What is ZenChain Protocol?
ZenChain Foundation is currently developing ZenChain, is a blockchain specifically dedicated to decentralized financial applications (DEFI) and non-exchange tokens (NFT). By focusing on blockchain functionality and dedicating it specifically to DEFI and NFT, ZenChain provides unmatched high transaction throughput, reduces the risk of errors, and develops special smart features for financial service fulfillment for both token equivalents and non-exchange tokens (NFTs). on the blockchain.
Background of The NFT birth
NFTs were first imagined using the Ethereum ERC721 standard, with the introduction of digital information written into smart contracts. Designed specifically for secure, trust-less, and immutable transactions, the possibilities for blockchain in the exchange and maintenance of any variety of digital assets are exponential in scope. More specifically, the future of blockchain may lie in the technology of Non-Fungible Tokens (NFTs)
The specialty of the ZenChain Protocol is that it fully supports cross-chain NFT and Defi. ZenChain allows NFT owners to get stronger with their NFT, uncollectible, users can stake their NFT as collateral in the loan & borrow application, and can borrow some commensurate tokens (ERC20, BEP20, TRC20…) to use another defi strategy.
Then the NFT Price will be determined by the Auction system. means that only users and NFTs using the ZenChain auction system can use their NFT as collateral.
and only allows borrow to users up to 50% of the highest auction price.
What is NFT in Zenchain Protocol?
tokens which we can use to represent the ownership of unique items which can be called NFTs. They let us mark things like art, collectibles, even real estate, etc.
then They can only have one official owner at a time and they are secured by the Ethereum blockchain – no one can change ownership records or copy/paste new NFTs.
NFT-Fi (NFT-DEFI) is a token that cannot be exchanged with a Defi nature and is printed by providing liquid to the DEX or the Loan system. This branding is a pear item or leveling up in traditional games, with the NFT your strength in Defi will increase and will give you some special advantages over others who don’t have NFT-Fi. Or put another way, you can think of NFT-Fi like a loyalty card or a coupon.
Here is some NFT-Fi will be mint with ZenChain:
If the user uses or holds this NFT when using Defi, and the user can use DEX and other Defi using the cost-benefit. Each type of NFT Fee Master has special characteristics: percentage of fee reduction, usage time, period, token coverage …
if the user uses or holds this NFT while using Defi, the user can earn more LP fees on Dex (usually 0.03%), or the user can earn more loan interest, or reduce the loan interest. Each Flower King token has special features: percent increase or decrease in fee, usage time, period, token coverage …
if the user uses or holds this NFT while using Defi, the user can change to create more NFT-Fi tokens… To be fair, ZenChain has the power of Random Number Generator by Oracle module.
It encourage people to contribute directly to the ecosystem and be benefited by staking their NFTS, defi strategies have made people millionaires in the Defi space and to use Defi to be minted NFT-Fi.