Waiting for the Launch: 3 Cool Projects Coming Soon to Tezos
Right now, the most anticipated event in Tezos is the activation of the Kathmandu update. But apart from that, there will be some cool decentralized apps!
In this post, we discuss the decentralized apps coming soon to Tezos: decentralized futures, NFT promises, and belligerent pigs.
Zenith: Decentralized Perpetual Futures
The Payper Finance team plans to launch the DeFi-protocol Zenith featuring perpetual futures and a leverage of up to 10x. Contracts are settled in stabelcoins so that fluctuations in XTZ will not lead to the liquidation of a position in another asset.
Zenith employs VAMM (Virtual Automated Market Maker). It doesn’t exchange tokens like a regular AMM but performs virtual transactions. The liquidity for trading and profit-making is provided by the traders themselves, not by the liquidity providers.
How VAMM works:
- A developer runs a VAMM contract and provides it with virtual liquidity. Let’s say 10,000 XTZ and 15,000 kUSD.
- Alice opens a long position worth 100 kUSD with a leverage of 3x. To do this, she deposits 100 kUSD into the contract vault.
- VAMM “buys” Alice 138 XTZ (3x buying power!) and records this amount in the vault.
- The virtual price of XTZ in the contract increases because Alice’s purchase decreased the liquidity of XTZ and increased the liquidity of kUSD.
- Bob and Eve also open long positions, so the virtual price of XTZ reaches 2 kUSD per XTZ.
- Alice sells her 138 XTZ and takes a 200 kUSD as profit.
To keep the VAMM rate tied to the “spot” AMM rate, it uses a funding rate much as the centralized derivatives exchanges do. If the contract trades at a premium, holders of long positions pay a rate to holders of short positions, and this encourages sales and the return to the “spot” rate.
The Payper Finance team is already testing Zenith on testnet. Looking forward to it!
U Promise Me: Promises as NFTs
Any relationship is built on trust, whether it is a friendship between people, trade in the marketplace, or cooperation between two corporations. Trust means that the parties will behave according to expectations or contracts. Accordingly, the measure of trust in a particular entity can be expressed in the number of contracts fulfilled.
The U Promise Me team is developing a decentralized system to measure trust. The parties issue NFTs with terms and conditions and measure the quality of the fulfillment of the promises. This is how they earn a reputation and improve their trust rating.
U Promise Me is supposed to be a more honest alternative to traditional reviews and ratings:
- The result of a promise is stored in a blockchain and cannot be changed;
- A Witness can be involved in the contract to provide additional independent feedback on the quality of the performance of the contract or to help resolve a dispute;
- Tokens can be attached to promises to pay rewards in the manner of escrow accounts.
U Promise Me can be used for different tasks. For example, an artist can promise to draw kittens for a month, and their subscribers can provide rewards for completing a challenge.
Pigs at War: an Oinking Strategy
Probably every smartphone owner has tried playing Clash of Clans, Boom Beach, Sim City Buildit, or other similar games. The formula is simple: build your land, extract resources, and fight with other players.
Pigs at War is a blockchain game with the same formula, only it’s all about fighting pigs. Players create bases and farms, assemble armies, and go into battle.
All resources exist in the form of NFTs. Thanks to this, the strategy turns into a kind of role-playing game: you can build an industrial empire and speculate on energy and water, gather a strong army and go merc, develop an independent city-state, earn money to manage other people’s land or just collect war pigs as they are cool.
For now, Pigs at War is all about buying NFTs and getting ready to launch. According to the roadmap, by the end of 2022, the developers will launch the game with all the features: building, farming, and combat.
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