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It appears that “mimicking” in the new decentralized finance (DeFi) coins is back in vogue with the pumping of Bitcoin, Ethereum moving towards its summer highs and money moving right along the DeFi risk curve.
A new Ethereum-based coin has increased by 3000% in the past week.
ZLOT increases by 3,000 percent in one week
One of the biggest protocols emerging in the Ethereum space is Hegic Options, a platform through which users can obtain derivatives called options to bet on the price of Bitcoin or Ethereum.
Hegic Options has garnered a lot of support within the community, despite its pseudonym founder “Molly”. The platform is actively recommended by “DegenSpartan” and is used by Cronje for a new product for the Yearn.finance ecosystem.
The problem is that the platform has one flaw: its “staking lot” feature, which allows users to bet 888,888 HEGICs (which is now worth around $ 250,000), is centralized among the whales.
So, as usual, blockchain developers have implemented smart contracts to solve this problem, resulting in zLot and zHegic.
In simple terms, users can combine their small amounts of HEGIC in the contract and become part of a staking lot, thereby earning regular returns in ETH and WBTC. It’s a smart idea, sure, with millions of value locked in total within weeks of launch. But even more impressive than this is the performance of its native governance token, ZLOT.
zLot and its respective token were silently launched just over three weeks ago – at the time, few had heard of Hegic and had no idea what the heck the batch bet was. So even with its limited supply, it was only trading at around $ 100, sometimes dropping below that level.
But things changed for this Hegic-based platform when Molly and Yearn.finance Andre Cronje, who allegedly runs a DeFi venture fund together, bought 10% of the ZLOT supply and the two promised to fund an audit for the platform. .
CONTRIBUTION
AD:☯️ M&A + zLOT ⚫️@mollyandandre fund contributed $ 100,000 $ HEGIC in @zLOTFinance + M&A will pay for the zLOT security audit by @peckshield + M&A acquired 10% of $ zloty total supply: 888 $ zloty (~ $ 1 million FDMC) + 300K provided $ HEGIC in zLOT staking.
☯️‼ ️👇 pic.twitter.com/SfRODCXFDx
– M&A (@mollyandandre) November 14, 2020
Since this announcement, the coin has not stopped growing.
According to CoinGecko, it is now trading for $ 2,900, which means it is up more than 3,000 percent from last week’s lows near $ 80.
Investors such as “Tetranode”, an early adopter of Ethereum and YFI, have started promoting the asset despite its rally of more than 3,000 percent.
This is not it $ ETH, $ LINK, $ AAVE, $ YFI… this is not a blue chip.
Learn to micro. Do not die.$ GOLD pic.twitter.com/pQtoIVrfKe
– Tetranode (@Tetranode) November 17, 2020
Mispriced?
According to Tyler Reynolds, a Google Payments staff member who lights up the moon as a DeFi analyst, he has suggested that ZLOT may be too extensive, despite the product it may have.
His math indicated that if 80 percent of all Hegic Options stake lots are stored by zLot users, then ZLOT should be at $ 631, or HEGIC should be at $ 0.72 (that’s about 30 percent in this. moment).
If 80% of the @HegicOptions slots are filled with @zLOTFinance, then $ GOLD should be $ 631 (at $ 0.25 Hegic price) or $ HEGIC should be $ 0.72 (priced at $ 1800 Zlot)
– Tyler Reynolds (@ tbr90) November 17, 2020
Another analyst made a similar comment, arguing that the currency is overvalued for the time being.
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