bZx Protocol

Overview of bZx Protocol

The bZx Protocol is currently the only lending protocol to make use of decentralized price feeds for calculating interest rates and our unique architecture makes it so the gas fee associated with using bZx does not increase along with the number of assets supported by the platform.

The bZx protocol is an Ethereum-based decentralized platform built for DeFi lending and margin and leverage trading that alternativeiates itself from competitors through a smart contract-powered token system.

bZx Protocol allows anyone to build applications that empower lenders, borrowers, and traders with the most flexible decentralized finance protocol on Ethereum.

bZx Protocol price Index provides the latest BZRX price in US Dollars , BTC and ETH using an average from the world's leading crypto exchanges.

bZx Protocol produces its own wallet software that is available for download on its website, which allows you to store bZx Protocol on your computer.

The bZx Protocol is a Ethereum-based DeFi lending protocol which users can borrow, lend, and margin trade without relying on third parties.

bZx Protocol's share of the entire cryptocurrency market is 0.01% with the market capitalization of $ 136.60 Millions.

The BZX protocol is being integrated into over 21 financial applications including: Defi Saver and Eidoo.

bZx protocol debuts its fully functional smart contracts onto the Ropsten Testnet.

bZx Protocol had an all-time high of $1.3786 8 months ago.

Blockchain

Support

The dip was stopped short once bZx Protocol reached the $0.52 support area.

How Many BZx Protocol (BZRX) Coins Are There in Circulation?

bZx has a total supply of 1,030,000,000 BZRX tokens, with a current circulating supply of 140 million tokens.

How Does BZRX Capture Value?

When you stake your BZRX to a representative, BZRX exposes you to four different mechanisms of value capture.

How does a protocol stay solvent during an open 5x leveraged position?

On bZx, it was intended to work like this: when a user shorts ETH in favor of wBTC with 5x leverage, they first transfer ETH to bZx, which bZx holds as collateral.bZx then provides the users with wBTC equivalent to 5 times the value of the user’s collateralized ETH.The user’s debt is denominated in ETH because bZx uses ETH to acquire the wBTC.

How to buy bZx Protocol (BZRX) on SimpleSwap?

The SimpleSwap team has rethought the process of cryptocurrency exchange to make it simple, safe and comfortable.

The Upside?

bZx’s history provides us with an interesting scenario.They were a first mover in the space, suffered a significant setback, and have now been come back laser-focused on security and audits.

Are the smart contracts safe? Can I see the audits?

Yes.The base protocol audit is publicly available.All custody is retained by the base protocol.Both the base protocol audit and iToken/pToken audit were conducted by ZK Labs, a recognized leader in the space.Matthew DiFerrante, founder and lead auditor at ZK Labs, is a security engineer at the Ethereum Foundation and audits the Ethereum core protocol itself.

Ethereum Will Soon Undergo Equivalent Of 3 Bitcoin Halvenings, How?

Ethereum has created new all time highs (ATHs) after crossing the psychological mark of $3000+.

How Is the BZx Network Secured?

The bZx protocol has been plagued by security flaws which resulted in three hacks in 2020.Despite having their smart contracts audited by firms such as Peckshield and Certik, the last hack in September resulted in an $8 million exploit due to “one misplaced line of code” that allowed hackers to duplicate assets.Impacted users were refunded in full by the Fulcrum “black swan” insurance fund.

What is bZx Protocol?

bZx is not itself an exchange, but a protocol that can be integrated into the current exchange infrastructure.Exchanges and relays are incentivized by fees denominated in the BZRX protocol token (BZRX) to offer decentralized margin lending and margin trading services.Assets are valued and liquidated via competing oracle providers.By decoupling the valuation and liquidation of assets from the protocol, the oracle marketplace approach allows competition to drive the oracle provider fee to its marginal cost while encouraging experimentation and flexibility.The new BZRX token will be launched on the Ethereum mainnet Monday, July 13th, 2020.BZRXv1 token holders can easily migrate to the new BZRX token using the Staking Dashboard here Token holders will need to migrate in order to unlock their BZRX tokens.Token holders will need to migrate to the new token by the time the platform relaunches in August to qualify for Fee Sharing.BZRXv1 token holders will have 1 year from the launch of the new token on July 13, 2020, to migrate their holdings to BZRX tokens.

Did you know?

Like many other DeFi products, bZx uses oracles to bring price data into their system.The problem is oracles can represent a centralized point of fail so in order to become more decentralized, bZx has partnered with decentralized oracle service provider Chainlink to try and help solve this problem.

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How is a short with 5x leverage supposed to work?

The 1300 ETH sent to the bZx protocol was used to open a 5x leveraged short on ETH in favor of wBTC.

What Is BZx Protocol (BZRX)?

The bZx protocol is an Ethereum-based decentralized platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system.

Are code audits overrated?

BZX’s third hack came right after two major audits by Certik and PeckShield, which seem to have let a subtle bug pass through their nets.Platforms like Aave and Compound also suffered from at-launch vulnerabilities, he said, despite the fact that they were audited extensively.

Is DeFi Too Nascent to Get the Hype?

Founded in 2017, bZx developed a DeFi protocol creating an ecosystem of decentralized applications (DApps), including margin trading and lending platform, wallets, and many more.

How are positions liquidated? Is there liquidity risk?

Positions are liquidated using KyberSwap.When a trader goes under margin maintenance (15%), they are only partially liquidated, bringing their current margin to 25%.Only liquidating as much as necessary reduces the risk of slippage from large liquidations.Anyone can initiate a margin call: the process is permissionless and incentivized.The incentive to liquidators is a refund of your gas \* 2.There’s also no capital costs or risks like those experienced when liquidating positions on other protocols.This ensures redundancy in the margin calling process.Moreover, there is an insurance fund which protects lenders.In the case that a lender would lose their principal, the insurance fund will automatically disburse funds to the lender.This insurance is funded by a smart contract holding 10% of all interest that is paid by borrowers to lenders.

What Makes BZx Protocol Unique?

BZx’s value proposition to DeFi users can be described as “everything is tokenized.” The protocol offers incentivized yield farming by refunding active users with 50% of the fees they pay in the form of BZRX.

How is a short with 5x leverage supposed to work?

The 1300 ETH sent to the bZx protocol was used to open a 5x leveraged short on ETH in favor of wBTC.

What can you do with bZx?

The best way to use bZx is through user interfaces: Fulcrum and Torque.

What is bZx?

bZx is a financial primitive for shorting, leverage, borrowing, and lending that empowers decentralized, efficient, and rent-free blockchain applications.Fulcrum, originally launched in June 2019, is a DeFi platform for lending and margin trading built using bZx.Fulcrum enables users to collect interest by lending assets, and to enter into tokenized long or short positions at up to 5x leverage.Fulcrum 2.0 was launched in 2020 and is twice as gas efficient as its predecessor.Also built with bZx, Torque is a DeFi platform for borrowing assets instantly, with indefinite-term loans and fixed interest rates.The most important thing that sets the bZx Protocol apart from other decentralized lending protocols is its commitment to developing the most decentralized solution possible.The bZx Protocol is currently the only lending protocol to make use of decentralized price feeds for calculating interest rates and our unique architecture makes it so the gas fee associated with using bZx does not increase along with the number of assets supported by the platform.BZRX is the governance token of the bZx protocol.BZRX token holders can vote to upgrade the bZx protocol as well as stake their token to begin earning a share of bZx protocol fees.

Who Are the Founders of BZx?

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

How do you get hold of bZx tokens?

The BZRX governance token was only available for purchase during the bZx ICO and is currently not available on exchanges for trading or buying.

What Is BZx Protocol (BZRX)?

The bZx protocol is an Ethereum-based decentralized platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system.

How Many Times Is Too Many?

Earlier this year, the team behind bZx paused the protocol after two consecutive hacks caused a mass outflow of capital.Promising to come back stronger, bZx built a new iteration of the product over six months.The protocol was finally deployed again on Sept.2.

What’s so special about it?

The bZx system of lending and borrowing depends on iTokens and pTokens.When users lend or borrow money on bZx, their crypto assets go into or come out of global liquidity pools–pools of funds shared between many different exchanges.When lenders supply funds into the global liquidity pools, they automatically receive iTokens.These iTokens represent a share or claim of their supplied funds in the pool and automatically generate interest for their holders.At any point, iTokens can be redeemed for the original funds plus the interest accumulated.

How is the system intended to stay solvent with margin loans?

In order for any protocol to provide loans in a trust minimized manner, it must have a system to keep itself solvent.When a protocol is solvent, we are saying that the protocol always controls enough borrower collateral to pay off borrower debt in the event that the borrower does not pay back the loan.

What does going long or short mean in trading?

Margin trading has two main aspects: leverage and shorting.When trading with leverage, a trader borrows assets to increase the amount of assets they are trading.By doing so, they magnify the gains or losses of their trade.The borrowed assets are known as a margin loan.To obtain the margin loan, the trader puts up assets that serve as collateral.The terms of the margin loan specify a collateral-to-loan ratio.If the trade falls below the specified ratio, the trade is liquidated and the lender gets repaid using the trader’s collateral.Margin trading also includes shorting.When shorting, a trader essentially sells assets they do not own.The short investor borrows an asset and sells it with the expectation that the asset will lose value.

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Who Are the Founders of BZx?

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

How do I buy bZx Protocol?

It is not possible to buy all cryptocurrencies with U.S.dollars.Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S.dollars using Coinbase or BlockFi.Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including bZx Protocol.

Who Invented bZx?

The co-founders of bZx are Tom Bean and Kyle Kistner who formed the idea for the protocol in August 2017.

How is the system intended to stay solvent with margin loans?

In order for any protocol to provide loans in a trust minimized manner, it must have a system to keep itself solvent.When a protocol is solvent, we are saying that the protocol always controls enough borrower collateral to pay off borrower debt in the event that the borrower does not pay back the loan.

How Is the BZx Network Secured?

The bZx protocol has been plagued by security flaws which resulted in three hacks in 2020.Despite having their smart contracts audited by firms such as Peckshield and Certik, the last hack in September resulted in an $8 million exploit due to “one misplaced line of code” that allowed hackers to duplicate assets.Impacted users were refunded in full by the Fulcrum “black swan” insurance fund.

What is the bZx Protocol?

Advancing the DeFi ecosystem will require new applications, protocols, layers, and services.The bXz ecosystem is proving rather worthwhile in this regard.It is a great layer to build new applications and tap into decentralized finance on Ethereum.

What can you do with bZx?

The best way to use bZx is through the front-ends: Fulcrum and Torque.

How To Use bZx?

You can enter the bZx platform through either front-end: Fulcrum or Torque.In the spirit of DeFi, no registration is necessary, and bZx doesn’t take custody of your funds.You just need to connect with MetaMask or some other Ethereum wallet.

What about the future?

With Torque and Fulcrum, bZx was one of the first movers into the DeFi lending space.They have been able to come back successfully after the setbacks of being hacked, with an immense focus on security and audits.In this current landscape, where DeFi enthusiasts are starting to grow weary of the millions of food-themed copy paste protocols, a team with proper security audits will stand out.

What is bZx protocol (BZRX)?

The bZx protocol (BZRX) is a set of smart contracts, enhanced on the basis of Ethereum.The protocol focuses on lending and margin trading and is similar to another popular DeFi product called dYdX.The biggest difference between the two margin trading protocols is the use of tokens inherent in the bZx protocol.There are three main tokens in the bZx system: iTokens, pTokens and BZRX tokens.All three are ERC20 tokens, and each plays an important role in how bZx works.

How does a protocol stay solvent during an open 5x leveraged position?

On bZx, it was intended to work like this: when a user shorts ETH in favor of wBTC with 5x leverage, they first transfer ETH to bZx, which bZx holds as collateral.bZx then provides the users with wBTC equivalent to 5 times the value of the user’s collateralized ETH.The user’s debt is denominated in ETH because bZx uses ETH to acquire the wBTC.

How to use bZx?

bZx prides itself on its products’ ease of use.To lend or trade, visit fulcrum.trade using a browser connected to your Ethereum wallet.You can visit torque.loans for a simplified borrowing experience with fixed rate, indefinite-term loans.

What Actually Happened On bZx?

The following information has been taken from the bZx Discord.The rogue actor first took out a 10,000 ETH ($2.7M) flash loan from dYdX (another DeFi protocol).Then invested 5,000 ETH in Compound (DeFi) and 5,000 ETH in bZx, before proceeding to borrow 112 WBTC from Compound, which was then used to short WBTC on bZx with 50/50 of the initially borrowed 10,000 ETH.The rogue actor then dumped 112 BTC on Kyber Uniswap to push down the price and profit from the short position.Pays back the original loan of 10,000 ETH to dYdX (the original contract is reported to have 1M ETH in Compound and 650K WBTC debt).

What’s The bZx Protocol?

Launched in 2018 on Ethereum blockchain, bZx Protocol is a Decentralized Finance (DeFi) product which allows users to lend and trade, using margin and leverage.Its trustless and permission-less in nature.The protocol supports ETH, DAI, USDC, KNC, LINK, REP, WBTC and ZRX.Its native governance token is BZRX.

What coins are similar to bZx Protocol?

The following coins use bZx Protocol’s ETH Token algorithm and proof-type: Chainlink, THETA, Binance USD, DREP, DREP [old], PancakeSwap, Aave, Maker, FTX Token, Huobi Token, Crypto.com Coin, Dai, Polygon, Chiliz and Holo.

What is BZRX token?

So far the re-launch has been going perfectly, no doubt due to the new DeFi tokenomics of BZRX token.The reworked token, BZRX, is a governance token and also used for rewards to create a sustainable yield farming experience.Stakers can earn fees from bZx’s ecosystem which can be cashed out in DAI, USDC, ETH, or any other supported ERC20 token.

What is bZx?

The bZx protocol is a set of smart contracts built on top of Ethereum.The protocol focuses on lending and margin trading and is most similar to another popular DeFi product called dYdX.The biggest difference between the two margin trading protocols is the inherent use of tokens in the bZx protocol.There are three main tokens in the bZx system: iTokens, pTokens, and BZRX tokens.All three are ERC20 tokens and each plays a vital role in how bZx functions.

What is the value of bZx Protocol?

One bZx Protocol (BZRX) is currently worth $0.97 on major cryptocurrency exchanges.You can also exchange one bZx Protocol for 0.00001811 bitcoin(s) on major exchanges.The value (or market capitalization) of all available bZx Protocol in U.S.dollars is $187.04 million.

How Many BZx Protocol (BZRX) Coins Are There in Circulation?

bZx has a total supply of 1,030,000,000 BZRX tokens, with a current circulating supply of 140 million tokens.

What is bZx protocol token (BZRX)?

vBZRX tokens are ERC20 tokens, making each token interchangeable and homogeneous.Basic BZRX in the contract can be deposited.However, there are limits to the amount of vBZRX that can be wagered at any given time.This limit will be set by the betting contract itself.As currently suggested, it will be possible to participate in fee-sharing with BZRX staked inside the vBZRX contract; however, the fees will not change until the token changes.Furthermore, the voting power of BZRX placed from within the election contract possesses half the voting power of the typical BZRX token.This is done to prevent the team from having a majority of votes on the DAO.

What else is different?

The bZx protocol is also designed to use the BZRX token, which was sold during their ICO.These BZRX tokens are currently only used to pay fees on the network.All other functionality including trading is locked for now.

Why is Decentralized Margin Trading Better?

The BZX protocol allows users to do leveraged trading directly within their wallet.This allows users to trade while keeping funds off centralized exchanges, exposing traders to less risk.This also gives them the ability to earn passive income by lending their funds to margin traders.This type of peer-to-peer lending offers a much higher rate of return than a traditional money market account.Funds will automatically be loaned out to a lending pool from within their wallet, creating an income stream for the user.

Where can I get bZx Protocol wallet?

bZx Protocol produces its own wallet software that is available for download on its website, which allows you to store bZx Protocol on your computer.For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X.If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.

What Makes BZx Protocol Unique?

BZx’s value proposition to DeFi users can be described as “everything is tokenized.” The protocol offers incentivized yield farming by refunding active users with 50% of the fees they pay in the form of BZRX.

What hashing algorithm does bZx Protocol use?

bZx Protocol is a coin that uses the ETH Token algorithm.

What is bZx?

bZx protocol is a financial primitive for shorting, leverage, borrowing, and lending that empowers decentralized blockchain applications.

Where Can You Buy bZx Protocol (BZRX) ?

The top exchanges for trading in bZx Protocol are currently Binance, HBTC, Binance.KR, CoinTiger and VCC Exchange.You can find others listed on our crypto exchanges page.

Where Can You Buy bZx Protocol (BZRX) ?

The top exchanges for trading in bZx Protocol are currently Binance, HBTC, Binance.KR, CoinTiger and VCC Exchange.You can find others listed on our crypto exchanges page.

Why Use bZx?

Like other DeFi platforms built on Ethereum, bZx’s smart contracts automate the financial process.Now, bZx is similar to dYdX.However, the team’s goal is to make sure that “everything is tokenized.

History of bZx Protocol