Victor Ugochukwu · Oct 26, 2020 . 5min read
Zilliqa’s Silent Longterm DeFi Plans for Crypto Investors
Zilliqa clearly looks prepped and ready with some long terms plans to support DeFi plans.
By Victor Ugochukwu · Jul 13, 2020 . 7min read
Zilliqa, a third-generation platform appears to be silently pursuing a longterm plan for defi that has been making waves recently.
Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. It has only recently debuted its mainnet just a little above 18 months ago and is now on record to be the first public blockchain to in the world to successfully utilise sharding as a scaling solution.
With DeFi – decentralized finance making the rounds in the world of cryptocurrency lately, it’s looking like the Zilliqa is making plans to tap in huge into the goldmine that has seen a renewed interest in Ethereum blockchain.
Clearly, Ethereum constantly faces scaling issues especially when transactions volume peak in the network. Although Ethereum is presently the preferred blockchain for defi, Zilliqa may just be prepping to make its mark in the world of decentralized finance. It is only normal for Zilliqa which offers low transactions high speed, improved security to delve into the DeFi arena coming to the rescue of those who might be frustrated with Ethereum’s constant scaling issues. And with Ethereum postponing the possible launch of its PoS goal until 2021, this is a golden opportunity for Zilliqa to match words with actions.
Zilliqa welcome BUSD, a Binance-backed stablecoin as part of its Longterm DeFi Plans
Very recently, it announced its blockchain will be supporting BUSD, a USD-pegged stablecoin created in partnership with Paxos Trust Company. By this, it will be building an interoperability bridge between Ethereum and the Zilliqa chain allowing ERC-20 tokens to be moved from one chain to another.
Binance is already the leading cryptocurrency exchange in the world with a giant community. If implemented rightly, Zilliqa’s blockchain should see a surge in activity as Binance community moves assets around through BUSD. Since crypto likes to copy themselves, and with Binance leading the charge, many other heavyweights may decide to join Zilliqa.
Ethereum and EOS based token Zilliqa DEX
It already announced its partnership with Switcheo to build its own DEX – Decentralized Exchange. DeFi is also called Open Finance. It affords assets holders and parties in need of liquidity to achieve this leveraging the non-custodial features of public blockchains. With this DEX, Zilliqa has positioned itself to serve the growing DeFi community in the world. It does this by allowing the developer community to build high-improved DeFi tools and dapps while users enjoy the options available to them especially with a rise in fake defi tokens.
Zilliqa’s multicurrency stablecoin enabled feature
Zilliqa is gradually establishing itself to be a multicurrency blockchain. It is already in motion to implementing BUSD on its chain. Not many know it already has Singapore dollar stablecoin. The DeFi space is constantly in search for any platform supporting multiple assets coupled with extra security.
Promising Longterm Goals
Zilliqa clearly looks prepped and ready with some long terms plans to support DeFi plans. Examples are Asset Wealth Management, Insurance, Derivatives, Orderbook based DEX. It also has Decentralized Oracles in the works. All these makes it look as it plans to stage a strong presence in the DeFi space.