DigiFinex, a global cryptocurrency exchange, is adding the HZN token from Horizon Protocol to its ever-growing list of tradable altcoins. That news comes a few days after Horizon Protocol announced the impending launch of its Horizon Genesis project on BSC. The project will provide the Horizon Protocol community with better ways to manage their synthetic assets on the platform, including pooling HZN tokens to mint zUSD, burn zUSD, and earn new HZN.
The HZN token will be available on DigiFinex from June 16, 2021 at 4:00 p.m. (GMT +8). DigiFinex merchants will soon be able to make HZN deposits. However, trading in HZN pairs will open from June 17, 2021 at 11:00 a.m. (GMT + 8) – your HZN can be paid out immediately after trading opens.
What is HZN
Horizon Protocol is a decentralized financial platform derived from Synthetix, a derivatives liquidity protocol. However, unlike the mainstream DeFi platforms, the Horizon protocol makes it easier to trade synthetic assets and derivatives markets on-chain through smart contracts.
The Horizon protocol is based on the native BEP-20 token HZN. The HZN token serves as security when synthesizing tradable assets (zAssets) and derivatives markets on the protocol. This makes it possible to advance the reward system that is crucial in making the Horizon Protocol a decentralized autonomous organization (DAO).
HZN was started in the Binance Smart Chain (BSC) testnet with an initial minting amount of 100,000,000 HZN. The token has an inflationary model and is 100% mined by the community through staking rewards, grants, bounties and other rewards.
So the initial 100,000,000 HZN were distributed;
- 10% (10,000,000 HZN) were reserved for the initial farm offer of the token on PancakeSwap
- 30% (30,000,000 HZN) were reserved for liquidity mining
- 60% (60,000,000 HZN) were reserved for supporting the Horizon Protocol ecosystem and community through synthetic asset stabilization and community incentives.
As of this writing, the last recorded price for HZN on Coinmarketcap is $ 0.2028. It ranks # 968 with a market cap of $ 8,094,804.46. The currently circulating supply is 40,000,000 HZN.
Features of HZN
DigiFinex always strives to list high quality token projects, which is great evidence of the massive strides HZN has made in the De-Fi sector over the past few months. Here are the unique features of the Horizon protocol;
- HZN holders can use their tokens in liquidity pools and receive stake awards generated from exchange fees and the inflationary monetary policy of the Horizon Protocol. The platform charges an exchange fee of 0.3% on every transaction.
- Thanks to the platform’s collateral ratio function, the HZN community can create synthetic assets that can be traded across various blockchains. The zAsset prices are defined by price feeds from real DeFi oracles such as Phoenix DeFi Oracle, Chainlink and Band Protocol.
- With the Horizon Protocol launched on BSC, users can enjoy cross-chain functionality on platforms such as Cosmos, NEO and Tendermint.
- Access to cross-chain crypto derivatives supported by the HZN. The Phoenix DeFi Oracle will allow users to use the PHB token in the Horizon ecosystem as well.
- HZN ecosystem users can also access traditional financial markets, including stocks, corporate assets, market indices, and commodities.
- HZN stakeholders are involved in the governance of the Horizon Protocol.
What you can expect from the new listing at DigiFinex
The listing of HZN on DigiFinex will help take the reach of Horizon Protocol to a new level. As we enter a new era of enhanced DeFi systems and synthetic asset creation, this listing should allow more people to access HZN and be part of the unique future of Horizon Protocol – where you can have unlimited trading between crypto assets and real assets without anything can enjoy liquidity problems.