DeFi bZx protocol to launch multi-cross-chain governance tokens

BZx, a decentralized finance flash lending platform, has come a long way since migrating to Binance Smart Chain, according to a tweet, as it plans to launch more governance tokens.

On April 6, bZx announced that it would launch a yield agriculture on Binance Smart Chain to reward liquidity providers with its new BGOV tokens.

On April 19, the flash loan protocol tweeted an update on the progress of the production of your new governance tokens in BSC.

One week after its launch on BSC, bZx reached a TVL of one billion dollars. Soon after, a massive $ 70 million loan was issued resulting in a record $ 200,000 in cumulative fees for BGOV pool stakers in less than 24 hours.

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The bZx tokens in depth

The BRZX token, native token of the DeFi exchange, has recovered well in 2021 after the massive crash in September 2020. It is compliant with ERC-20 of the bZx ecosystem and plays a very important role, given that exercises the greatest voting power and the greatest weight of rate generation.

However, the protocol has a standard BEP-20 token called BGOV which also acts as a governance and fee generation token. It is a fork of the Sushi token contract that has an inflationary issuance model. The token economy article read:

“This will make bZx the first lending AMM with a token economy similar to that of Sushi. BGOV allows bZx to experiment with interactive models of multiple tokens ”.

Both tokens will be used for liquidity provision, one for the Ethereum ecosystem and the other for BSC. This multi-token system could be a model that other DeFi protocols want to integrate when migrating or transferring to other blockchains. However, it can also dilute the ecosystem, which is saturated with DeFi-related governance tokens.

bZx plans Launch an Exchange, Margin Trading and Lending Product on Ethereum Layer 2, and claims to be the first DeFi protocol to do so. There will be a number of additional “GOV” tokens for other platforms such as Polkadot, Avalanche, Polygon and Fantom that will allow BZRX holders to win on multiple chains.

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BZRX token price update

The protocol’s first native token has gained 8% in the last 24 hours, according to CoinGecko. When the article was written, BZRX was trading at $ 0.78 and had gained 30% in the past 30 days.

Its all-time high came in late August 2020, when it hit $ 1.40 and has slowly risen after falling below $ 0.10 in September. The protocol has a current TVL of $ 948 million, according to DeFiLlama.

The post DeFi bZx protocol to launch multi-cross-chain governance tokens was first seen on BeInCrypto.