Zenchain Protocol using NFTs as collateral in DEFI
What is Zenchain Foundation?
Introduce
I see there am a lot of recent projects popping out right now, and I’m curious to see if the one project projects clearly desired to enter this marketplace. The beyond has been a totally busy time, we’ve visible DeFi tasks arise and it added a new trend to the marketplace and attracted numerous human beings to this marketplace. And perhaps this time around, human beings are also chasing DeFi tasks and searching out opportunities to take an advantage of DeFi initiatives, however think of it truly just like the system of a bump and unload. Within the marketplace, and if you are the new topromote it can be hard to look this and itaffected the modern-a day the marketplace the ‘s recognition for a brand new sources of the money coming into the marketplace. Within the spirit of now not looking humans to waste a time or the meaningless money, I continually try to construct the satisfactory content with honestly potential tasks to convey you.
About
The ZenChain Foundation is developing ZenChain, a blockchain specifically dedicated to decentralized financial (DEFI) applications and non-fungible tokens (NFTs). By focusing on the functionality of the blockchain and dedicating it specifically to DEFI and NFTs, ZenChain provides unparalleled high transaction throughput, reduced risk of errors, and intelligent feature development specifically for the fulfillment of financial services for both fungible token and non-fungible token (NFT) on the blockchain.
Background of NFT birth
The boom in blockchain technology need not be limited to fungible currencies alone. Designed specifically for secure, trust-less, and immutable transactions, the possibilities for blockchain in the exchange and maintenance of any variety of digital assets are exponential in scope. More specifically, the future of blockchain may lie in the technology of Non-Fungible Tokens (NFTs). NFTs were first imagined using the Ethereum ERC721 standard, with the introduction of digital information written into smart contracts.
How does Zenchain Protocol combine NFTs & DEFI?
Using NFTs as collateral in Defi
The special of ZenChain is full support cross-chain NFTs and Defi. ZenChain allows NFTs owners to get more powerful with their NFTs, is just not collectible, user can stake their NFTs as collateral in lending & borrowing application, and can borrow some fungible token (ERC20, BEP20, TRC20 …) to using another defi strategy.
The price of NFTs is determined by the Auction system. That means just users and NFTs which using the ZenChain auction system can use their NFTs as collateral.
ZenChain allows users to borrow up to 50% of the highest auction price.
What is NFT in Zenchain Protocol?
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. They can only have one official owner at a time and they’re secured by the Ethereum blockchain — no one can modify the record of ownership or copy/paste a new NFT into existence. NFT-Fi is a non-fungible token with defi traits and is minted by providing liquid to DEX or Lending systems. Imaging this is pear or level up items in traditional games, with the NFTs your power in Defi will be upgraded and make you have some special benefit than others that don’t have any NFT-Fi. Or other words, you can imagine NFT-Fi like a loyalty card or coupon.
Here is some NFT-Fi will be mint with ZenChain:
Fee master: if a user uses or holds these NFTs when using Defi, users can use DEX and another defi with fee benefit. Each Fee master type NFT has special traits: percent decrease fee, time to use, period, the scope of token …
Interest King: if a user uses or holds these NFTs when using Defi, users can earn more LP fee in Dex (normal is 0.03%), or users can earn more lending interest, or reduce borrow interest. Each Interest King token has special traits: percent increase or decrease fee, time to use, period, the scope of token …
Lucky Pass: if a user uses or holds these NFTs when using Defi, users can have changed to mint more NFT-Fi token … To be fair, ZenChain has Random Number Generator power by Oracle module.
Positive consequence
It encourage people to contribute directly to the ecosystem and be benefited by staking their NFTS, defi strategies have made people millionaires in the Defi space and to use Defi to be minted NFT-Fi
Team
Conclusion
In trendy, what the venture is doing, we can completely trust the assignment, I think if consistent with the cutting-the edge road map, the task might be very ideal in 2021, due to the fact this is just the time that I suppose the product will work. To get the state-of-the-art data and updates on the project you could visit the social link of this venture. Thank you for following this newsletter, if there is any hassle approximately the article content material or talk it right here so, I will edit it so that the thing turns into the most entire.
Important Links
Website: http://www.zenchain.co/
Litepaper : https://docs.zenchain.co/
Telegram group: https://t.me/zenchaingroup
Telegram channel : https://t.me/Zenchainofficial
Twitter: https://twitter.com/zenchainco
Facebook: https://www.facebook.com/Zenchainofficial
Github: https://github.com/zenchainprotocol
Medium: https://medium.com/zenchain-protocol
Author
Username BTT: SkylarGrace
Link BTT: https://bitcointalk.org/index.php?action=profile;u=2737318
BEP-20 Wallet Address: 0x09bbd468f7ca506a85b778a6cbef7afcf3195a5d