September 16, 2023

Update: HIP-7 & Multisig

We’re here to provide you with an update regarding HIP-7 and the Multi-signature (Multisig) process that we previously discussed in our last community call.

HIP-7:

As part of our preparations for the Futures Exchange launch, we have successfully executed HIP-7. This action involved transferring 15,000,000 HZN from the Ecosystem and Community Fund to a newly created Community Fund Staking Wallet. The primary aim of this move is to enhance the liquidity within our liquidity pools.

Staking Multisig Address: 0xb162E48686C2810a09B6C859c7d3ACadA42d7956

The implementation of HIP-7 is expected to have a positive impact on zAsset liquidity in the open markets and will potentially bring substantial benefits to all users of our protocol.

It is important to note that the wallet will:

Stake the HZN at the Target C-Ratio and mint zUSD
Do NOT claim the weekly reward to allow the unclaimed rewards flow back into the global rewards pool
Maintain at least a 300% C-Ratio to avoid liquidation risk
Additionally, we will be utilizing the zAssets for the zUSD and zBNB liquidity pools via the implementation of HIP-10.

We would like to remind everyone that:

During the first week of the implementation, current stakers will experience a temporary decrease in APY. In the second week, rewards will return to normal as unclaimed rewards from the first week are distributed to all.

Multisig:

In our commitment to security, we will be introducing a multi-signature (multisig) wallet to hold the funds for the community staking wallet.

To further fortify our security measures and ensure user safety, we will proceed with migrating to a multisig wallet for both the ownership of the protocol smart contracts and ownership of the community fund wallet.

Our ultimate target is to have the wallets deployed and migrated by no later than the end of September.

Please let us know if you have any questions.

Horizon Protocol is a DeFi platform that facilitates the on-chain trading of synthetic assets that represent the real economy. Horizon Protocol seeks to provide exposure to real-world assets risk/return profiles via smart contracts on the blockchain.

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