The launch of Ionise represents the first EVM-based money market protocol on the Zilliqa blockchain, following significant efforts to introduce and expand EVM compatibility on the network.

Ethereum Virtual Machine (EVM) is the software platform used to build applications on Ethereum and other protocols that have implemented EVM compatibility.

A Significant Step Towards a Thriving DeFi Ecosystem on Zilliqa

The recent development is a game-changer for paving the way towards a prosperous DeFi ecosystem on Zilliqa. This new enhancement aims to encourage more users to interact with the applications on the EVM-compatible network, which will subsequently increase the transaction volume.

At its initial launch, the platform allows borrowing and lending for two tokens: zUSDT and ZIL. However, Ionise is still in its early development stage and plans to support more tokens in the future. The platform’s development roadmap and governance decisions will determine the addition of new features over time.

Ionise allows users to borrow tokens and stablecoins without undergoing a credit check or lengthy origination process. This can be done directly on Zilliqa. Additionally, users can supply tokens and earn a variable APY by providing liquidity to the protocol.

Ionise provides users with the option to borrow tokens and stablecoins without a credit check and fast origination directly on Zilliqa. Additionally, users can supply tokens and earn a variable APY by providing liquidity to the protocol.

Ionise: A Decentralized Platform for Token Exchange and Lending

Ionise enables users to exchange and borrow tokens without intermediaries. This is made possible by smart contracts that run on the Zilliqa EVM network, which handle all transactions. With no central authority, your funds remain secure, and your loans are backed by collateral that you provide to the protocol.

Understanding APY: Annual Percentage Yield

APY, or Annual Percentage Yield, represents the projected earnings that suppliers can receive for providing liquidity to the protocol. By locking in this liquidity as collateral, users can borrow other tokens up to a specified limit.

It’s crucial to recognize that borrowing a substantial sum relative to your collateral increases the risk of liquidation. In such a case, the collateral you have pledged will be surrendered to the protocol.

Introducing Ionise, the first-ever EVM-based money market protocol constructed on Zilliqa. Ionise offers support for well-known Web3 wallets that are also compatible with other EVM networks. At the time of launch, Ionise was supported by leading wallets such as MetaMask, Coinbase, Ledger, and Brave.

How Ionise Protocol Utilizes Interest Rates to Incentivize Liquidity

While the Ionise protocol does not guarantee liquidity.  It offers a unique incentive structure that encourages users to supply assets to the protocol. As liquidity for assets decreases, the APY for supplying them increases, prompting users to provide more liquidity to the protocol and earn greater returns.

Ionise: A Secure and Expansive DeFi Platform

The price of assets that are available to lend and borrow using Ionise is maintained by a price oracle, and the protocol delegates the responsibility of establishing the value of assets to a committee that pools prices. Ionise provides security through the public transparency of its codebase, which is a fork of a highly reliable protocol with a track record of real-world success.

Even though Ionise is still in its early stages of development, there are several fascinating features that are planned to be introduced in the future, which will significantly increase DeFi opportunities for users, as well as the number of assets accessible on the platform.

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ChainUp, a Singapore-based enterprise blockchain company, offers an array of infrastructure development and ecosystem support solutions. With a global client base, the company delivers a range of compliance-focused offerings, including digital asset custody and exchange, liquidity, and infrastructure solutions.

Following the partnership, ChainUp will function as an industrial-grade infrastructure collaborator for Zilliqa Group. This collaboration will enhance Zilliqa’s ability to offer Web3 integrations in various sectors while simultaneously increasing the network’s market accessibility via ChainUp’s vast connections to cryptocurrency exchanges, Web3 enterprises, and investors worldwide.

ChainUp will also operate a Staked Seed Node (SSN) on the public Zilliqa network, improving decentralization while playing a key role in archiving a history of transactions and providing services to end-users.

Partnership Focuses on Secured and Compliant Infrastructure Solutions Using Zilliqa

Both companies are committed to delivering secure and regulatory-compliant infrastructure solutions through this partnership. ChainUp’s proven services such as custody and “Know Your Transaction” will play a significant role in achieving this goal by providing easy transaction assessment for compliance and protection against fraudulent activity.

This development places Zilliqa Group in an advantageous position to provide dependable, streamlined, and regulatory-compliant Web3 infrastructure services to its partners. The integration of ChainUp’s enterprise blockchain solutions will significantly broaden its operational capabilities, thus expanding its potential application for both enterprise and consumer use cases.

“Our partnership with ChainUp signifies an important strategic move for the entire Zilliqa Group and Zilliqa ecosystem, bolstering our existing capabilities in areas like loyalty and gaming, while offering all-new features and capabilities to both our portfolio companies, as well as businesses and developers that leverage the Zilliqa blockchain for their product and service offerings,” — Zilliqa Group CEO Matt Dyer.

Zilliqa Group has taken another significant stride towards enhancing its internal infrastructure services, including the nodes and API endpoints that facilitate users on the Zilliqa network, through its partnership with ChainUp.

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During the initial launch phase, SSI DeFi Account users can swap XSGD to S$I. In the future, users will also be able to obtain this token through zUSDT and over-collateralization of ZIL.

The decentralized exchange offers several functionalities to users, including the ability to trade between TYRON and S$I tokens, access to DeFi protocols, and a multi-DEX platform through which users can easily swap tokens on the Zilliqa network.

Unlike other decentralized exchanges, TyronDEX leverages the unique sovereign identity features of the DAO’s SSI accounts, allowing users to create a sovereign identity account with expanded functionality such as social recovery, integrated non-custodial wallets, and NFT domain names.

In addition, other wallets such as ZilPay can be used to connect directly with the TyronDEX interface if the user does not wish to create an SSI account.

What is TyronDEX?

TyronDEX is a decentralized exchange (DEX) that combines familiar DeFi protocols and tools with the sovereign identity functionality of the Tyron SSI Protocol.

Within the Tyron Network, self-sovereign identities (SSI) can interact with TyronDEX from their DeFi accounts using a simple and unified interface where they can choose from the best liquidity options, such as comparing the returns received from DragonDEX (ZilPay), ZilSwap (Switcheo), and Avely Swap (Avely) for the purchase and sale of stZIL.

The DEX will support trading between ZIL and tokens such as TYRON, XSGD, zUSDT, ZWAP, stZIL, and ZLP. It also enables the exchange of XSGD for S$I, as well as S$I for TYRON, and vice versa.

“The TyronDEX technology enables fair-launch IDOs with predetermined launch prices while allowing adjustments of variables such as token availability for the IDO. The first token to use this functionality is the TYRON token,” — Xalkan

The fair-launch technology of TyronDEX also allows for fundraising to be conducted in Singapore dollars thanks to the parity between the SSI dollar and XSGD.

“TyronDEX differs from other DEXs on Zilliqa, which are based on the ZIL cryptocurrency, by presenting new opportunities through the Sovereign Identity Dollar stablecoin (SSI Dollar, S$I).” — Xalkan 

TyronS$I and sovereign identity dollars

In addition to its stablecoin offering, the SSI Dollar, TyronDEX also supports the new TyronS$I token, a liquidity pool token created by combining the existing TYRON token and the new SSI Dollar.

“With TyronS$I, users can participate in farming, use it as a means of payment, transfer it to other members of the TyronS$I DAO, redeem it for governance credits, and obtain S$I loans. “Furthermore, the multiDEX functionality enables increased liquidity in any of the DEXs integrated with TyronDEX, as well as staking and owning soulbound tokens. All of these funds are always protected by the TYRON social recovery mechanism, which is permissionless and decentralized.”— Xalkan 

SSI Dollars can currently be created by burning TYRON tokens or locking XSGD, with the act of burning TYRON reducing the total supply of that token. Loans obtained through XSGD and zUSDT on TyronDEX are secured by non-custodial SSI vaults, and an annual fee is charged for managing these loans.

“Users can use their S$I for providing liquidity in decentralized exchanges like TyronDEX, joining DAOs, governing and profit-sharing from communities like the TyronS$I DAO, and other DeFi applications. Additionally, S$I can be used for payments and peer-to-peer transfers with fiat currencies.”—Xalkan

Users who choose to connect to TyronDEX using an SSI account will also have access to the platform’s expanded sovereign identity features, such as social recovery functionality, non-custodial digital identities, and DeFi wallets.

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Traders who are strong believers in the Zilliqa ecosystem and its potential to grow further can take a long position on Demex’s upcoming ZIL-PERP market. Demex is a powerful derivatives DEX, that enables traders to profit on price movement with no expiry on the perpetual contract.

Trading on Demex couldn’t be easier:

• Fire up Demex, and connect your wallet.
• Deposit selected stablecoins that get converted to USD.
• Start trading!

Demex provides an advanced but intuitive CEX-like experience for trading. It is supported by trading charts powered by Trading View, a plethora of indicators, trading charts, order types, and more.

With Zilliqa’s roadmap for Zilliqa 2.0 and promising developments on the rise, there has been a lot of positive speculation on the price making this attractive for traders to make the trade of a lifetime.

ZIL Money Market on Nitron

In partnership with Zilliqa, Demex’s money market Nitron will whitelist ZIL as collateral. The Zilliqa community can use this as a platform to lend and collateralize ZIL, unlock their capital to borrow other assets, or even mint Carbon’s stablecoin at USC. By lending ZIL, users also earn a lending APY from users who may want to borrow ZIL, earning HODLers a passive income.

Users can also borrow ZIL on Nitron, to mint stZIL on Avely Finance to earn the staking rewards. Nitron opens up a plethora of opportunities for users to hedge their portfolios or earn more yield on their assets.

ZIL Earn-a-thon

Demex is launching an exciting competition soon, in partnership with Zilliqa! The ZIL Earn-a-thon invites all you traders to trade ZIL-PERP and compete for the highest profit ranking on the leaderboard. A prize pool of 2,220 USD is up for grabs.

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Zilliqa is a decentralized platform that prioritizes speed and security. The network boasts a transaction speed that is claimed to be a thousand times faster than Ethereum.

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EVM (Ethereum Virtual Machine) is the software platform used to build applications on Ethereum. Not only on Ethereum but also with other protocols that have implemented EVM compatibility. Bringing EVM to Zilliqa opens its ecosystem to the wider blockchain developer community and allows users to use popular wallets such as MetaMask with the Zilliqa ecosystem.

Next Step After Testnet

The next step after this testnet implementation is to bring the first complete release of EVM compatibility to the Zilliqa mainnet, which is set to go live on April 25th, 2023.

Once this EVM implementation launches on the mainnet, users will be able to transfer native ZILs using wallets such as MetaMask. They can also deploy Solidity smart contracts using popular developer tools such as Truffle and Hardhat.

Going forward, EVM compatibility will be expanded to include full interoperability between Scilla and Solidity smart contract standards. This functionality will be phased in first on the testnet and later on the Zilliqa mainnet.

What to expect from EVM on mainnet

Valeriy explains the way EVM compatibility has been implemented on Zilliqa. It is superior to many layer-2 protocols due to the ability to transfer tokens natively without complex and extraneous conversion processes.

“This is a full, complete implementation of EVM compatibility with all the APIs. Most of the dApps will not require any adaptation at all. We have a better implementation than many layer-2 blockchains because one of the things that we’ve decided is to make EVM native to the Zilliqa ecosystem.

There are a small number of exceptions that are already published in our documentation and relate primarily to certain opcodes, but to a significant extent we have fully native EVM compatibility.

The Use of Metamask

This native implementation means people can use wallets like MetaMask. It is the same way they do on other blockchains without worrying about address space differences or converting ZIL tokens.

“EVM accesses the same ZIL as Scilla in the same address space. For example, if I send some ZIL from my account to your account, and you use ZILSwap and I use Metamask, it’s in the same address space. If my smart contract sends ZIL to you, we can exchange value directly without any bridges, without any unnecessary delays. In most layer-2 implementations, you would still have to wrap your tokens and have another token to complete this transfer.

Once this first full EVM compatibility release is live, people can use the same MetaMask setup they already use with other chains. All they will need to do is to move their balances from their Zilliqa wallet to Metamask. Then they can exchange native ZILs among themselves,” Valeriy says.

Additionally, they can write code in Solidity. Deploy that to the mainnet and create dApps using the same tools as you would in any other EVM environment – Truffle, Hardhat

Zilliqa’s EVM compatibility also provides extensive support for API libraries such as Ethers.js and Web3.js. Both of these are working well in the current testnet implementation.

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Stakin is now part of the Zilliqa Staked Seed Node (SSN) Operator set. As a SSN operator, Stakin will support the network with reliable infrastructure and help further develop the blockchain ecosystem. Zilliqa is a scalable smart contract platform to address the blockchain industry’s congestion problem. Zilliqa employs a novel sharded architecture to achieve parallel transaction processing while maintaining a large number of public nodes. As a result, Zilliqa is a blockchain capable of high throughput and complex computations while remaining decentralized and secure.

Zilliqa launched in 2017 when its founders created a high-throughput public blockchain platform designed to scale thousands ​of transactions per second. As blockchain technology evolves, its efforts are centered around streamlining the efficiency, trust, and transparency of Web 3.0.

Zilliqa’s native digital asset is referred to as $ZIL. This native cryptocurrency is used for transaction purposes, transfers, contract execution, staking and governance. By staking $ZIL, users can take part in decentralized governance and earn staking rewards for their participation in securing the network. Within the ecosystem, validators are referred to as Staked Seed Node Operators. Delegators can delegate their funds with an SSN to support their operations on the network (a minimum of 10 $ZIL is required for delegators to participate).

Matt Dyer, Chief of Staff, Zilliqa: “We are thrilled to partner with Stakin to further decentralize our network and offer more users to participate in the securitisation of our blockchain.  Stakin has a demonstrated expertise with more than 3 year track record operating across a broad range of blockchains, and we are excited to have ZIL staking made available on their dashboard”.

Edouard Lavidalle, Co-Founder and CEO, Stakin: “We are very excited to launch our staking service for Zilliqa and join the active staked seed nodes. Zilliqa is a leading layer 1 blockchain with the first public implementation of both sharding and schnorr signature. We look forward to providing staking for both institutionals and individuals on Zilliqa with our reliable and secure infrastructure.”

Stakin, as a trusted and experienced validator for many other projects such as Solana, Ethereum, Cosmos, and NEAR looks forward to further expanding the Zilliqa ecosystem and promoting the solutions offered.

About Stakin

Stakin is an infrastructure operator for Proof-of-Stake (PoS) public blockchains, offering noncustodial delegation services. The company enables PoS cryptocurrency holders to earn interests on their holdings and participate in decentralized governance while remaining in possession of their cryptocurrencies.

Stakin serves institutional crypto players, foundations, custodians, and exchanges, as well as a large community of individual token holders. Driven by institutional customers and community demand, Stakin provides services for multiple blockchains. Including the other leading ecosystems such as Ethereum, Cosmos, Solana, Polygon, Polkadot, and more.

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About Zilliqa

Zilliqa provides highly-performant, scalable, and secure blockchain solutions for enterprises and decentralised applications. Founded in 2017, Zilliqa was developed by a team of global business and industry experts, experienced scientists, leading engineers.

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SOURCE: STAKIN BLOG

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