What is BZRX protocol (BZRX)?

bZx protocol is a decentralized platform based on Ethereum built specifically for DeFi lending, margin and leveraged trading, differentiating itself from competitors through a smart contract-driven token system.

Launched in 2018,

offers two types of financial primitives, iTokens and pTokens, through its Fulcrum and Torque DeFi platforms.

BZx's trading front, Fulcrum, allows users to trade and/or lend crypto assets through iTokens and pTokens. Torque acts as a lending front-end Web interface for bZx, allowing users to borrow money for any purpose at a fixed rate.

The bZx system has three core ERC20 tokens: iTokens, pTokens, and BZRX tokens, all of which play an important role in how bZx operates. In July 2020, bZX launched its native token BZXR in the initial DEX product (IDO) on the Uniswap Exchange.

Who is the founder of BZX?

BzX was founded by former Nokia engineer Tom Bean and former researcher Kyle Kistner, both from Georgia, USA, who proposed the concept in August 2017 and published a white paper in February 2018. They launched Fulcrum in June and Torque in October 2019, respectively.

The bZx team currently has 13 members and a list of influential partners including Chainlink, Kyber Network, Augur, Maker, DeFi Pulse, Signal Ventures and Deversifi.

What makes BZX protocol unique?

BZx's value proposition to DeFi users can be described as "everything is tokenized". The agreement provides incentives for yield agriculture by giving active users a refund of 50% of the fees they pay in the form of BZRX.

This sets them apart from other liquid mining agreements, which typically offer index token rewards that dwarf the actual value of the fees paid to the agreement. This predictor based pricing approach, which rewards active users only with tokens, is considered a more sustainable model that can add more long-term value to the agreement.

The two financial primitives of the agreement, iTokens and pTokens, are composable and can be used as collateral for loans or listed on exchanges. The value of ITokens rises due to the compound interest earned, while issuing pTokens represents short and long leveraged margin trading positions.

Lenders acting as liquidity providers automatically receive iToken for adding funds to the liquidity pool, which can be exchanged at any time for original funds plus accumulated interest.

BZX users who borrow money to trade on margin on Fulcrum automatically receive various types of PTokens (" position tokens "), such as ETH-USDT, Link-DAI or AAV-USDC, depending on the liquidity pool in which they trade.

In addition, Fulcrum users do not need to register or pay transaction fees and can connect to the protocol using most Ethereum wallets (such as MetaMask).

How many BZRX coins are in circulation?

The total supply of bZx is 1,030,000,000 BZRX tokens, with 140 million tokens currently in circulation.

BZRX tokens are allocated as follows:

Attribution (21.35%), presold (13.65%), Team (20%), Builder Fund (20%), Security and Alliance Fund (5%), and Ecosystem Fund (20%). Of the 20 percent allocated to reward users, 17 percent will go to fee reimbursement and 3 percent will go to the use of the agreement.

How to secure BZX network?

The bZx protocol has been plagued by security vulnerabilities, leading to three hacks in 2020. Despite audits of its smart contracts by companies such as Peckshield and Certik, the last hack in September allowed hackers to copy assets due to "one line of misplaced code" . Fulcrum "Black Swan" insurance Fund is offering full refunds to affected users.

The bZx team is working with developers and auditors to improve security and rolling out network updates.

Where can you buy BZRX protocol (BZRX)?

The top exchanges currently trading under the bZx protocol are Binance, HBTC, binance.kr , CoinTiger and VCC Exchange .