Zyro is giving away 25,000 ZYRO tokens via DappRadar’s Airdrop feature.
2020 was the year of DeFi on Ethereum and 2021 is going to be the year of DeFi across all blockchains.
One such example is Zyro Finance which is bringing DeFi functionality to the Zilliqa blockchain.
Much like Uniswap, Zyro is what’s called an Automated Market Maker, which just means that instead of trading tokens with another trader – as with centralized exchanges – you’re trading your token against a liquidity pool.
For example, if you have ETH and want some DAI, you trade your ETH into the ETH-DAI liquidity pool on Uniswap and the exchange rare between these two tokens is automatically controlled by the AMM.
The liquidity pool of tokens is provided by other traders who earn a small amount of fees from each trade.
Of course, because Zyro run on the Zilliqa blockchain, it allows you to trade Zilliqa standard tokens, which are known as ZRC2 tokens (just as Ethereum tokens use the ERC20 standard).
Building up
One advantage of trading tokens on the Zilliqa blockchain is it’s much faster and cheaper than Ethereum. Zyro claims it will be handle 2,800 transactions per second at a cost of less than $0.003, compared to less than 20 transactions a second at over $5 a transaction on Ethereum.
That’s a good foundation for the project, which will spend the coming months building out its features.
Currently, the only pair of tokens available to trade between are the native Zilliqa token (ZIL) and Zyro’s own governance token (ZYRO) but more will be added soon.
Indeed, over time Zyro expects to offer a bridge to Ethereum to enable the trading of cross-chain assets such as BTC, ETH and USDT in the form of Ziliqa-based versions labelled zBTC, zETH and zUSDT. It will also support Binance’s BUSD stablecoin.
And to encourage people to get involved now, Zyro giving away 25,000 ZYRO tokens via DappRadar’s Airdrop feature.
All you need to is sign up and enter your wallet and email address.
