Zyro Finance: a DEX based on Zilliqa

en.cryptonomist.ch 2020-09-15 12:50
Reading time: ~2 m

Zyro Finance was announced over the weekend, it is a new decentralized exchange (DEX) based on the Zilliqa blockchain.

The well-known Chinese Blockchain investor Chain Capital just announced its support for Zyro. EOS, Polkadot, and IPFS are all part of its portfolio. https://t.co/gEch6doDgA

— Zyro.finance (@zyro_finance) September 12, 2020

Maybe not everyone knows that on the Zilliqa blockchain it is possible to create tokens, which are known as ZRC2, and therefore anyone can create one, but there is still no way to exchange them neither in a centralized nor in a decentralized way.

This is where Zyro.Finance comes into play, a protocol for providing liquidity in an automatic way: this is an AMM (Automated Market Maker) that will allow everyone to exchange ZRC2 tokens.

Basically, this is the Uniswap version based on the Zilliqa blockchain and not on Ethereum.

The result is a platform where it is possible to swap between tokens, to participate in a pool by providing liquidity and also where it is possible to list one’s own token by creating a new pool.

The DEX Zyro Finance token

In short, it is a really significant project that also has its own token, Zyro.

It has a supply of 300 million, 75% of which is dedicated to mining; it also acts as a governance token, allowing to vote on the proposals that the community or the team will propose.

Zyro will generate revenue in a number of ways:

  • By providing liquidity to the various pools;
  • By trading within the protocol;
  • Promoting the protocol;
  • Holding, with the hope that the price will rise.

The project is still in its initial stages but has already obtained the support of Shanghai Chain Capital.

It will only be in the fourth quarter of this year that the Zswap protocol will be active to start trading tokens.

DeFi on Zilliqa

At this point, it is easy to imagine how decentralized finance (DeFi) is also taking its first steps on Zilliqa.

Perhaps the famous Tether stablecoin will soon appear on this blockchain too, as it is now available on various protocols including Algorand, EOS, Bitcoin Cash and many others.

The price of Zilliqa (ZIL) is currently around $0.017, but who knows whether all the good news that the team is announcing in this period won’t make it rise, even if – as Charlie Lee once said – the price of a crypto doesn’t always benefit from the news.