ZilSwap recently officially introduced its governance token, which has been renamed to ZWAP.
ZilSwap, the first decentralized exchange (DEX) to be built on Zilliqa, was launched last year. This DEX platform reportedly marked the entrance of Zilliqa into the decentralized finance (DeFi) space.
Thank you for all your great suggestions! We're excited to re-introduce #ZilSwap's new governance token, $ZWAP! @zilliqa
Liquidity mining commences 3 Feb 2021. Find out how to get $ZWAP rewards in our blog post below! 👇https://t.co/rwsHPijzUY
— Switcheo (@SwitcheoNetwork) January 21, 2021
ZilSwap has enabled the permissionless trading of ZRC-2 assets and ZIL on the Zilliqa blockchain. Ever since it was released, ZilSwap has garnered a total value locked (TVL) of $1.1 million and enjoyed massive support from the Zilliqa community. In order to become a fully decentralized platform, ZilSwap is releasing its own governance token – $ZWAP.
As a governance token, $ZWAP will ensure that the community has control over the activities of the protocol. $ZWAP is a new ZRC-2 governance token for ZilSwap which encourages the participation of stakeholders in making decisions that govern the protocol.
Through $ZWAP, stakeholders would be able to approve upgrades and improve the development of the platform through a permissionless and decentralized means. The on-chain voting system will be fueled by $ZWAP, allowing for platform parameters to be adjusted when needed, such as protocol fees. Such adjustments will be done under the supervision of the decentralized organization. More information on the voting process will be released soon.
There will be a liquidity mining program that will enable liquidity providers and traders to earn rewards in $ZWAP. On February 3, 2021, the distribution of $ZWAP tokens will commence. The distribution process is also guided by two key stages to users who will benefit from the protocol.
The first stage in the distribution mechanism is the retroactive airdrop. In this stage, the tokens will be distributed to early builders, users, and testers who have tested and used the protocol. The second stage is liquidity mining where the tokens will be distributed to the developers and liquidity providers, the key stakeholders of the protocol.
With the release of the $ZWAP governance token, ZilSwap is affirming its commitment towards a fully decentralized future. This lays their foundation for growth and development in the protocol. There will also be further improvements in the platform, which will include a more flexible integration once there is an upgrade on the Zilliqa blockchain.
The total supply of $ZWAP tokens is 1,000,000. From February 3, 2021, users will be able to view and claim their $ZWAP tokens on ZilSwap’s pool page.
Before now, Travala.com, the popular cryptocurrency-friendly hotel booking firm, announced that interested persons can make bookings on its platform with Zilliqa ZIL tokens.
Zilliqa (ZIL) Price
As of the time of writing, Zilliqa price was $0.068889 with a 24-hour trading volume of $332,424,674. ZIL price also went up 1.1% over the last 24 hours. Besides, it has a circulating supply of 11.6 billion ZIL coins and a max supply of 21 billion. Binance is also the current most active market trading ZIL.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.