The development of the Zyro protocol, a decentralized protocol that has been developed upon the Zilliqa public chain, was recently announced. The Zyro protocol was developed by core members of the Zilliqa community, gaining a large amount of support from the Zilliqa Foundation.
As Zilliqa looks forward to launching a DeFi ecosystem, the Zyro protocol will be at the center of this ecosystem, with ZSwap as its decentralized exchange. On ZSwap, ZYRO will also function as the native token of the exchange.
ZSwap is the decentralized exchange in the Zilliqa DeFi ecosystem. As it relates to market positioning, Zswap on the Zilliqa ecosystem will be in direct competition with Uniswap on Ethereum. To compete fairly, Zswap has to be provided with traffic, and Zilliqa will play a crucial role in making this happen.
Zilliqa will ensure that Zswap is provided with traffic and a community foundation. The whole community and ecosystem will join hands together in making this work. Popular dApp, Zilliqa Planet, will help ZSwap with seed users as it has over 40,000 active users monthly. This could help increase the conversion rate of token holders.
Introducing Zyro Wallet
Zilliqa Planet will be renamed Zyro Wallet. This nomenclature was chosen to help assist the Zyro protocol launch when it happens. Then, Zyro Wallet will become the local wallet that will offer governance supervision and asset management functions to users. In their Zyro Wallet, users will be able to manage and hold all ZIL assets and ZRC2 tokens.
Improving Liquidity and Trading on Zyro Protocol
In addition to providing liquidity, the incentive mechanism on the Zyro protocol is also for trading, holding, and promotion. Rather than just volume, liquidity also covers certain aspects like trading price and transaction pace. When the price of the transaction is closer to the fair market price, liquidity will increase while transaction slippage will reduce.
Also, when the transaction pace is higher, the market liquidity will be better. Zilliqa has a very high advantage when it comes to speed in transactions. As it relates to market price and depths, Zyro has different mining options. Such mining options include liquid mining, trading mining, and node mining. Notably, this makes Zyro stand out amongst other ETH-based DeFi protocols.
Before now, NextID announced that they are using the Zilliqa blockchain in their project geared towards issuing digital certificates.
As of the time of writing, Zilliqa price was at $0.01996412 with a 24-hour trading volume of $17,277,295. ZIL price also went up by 1.3% over the previous 24 hours. In addition, it has a circulating supply of 11.38 billion coins and a max supply of 21 billion coins. At the present time, HitBTC is the most active market trading it.
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