Zappy 1 Month Roundup and Future Roadmap
Sharing our achievements, goals and ambitions.
It’s been an incredible month for Zappy since launch. We’ve accomplished so much in such a short span of time, and this is only the beginning. In this post we will briefly cover what we have achieved, what we’re aiming for moving forward, and a little teaser about what’s coming next.
- Quick roundup of achievements so far
- Priorities moving forward
- Emissions changes
- IFO end date
When launching Zappy, we started with a core aim: To be the DEX of Telos.
Our mission is to build a truly class-leading decentralized experience, bringing an easier, fairer, and better DeFi experience to users.
To reach this ambitious goal, we set out three core principles of how we will proceed:
1) To put the User and User Experience (UX) first and foremost, both in terms of UI and in terms of holding ZAP
2) To garner exposure for both Zappy and TelosEVM as a whole
3) To build trust in a new blockchain environment
Within it’s first month after launch Zappy has:
- Listed on CoinGecko, GeckoTerminal, CoinMarketCap (untracked), DefiLlama, DexTools and DexScreener, as well as integrating with Tin Network
- Achieved more than $11m TVL
- Captured >50% of the daily trading volume on TelosEVM
- Successfully been audited by Paladin
- Launched Analytics
- Accepted an investment from MidasDAO to bridge the gap between the AVAX and TelosEVM communities
- Achieved the highest market cap of any TelosEVM project
- Released new UI updates to improve the user experience
- Assisted projects launching on TelosEVM and Whitelisted verified projects
After a successful launch, we now want to lay the foundations for the next stage of Zappy and Telos’ growth and our priorities in the months to come.
Our three priorities are, in this order:
1) Trading volume
3) Incentivizing holding ZAP
For Telos and Zappy to succeed, we acknowledge that we still need to increase trading volume, as this is one of the most important factors to gain visibility and more users.
While increasing TVL or a high token price is also beneficial, it is no good without capturing trading volume.
As outlined in our tokenomics documentation on GitBook, ZAP holders will earn additional ZAP by staking, via the use of a receipt token: xZAP. Currently xZAP is not active yet. Instead, all single asset farming rewards come from our Zappy IFO offer (Single Stake Initial Farm Offering) for a duration of 12 weeks after launch. Once the 12 weeks concludes, platform rewards for single asset stakers will be activated and allow ZAP stakers to accrue rewards via trading fees.
While ZAP single asset stakers currently do not yet receive platform fees, LP providers in farms do already receive the majority of platform fees (0.15% out of 0.20%). We chose to allocate the trading fees in this way to heavily incentivize LP providers to support Zappy’s growth. The generous APR attracts farmers and therefore increases Trading Volume and TVL, which will see LP providers well-rewarded especially once trading volume picks up even more. Currently it is rising very well on a week-by-week basis.
The remaining 0.05% of the 0.2% trading fees (currently the lowest fees of any DEX on TelosEVM) are in reserves and will be used as initial rewards for ZAP stakers once the 12 weeks of our Single Stake Initial Farm Offering is over, as well as for performing periodic buy backs.
Thanks to our synergies between Zappy and Lightning, which is partnered with Telos Foundation, we can approach projects and encourage them to adopt TelosEVM.
Something of note: For any new DEX, it can seem like the logical option to establish a native auto-compounder or partner with a 3rd party to boost trading volume and TVL. However, this bootstrapped growth comes at a cost by creating of continuous sell pressure on our token. Therefore, we are continuing to use our emissions on growth that favors ZAP token holders going forward.
What to expect moving forward
Finally, we wanted to cover some short- and mid-term changes coming to Zappy regarding tokenomics and features. These will further boost our three priorities of trading volume, liquidity, and incentivizing holding while remaining true to our three core principles of users first, exposure driven, and building trust.
As outlined in our tokenomics, each month the emissions will be lowered to gradually shift the focus from short-term liquidity acquisition into long-term project growth. On March 20th the emissions will be lowered by 1.88%.
IFO ending reiterated
Also outlined in our tokenomics is our IFO, which allocated 4% of total max supply to be used as SAS rewards for 12 weeks from launch. This will end on 12th May. When the IFO pool is closed your staked ZAP will be in the pool but will not be earning additional ZAP. To continue earning, you must move your ZAP into the new pools to be added.
sZAP and veZAP
At the start of this post we outlined our goal of building a truly class-leading decentralized experience. To do that, we need to give ZAP holders as much control over their investments as possible. So, we are pleased to announce a first for TelosEVM: stable and vested token reward pools!
These two new single asset staking pools will allow you to convert your ZAP into sZAP and/or veZAP and accumulate rewards that suit your investment preferences.
One pool allows staking of ZAP for sZAP which will return you rewards from platform fees, paid out in stables instead of ZAP rewards.
The other pool allows you to stake ZAP for veZAP, which can be utilized for boosting farming rewards.
Two new choices, both of which allow you to control your risk management on a whole new level. Either stay safe and conservative by using sZAP or for the farmers and opportunists, boost your earnings with veZAP. Feel free to use a blend of the two for a balanced risk/reward ratio*.
Going forward you can expect us to share some more information about how exactly sZAP and veZAP will be implemented and utilized.
What else to expect in the shorter term:
As well as the new sZAP and veZAP pools, we have much more coming in the short term. We will be building out various new features and services to further improve the Zappy UX, such as:
- Integrated bridge
- Improved liquidity management interface
- Liquidity ZAP feature (1-click convert tokens to LP tokens)
- Zappy-hosted TelosEVM RPC Node
- and more…
Our aim is the be the DEX of Telos. Our mission is to build a truly class-leading decentralized experience, bringing an easier, fairer, and better DeFi experience to users. We’re going to achieve that by putting the users first, boosting exposure for Zappy and Telos, and building trust in our project and the blockchain itself.
This post is just the start of that journey, and we can’t wait to take you with us.
*Disclaimer: Nothing posted in this document constitutes financial advice and should not be taken as such. Zappy and all other associated parties are not liable for your investments. Please invest responsibly.