The Protocol proposes to deploy on Polygon’s zkEVM that’s expected to launch on mainnet on March 27th.
This comprises of the following vote:
Whether 0VIX should deploy on Polygon’s zkEVM.
Motivation
zkEVM is a decentralized Ethereum Layer 2 scalability solution utilizing cryptographic zero-knowledge proofs to enable fast and secure off-chain transaction computation also referred to as ZK-Rollup. zkEVM promises to be the scaling solution that can facilitate mass adoption of Ethereum whereas current POS technologies could not handle the required throughput.
If you would like to learn more about zkEVM, please check out this recently-published thread that contains lots of useful information here. You can also read more about Polygon’s progress and achievements in their Blog post here.
0VIX was the first money market that went live on zkEVM’s testnet. You can read more about it here.
Since zkEVM is EVM-equivalent, deploying 0VIX on the mainnet would not require massive development efforts, and being one of the first money markets to deploy on ZK mainnet would provide 0VIX with a strategic advantage.The zkDeFi narrative could drive significant user growth for 0VIX. Users would benefit from security, privacy, and lightning-fast cheap transactions.
Notably Polygon offered the opportunity for 0VIX to become an official zkEVM launch partner of Polygon.
Details
The proposal recommends launching on zkEVM beginning with four markets including ETH, Matic, USDT & USDC. All these assets will be collateralizable and have the same LTV as on 0VIX on the Polygon POS chain.
Having the opportunity to be among the first protocols on zkEVM is something that shouldn’t be given a second thought. This is the future of DeFi and 0VIX should be all-in…
Sounds like an exciting opportunity for 0VIX to deploy on Polygon’s zkEVM! The benefits of security, privacy, and fast transactions could certainly drive significant user growth for the protocol. It’s great to see 0VIX being one of the first money markets to deploy on the ZK mainnet, giving them a strategic advantage. Looking forward to seeing how this proposal progresses.
At the time of the token’s launch, wouldn’t it be better to make it a claimable token but escrowed for a significant number of blocks in order to reduce the selling pressure of the token?
Yeah! When a block grants permission to the escrowed holder to claim their official tokens. This would certainly guarantee some counter-offensive of the volatility of the token.
For exemple, when 0vix grant permission to claim 0vix token, the holder receive an escrowed token like (esc0VIX token).
After X number of blocks, the real 0VIX token can be claimables.
One of the best improvements that 0VIX can achieve. I already lent and borrowed some tokens and it worked smoothly. 0VIX should enlarge its supported tokens on zkEVM as the chain improves itself.
