NewsBTC
DigiFinex, a global cryptocurrency exchange, is adding Horizon Protocol’s token HZN to its ever-increasing list of tradeable altcoins. This news comes a few days after Horizon Protocol announced the upcoming launch of their Horizon Genesis project on BSC. The project will provide Horizon Protocol’s community with better ways of managing their synthetic assets on the platform, including pooling HZN tokens to mint zUSD, burning zUSD, and earning new HZN.
The HZN token is live on DigiFinex starting 16th June 2021 at 16:00(GMT +8). DigiFinex traders will be able to make HZN deposits soon after this. That said, trading of HZN pairs will open from 17th June 2021 at 11:00(GMT+8) — the withdrawal of your HZN is applicable immediately after trading opens.
What is HZN
Horizon Protocol is a decentralized finance platform that was forked from Synthetix, a derivatives liquidity protocol. However, unlike mainstream DeFi platforms, Horizon Protocol facilitates on-chain trading of synthetic assets and derivatives markets via smart contracts.
Horizon Protocol is powered by the BEP-20 native token, HZN. The HZN token serves as the collateral in the synthesis of tradable assets (zAssets) and derivatives markets on the protocol. This allows it to drive the reward system, which is vital to making Horizon Protocol a Decentralized Autonomous Organization (DAO).
HZN was launched on Binance Smart Chain (BSC) Testnet with an initial minted supply of 100,000,000 HZN. The token has an inflationary model and is 100% community mined through staking rewards, grants, bounties, among other rewards.
Here’s how the initial 100,000,000 HZNs were distributed;
- 10% (10,000,000 HZN) was reserved for the token’s Initial Farm Offering on PancakeSwap
- 30%(30,000,000 HZN) was reserved for liquidity mining
- 60%(60,000,000 HZN) was reserved for supporting the Horizon Protocol ecosystem and community through synthetic asset stabilization and community incentives.
As of this writing, the latest recorded price for HZN on Coinmarketcap is $0.2028. It is ranked at #968, with a market cap of $8,094,804.46. The current circulating supply is 40,000,000 HZN.
Features of HZN
DigiFinex is always committed to listing high-quality token projects, which is a great testament to the massive strides HZN has made over the last few months in the De-Fi sector. Here are the Horizon Protocol’s unique features;
- HZN holders can stake their tokens in liquidity pools and get staking rewards generated from exchange fees and Horizon Protocol’s inflationary monetary policy. The platform charges a 0.3% exchange fee on each transaction.
- The HZN community can create synthetic assets that are tradeable across various blockchains thanks to the platform’s collateralization ratio feature. The zAsset prices are defined by price feeds from real-world DeFi oracles such as Phoenix DeFi Oracle, Chainlink, and Band Protocol.
- With Horizon Protocol launched on BSC, users will enjoy cross-chain operability on platforms such as Cosmos, NEO, and Tendermint.
- Access to cross-chain crypto derivatives that are backed by the HZN. The Phoenix DeFi Oracle will allow users to also utilize the PHB token on the Horizon ecosystem.
- Users on the HZN ecosystem will also be able to access traditional financial markets, including equities, corporate assets, market indices, and commodities.
- HZN stakers will be involved in the governance of Horizon Protocol.
What to Expect of the New Listing on DigiFinex
The listing of HZN on DigiFinex will help take Horizon Protocol’s reach to new levels. As we enter a new era of improved DeFi systems and synthetic asset creation, this listing should allow more people to access HZN and be part of Horizon Protocol’s unique future – where you can enjoy unlimited trading between crypto-assets and real-world assets without any liquidity issues.
via NewsBTC