It appears that “aping” into new decentralized finance (DeFi) coins is back in vogue with Bitcoin pumping, Ethereum moving towards its summer highs, and money moving right down the DeFi risk curve.<\/p>\n
A new Ethereum-based coin has surged 3,000 percent in the past week.<\/p>\n
One of the biggest up-and-coming protocols 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.<\/p>\n
Hegic Options has garnered much support within the community, despite its pseudonymous founder “Molly.” The platform is actively recommended by “DegenSpartan<\/a>” and is being used by Cronje for a new product for the Yearn.finance ecosystem.<\/p>\n The issue is, the platform has a flaw: its “staking lot” feature, which allows users to stake 888,888 HEGIC (now worth around $250,000), is centralized amongst whales.<\/p>\n So, as normal, blockchain developers deployed smart contracts to solve this problem, resulting in zLot and zHegic.<\/p>\n In simple terms, users can pool their small amounts of HEGIC into the contract and become part of a staking lot, thus earning regular returns in ETH and WBTC. It's a smart idea, to be sure, with millions in total locked value just weeks after it has launched. But even more impressive than that is the performance of its native governance token, ZLOT.<\/p>\n zLot and its respective token were launched quietly just over three weeks ago: at the time, few had heard of Hegic and had no clue what the hell staking lots were. So, even with its limited supply, it only traded at around $100, sometimes dipping below that level.<\/p>\n But things turned around for this Hegic-based platform when Molly and Yearn.finance Andre Cronje, who purportedly run a DeFi venture fund together, bought 10 percent of the ZLOT supply and the two promised to fund an audit for the platform.<\/p>\n CONTRIBUTION \u262f\ufe0f M&A + zLOT \u26ab\ufe0f@mollyandandre<\/a> fund contributed $100,000 $HEGIC<\/a> in @zLOTFinance<\/a> + M&A will pay for zLOT's security audit by @peckshield<\/a> + M&A acquired 10% of $zLOT<\/a> total supply: 888 $zLOT<\/a> (~$1M FDMC) + provided 300K $HEGIC<\/a> into zLOT staking.<\/p>\n \u262f\ufe0f\u203c\ufe0f? pic.twitter.com\/SfRODCXFDx<\/a><\/p>\n — M&A (@mollyandandre) November 14, 2020<\/a><\/p><\/blockquote>\n\n
ANNOUNCEMENT:<\/p>\n