Horizon Protocol Development Update
We are happy to share the focus of development is Horizon Genesis.
Horizon Genesis is the core system that backs Horizon Protocol and its synthetic assets (zAssets). It will be released with the ability to create a staking position by staking HZN as collateral (minting zUSD) and managing that position by minting and/or burning zUSD to achieve a desired collateralization ratio. Users will be rewarded for staking and managing their position through Horizon’s inflation policy outlined here.
The Horizon Protocol team is working on many updates for Genesis in terms of UI and front-end, as well as smart contract updates, oracle integrations, and testing. An active partnership with Phoenix Global Oracles is underway as they help us build a HZN price feed for Horizon Genesis. As we approach the launch of Genesis there is a plan to have a new community testing period when the new updates are ready.
As of the end of week 3 staking, the circulating supply of HZN is ~24.6m with ~81.7% HZN locked in either the HZN pool on Horizon Staker or the HZN-BNB LP pool on PancakeSwap. This indicates a healthy continuation of TVL when we rollout Horizon Genesis alongside the Horizon Inflationary Policy to establish the foundation needed for the Horizon Exchange to operate safely and securely.