ethereum dominant but Polygon/BSC material
- Liquidity sources: 95+ across 7+ blockchains
0x Protocol
- Ecosystem: NFT marketplaces (OpenSea, Coinbase NFT, trader.xyz), data infra (Dune Analytics, TheGraph, Bitquery)
- Governance: ZRX token; 3 historical treasury allocations totalling ~$2.77M USD equivalent
- Community Treasury: $14.38M total (MATIC $9.06M | ZRX $4.01M | wCELO $2.74M)
Competition / moat
Not explicitly addressed in a dedicated slide. Implied moats:
- Protocol-level: open-source settlement standard with developer ecosystem lock-in; ERC721 and EIP-712 co-authorship
- API-level: 95+ liquidity sources, professional MM RFQ system, multi-chain routing - network effect as integrators grow
- Consumer: brand + best-price routing for retail
No direct competitor comparison slide.
Team & funding ask / use of funds
- Co-founders: Will Warren (Co-CEO, ex-Los Alamos National Laboratory) and Amir Bandeali (Co-CEO, ex-DRW)
- Team size: 52 members
- Team alumni: Coinbase, Citi, Bitso, Google, Microsoft, Airtable, Funding Circle
- Founded: ~2016–2017 (deck says "betting on mass tokenization since 2016")
Recommended financial model
Archetype: Usage-based / volume-take-rate model (DEX aggregator / crypto infrastructure) - closest analogue is a marketplace GMV model where the monetisable unit is trading volume and revenue = volume × take rate.
Why: The business has three layers but all economic value flows through transaction volume. Matcha and 0x API both route trades; the revenue lever is a basis-point fee on that volume. The protocol layer (ZRX) is treasury/governance, not a P&L line. The model should be volume-first, not ARR/SaaS.
Forecast horizon & granularity:
- Monthly for Year 1 (2022), quarterly for Years 2–3 (2023–2024)
- Separate volume build for Matcha (consumer) and 0x API (B2B); consolidate at revenue line
Key drivers & assumptions:
| Driver | Seed value |
|---|---|
| Matcha monthly volume Dec 2021 | ~$7B implied (14.6x of ~$480M Dec 2020 est.) |
| 0x API monthly volume Dec 2021 | ~$7–9B (chart range) |
| 0x API unique addresses Dec 2021 | 669,860 |
| Matcha monthly users Dec 2021 | 80,771 |
| Number of integrators | 60+ |
| Number of supported chains | 7 |
| Matcha volume growth rate 2022 | 50% YoY (severe DeFi market correction vs 2021 bull run) |
| 0x API volume growth rate 2022 | 40% YoY |
| Take rate on routed volume (Matcha) | 0.05–0.10 bps |
| Take rate on routed volume (0x API) | 0–0.05 bps or flat subscription |
| Gross margin | 70–80% |
| Headcount (Dec 2021) | 52 |
| Headcount growth | +20–30% pa |
| Avg. salary + benefits fully-loaded | $180K–$220K pa |
| Cloud + infrastructure costs | 15–20% of revenue |
| ZRX Treasury (non-P&L) | $14.38M |
Scenarios (which variables flex):
| Scenario | Volume growth | Take rate | Headcount growth |
|---|---|---|---|
| Bull | +80% YoY (crypto recovery) | 0.10 bps | +35% |
| Base | +40% YoY | 0.06 bps | +25% |
| Bear | Flat / −20% YoY (bear market) | 0.03 bps | +10% |
Primary flex variable: crypto market volume (highly correlated to BTC/ETH price cycle). Secondary: monetization go-live timing - deck does not confirm active fee charging.
Required sheets / outputs:
- `Assumptions` - all drivers, scenarios, switches
- `Volume Build` - Matcha and 0x API monthly volume by chain, rolled to quarterly
- `Income Statement` - revenue (volume × take rate), COGS, gross profit, OpEx (R&D, S&M, G&A), EBITDA, net income
- `Headcount` - by department, with cost roll-up
- `Balance Sheet` - simplified; key item is treasury/cash runway
- `Cash Flow` - operating CF; burn rate; runway months
- `KPI Dashboard` - monthly volume, unique addresses, integrators, gross margin %, burn rate
Frequently asked
Is the 0x Labs financial model free?+
Yes. The 0x Labs model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from 0x Labs's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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