What is Bzrx coin? Basic information about BZRX

What is Bzrx coin? Bzrx coin is essentially a token of the bZx protocol, a set of improved smart contracts based on ethereun, providing margin trading and lending solutions.

Bzrx coin

1 – What is Bzrx coin?

As mentioned above, bzrx coin is a token of the bZx protocol. The basic information of the bzrx token is as follows:

  • Token name: BZRX token.
  • Symbol: BZRX.
  • Blockchain technology: ethereum.
  • Token standard: ERC-20.
  • Contract: 0x56d811088235f11c8920698a204a5010a788f4b3
  • Token type: Governance.
  • Total supply: 1,030,000,000 BZRX.
  • Circulating Supply: 140,610,067 BZRX.

2 – What is bZx protocol?

This is an enhanced set of smart contracts protocol based on the technology of ethereum. This protocol allows users to build decentralized loan, loan, and margin trading applications.

3 – The purpose of bZx

The purpose of bZx is to solve the problems of access and security of cryptocurrency traders limited to centralized exchanges.

4 – What is the BZRX token used for?

Bzrx token is used with 2 main purposes: project management and reward staking.

5 – Product of bZx protocol

5.1 – Fulcrum

The platform allows users to borrow crypto assets at fixed interest rates using bZx smart contracts. You will receive iTokens for loans and pTokens for margin trading.

User uses a MetaMask or ethereum wallet to connect to the dapp. With fulcum there are advantages such as: no transaction fees, no registration required.

5.2 – Torque

Torque is a platform that allows users to lend and margin crypto assets for any purpose. Torque also offers a fixed rate to make loans easier to predict.

6 – bZx Attacked

bZx, one of the most heavily attacked protocols in DeFi, has so far been hit three times and has lost more than $ 9 million in damages.

The 1st & 2nd attack took place in February 2020, the attacker used flash loans to cost bZx more than $ 945k in damage.

The third attack took place in September 2020, the attacker took advantage of the iTokens double-asset error, which caused bZx to lose more than $ 8.1 million dollars.

7 – Conclusion

bZx, one of the early decentralized margin trading projects. Despite suffering heavy brand and financial losses after 3 attacks, bZx continues to improve their protocol better and better.

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