Zenon Network: A New Cross-Chain Liquidity Farming Solution

Zenon Network is a self-evolving network that is highly scalable and uses a dual coin approach to decentralization.

What is Zenon Network? 

Zenon Network of Momentum (NoM) presents a well-incentivized solution to decentralized networks that participants in the sector have long desired. NoM’s protocol model integrates a block-lattice and a directed acyclic graph (DAG) to fight the high transaction costs that afflict legacy networks like Ethereum (ETH).

The network aims to create next-generation tools powering the digital ecosystem of the future by transforming the free paradigm through a third dimension asset, Plasma, that acts as the network gas, eliminating transaction fees. The transaction throughput proportionately increases as the user generates more Plasma.

Zenon aims to be the perfect environment for each individual to experiment with decentralization at any level. 

Zenon Network has taken one step further towards decentralization by initially providing integration for the wrapped ZNN (wZNN) through the BNB chain (BSC) 2-way Bridge.

The benefit of the initiative is that it will provide users interoperability with the BSC ecosystem and the option to store wZNN in any web3-compatible wallet. 

The wZNN Liquidity Program — Alphanet Edition is currently live, offering a new cross-chain liquidity farming solution with up to 10x dynamic multiplier incentives for providing liquidity to the wZNN/WBNB PancakeSwap pair.

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Here are some of the Zenon Network specifications:

Highly scalable

The Zenon Network architecture is designed to ensure scalability and enables highly concurrent transaction throughput with decentralization preservation.

Hyper Transferrable

The network is interoperable at the protocol level with zero-fee token transactions, unlocking a massive amount of possibilities.

Dual-coin approach

Zenon Network uses a dual-coin economy with its two utility tokens: ZNN and QSR, which work together to ensure a mint-and-burn equilibrium. 

The users fuse (stake) QSR coins or submit valid PoW ( proof-of-work) to generate more Plasma, resulting in the higher overall security of the network. QSR is also used as collateral for nodes.

ZNN, on the other hand, is also used as collateral for network consensus for transaction validation and on-chain data record.

The new dual-ledger model makes the network more scalable along with a hybrid PoW/proof-of-stake (PoS) model providing higher throughput and lower latency dual-consensus mechanism.

zApps

Zenon categorizes the decentralized and mass-scalable applications on its network as zApps. The hybrid application built on the network comes with multiple use-cases ranging from Decentralized finance (DeFi) and the Internet of Things (IoT). 

Freedom to create your tokens

Sound infrastructure is only one component of attracting user attention, as it is with most rival layer-one blockchains. The Zenon Token Standard (ZTS) provides a flexible and secure way for both users and developers to issue and manage tokens without the headache of writing any code directly from the Syrius wallet, further encouraging more network participants and growing its ecosystem.

Full decentralization pathways

As cryptocurrency adoption grows, the regulatory pressure results in the system shifting towards centralization.

Zenon Network addresses two main parts of decentralization to achieve a comprehensive vision of decentralization:

Technical decentralization: The node code is entirely open-source under permissive licensing for the users to contribute by creating and running their node.

Governance decentralization: Zenon Network is bringing a collective governance framework shaped by the delegators’ voice and powered by the Pillars vote. The accelerator program, which will serve as a powerhouse for ecosystem expansion, is built on this governance framework.

The Network architecture is designed so that its lifespan will only depend on its market success and not on the idea of any outer force. The project says:

“You can’t regulate what you can’t stop.”

Wrapped ZNN (wZNN) Liquidity Program — Alphanet Edition

Interestingly, the Zenon Network also offers cross-chain Liquidity Farming, which is one of
the most accessible solutions for increasing the liquidity of the wZNN / WBNB PancakeSwap pair.

The program will ensure sustainable liquidity provision for the ecosystem, increase ecosystem accessibility, merge communities, and attract people from other ecosystems.

Under the program, the liquidity providers earn fees from the wBNB/wZNN PancakeSwap (CAKE) pair on BNB chain using any compatible web3 wallet and QSR rewards on Zenon Network using Syrius non-custodial wallet. 

Liquidity providers rewarding system:

Total Liquidity incentives: 1.800.000 QSR.

Liquidity incentives: Up to 18.000 QSR if the 10x rewards multiplier is achieved

Daily Multipliers: For example, 2x multiplier is rewarded if a total of 2000 wBNB are pooled by all LP participants, 3x for 3000 wBNB, and 10x for 10000 wBNB. The QSR rewards are distributed every 24 hours after 12:00 UTC.

How to redeem QSR rewards for providing liquidity to the wZNN / WBNB PancakeSwap pair?

1. Add liquidity to wZNN / WBNB PancakeSwap pair

2. Download s y r i u s

3. Paste your Alphanet address on Bridge.zenon.network

4. Confirm in the Web3 wallet 

Find detailed instructions for becoming a liquidity provider here or how to swap wZNN to ZNN and vice-versa here.

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Conclusion

As mentioned above, Zenon Network has some exciting features with a well-founded accelerator program for users, developers, and businesses coming live soon. You can learn more about the project on their website and social media handles. 

Website

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Discord

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Source : bsc.news