We’re excited to announce our partnership with Horizen (ticker:ZEN), a technology platform that enables businesses and developers to create their own public or private blockchains, to launch a DeFi Bridge for ZEN holders. This is done through stakedZEN (stZEN), a 1-to-1 ERC-20 representation of ZEN.
This allows users to have liquidity while still earning proportionate Horizen node staking rewards; and potentially even more through trading fees when liquidity is provided on automated market makers (AMM) such as SushiSwap. Beyond these, ZEN users will also be able to access the Ethereum ecosystem seamlessly with stZEN.
“We are glad to partner with StakeHound, a project that places great emphasis on transparency and trust within their community and works with some of the highest integrity partners in the industry,” said Rob Viglione, co-founder of Horizen. “Collaboration with StakeHound will provide our community with the highly anticipated on-ramp to the Ethereum-based DeFi ecosystem and enhance accessibility, usability, and attractiveness of ZEN for a wide variety of users,”
stZEN is expected to be available on SushiSwap, a leading decentralized exchange, in March 2021. In preparation for the launch, we have also released a publicly accessible test version of stZEN on the Ethereum Ropsten test network. It is integrated with SushiSwap and emulates how a typical user would acquire stZEN. This is only the first in a series of more exchanges expected to support stZEN in the coming future. Furthermore, stZEN users will always have the ability to swap their stZEN tokens with ZEN at a 1-to-1 ratio through us.
By issuing stZEN, we’re building a solid bridge between Ethereum’s DeFi and Horizen’s vastly distributed network and highly scalable blockchain ecosystem. Furthermore, holders won’t only earn from staking rewards, but from the transaction fees generated on the different sidechains.
Launched in 2017, Horizen is the most secure blockchain ecosystem supported by the largest and most decentralized node infrastructure in the industry. With its unique sidechain technology Zendoo, Horizen provides all necessary components for an easy and speedy deployment of fully customizable blockchains focused on scalable data privacy. For more information, visit https://horizen.io.