The online ZIL3 event is taking place now, organized by the Zilliqa team together with many partners from their ecosystem including Mintable App, but also with Changpeng Zhao, CEO of Binance.
The speech of Changpeng Zhao at the Zilliqa event
As the guest of honour, the first to speak was Zhao, who talked primarily about how the Coronavirus has positively impacted the crypto market, acting a “safe haven” against the financial crisis triggered by the pandemic.
Zilliqa was one of the first to be listed on Binance in 2018 and this is why Chang had the privilege to attend the event. ZIL is one of the survivors of what is known as the Crypto Winter, which means it has celebrated its third anniversary.
As far as DeFi is concerned, Zhao says that it is very interesting not only because of lending but for many other reasons, such as the increase in liquidity thanks to the staking pools.
Apart from that, according to him, DeFi is now hyped and it will turn out like in the ICO period where many companies will disappear and only a few will stay on the market, also because according to him all those projects that promise high returns are very risky and will fail.
As for Zilliqa, Chang explains that it is very easy to work with them and there are many initiatives that link them, such as the fact that BUSD will land on Zilliqa and ZIL will be added to their widget.
The word to the Zilliqa team
Zilliqa‘s team is decentralized and global, as is their community.
Three years ago, when they started working on the project, they expected to reach this point in 2020 and, in fact, as explained in the whitepaper, the devs had set themselves the goal of being on the mainnet and running, but clearly over time, there have been problems and setbacks.
One of the problems, for example, was achieving an excellent level of scalability, as well as generally feeling the pressure to comply with the roadmap.
Returning to the DeFi theme, according to Juzar Motiwalla, co-founder of Zilliqa, open finance will become bigger than fintech, it will be one of the biggest industries to grow in the near future, but there are difficulties to reach these results.
For example, among these, there is the difficulty of use and the lack of interoperability between the various protocols, which is why they are working in this area to improve the industry and the development of dApps, building partnerships with different companies.
That’s why they expect the number of projects on Zilliqa to grow, also because they are supported by Anquan Capital, which also owns the marketing company aqilliZ, and the German digital financial institution 1031 Bank.
How will the ZIL token be enhanced
Han Wen Chua, VP and responsible for the growth of the Zilliqa ecosystem took the floor to talk about the ZIL token, which will change the token economy with a burning system and the rewards for the creation of new blocks will increase to 275 thousand ZIL.
In the third quarter of 2020, the objective will also be to adopt a new type of staking that will grow in terms of interest rates.
In addition, to combat inflation, the gas limit will be set at 2,500,000, an increase of 185%. This will be done to make more transactions and have higher throughput.
The minimum price for gas will instead be increased by 100%, becoming 0.002 ZIL.
Open Finance on Zilliqa
Plans for the near future for the Open Finance sector include the creation of liquidity pools for ZIL/XSGD on their decentralized exchange ZilSwap. Liquidity providers for this pair will receive weekly token incentives.
The same will happen with the ZIL/zBUSD pair when the system on the Switcheo exchange is ready at the end of 2020.
In addition, with regard to Open Finance, Zilliqa will create APIs for the DEX, integrating among other things several wallets such as Zillet, Moonlet and ZilPay.
As part of the program, Zilliqa also plans to work with centralized exchanges and market makers to create arbitrage bots and work with compliance systems to obtain the FATF license.