zkSync Era is rapidly becoming a hub for new and exciting decentralized applications (dapps). Today, we highlight five projects that are a part of the fast-growing zkSync Era ecosystem. These projects are pushing the boundaries of what’s possible on the blockchain. They are all united by a common goal: to provide users with innovative and trustworthy solutions that enable them to access the full potential of decentralized finance (DeFi). This article looks closely at each project and highlights its unique features.
Synthr is a synthetic asset protocol that allows users to mint and trade on-chain derivatives of various financial assets using trustless financial contracts. The protocol uses novel systems for collateral management, risk mitigation, price stability, cross-chain interoperability, and composability. Synthr’s tokenomics have been prepared to ensure all stakeholders align with long-term protocol growth and sustenance. With Synthr, users can access slippage-free, omnichain liquidity.
Synthr’s unique selling point is its synthetic asset protocol that enables users to mint and trade on-chain derivatives of various financial assets using trustless financial contracts. The protocol is designed to provide slippage-free, omnichain liquidity, a critical aspect of the decentralized ecosystem. Synthr uses novel systems for collateral management, risk mitigation, price stability, cross-chain interoperability, and composability, which makes it an attractive option for users who want to trade on-chain derivatives.
The SYNTHR Protocol allows users to create, manage, and speculate on synthetic derivative tokens representing any financial instrument worldwide. On-chain oracle price feeds will enable the protocol to develop synthetic versions of assets such as cryptos, stocks, currencies, bonds, and commodities.
The protocol will start with users depositing highly liquid assets such as ETH, USDC, and USDT as collateral. By posting collateral, users can mint synthetic tokens (syAssets) against their collateral at an average Collateralization Ratio of 150%. Synthetic assets will be issued against overcollateralized loans to ensure the robustness and solvency of the SYNTHR ecosystem.
Deri Protocol is a decentralized derivatives protocol that enables users to trade derivatives on-chain. Trades are executed under an automated market maker (AMM) paradigm, and positions are tokenized as non-fungible tokens (NFTs) highly composable with other DeFi projects.
Since its launch, Deri Protocol has undergone two major version iterations and has supported three major derivative types: Perpetual futures, Everlasting Options, and Power Perpetuals. It has been deployed on multiple blockchain networks to serve traders’ hedging and speculating demands and processed a total trading volume of over 20 billion USD.
As the solution to decentralized derivative exchange, Deri Protocol is designed with all the defining features of DeFi and financial derivatives.
- Real DeFi
- Real derivative
- Composability
- Universality
- External Custody
- Dynamic mixed margin
- Dynamic liquidity providing
- Multiple trading symbols in one pool
- Simplicity
- Openness
- Intercompatibility
Cielo Finance is an analytics protocol that allows users to access powerful analytics on-demand on zkSync Era. With Cielo, users can gain insight into who’s trading, how, where, and why. The protocol lets users add wallet addresses and ENS for top traders, NFT collectors, influencers, team treasuries, whales, hedge funds, hackers, and heroes. Transactions are labeled with swap size, bet size (sportsbooks), profit and loss (futures + NFT flips), and direction: long or short.
The Cielo Web App Whitelist:
- Real-time feed for transactions on 15 EVM chains
- Sophisticated protocol labeling and tx types
- Track up to 250 wallets (that’s 10x more than comparable platforms)
- Create 5 themed lists (e.g. NFT Traders; Onchain Whales; DAOs)
- Track 5 tokens (e.g. swaps for ETH, GMX, ARB)
- Integrated NFT dashboard
- Accompanying Cielo tracker bot for Telegram alerts
Viva Leverage is a leveraged yield farming protocol that provides users with a high-performing yield farming solution. Farmers can open a leveraged yield farming position and earn potential multiple yields by borrowing assets from the lending pool. The borrowed assets should be repaid when farmers withdraw their assets.
Lenders deposit their tokens in a lending pool and receive ibTokens (interest-bearing tokens). IbToken represents lenders’ ownership of their lent assets in the lending pool, which indicates that the interest earned is accumulated and reflected in these tokens. Lenders can get additional rewards by staking the ibTokens.
Viva Leverage plans to integrate various decentralized exchange (DEX) capabilities, letting users get returns through trading in a single, seamless platform. Total assets collected in the farming pool are automatically reinvested every epoch by the Viva Leverage contract, allowing compound interest profit to the users. Farmers should be aware of the liquidation risk—their leveraged farming position may get liquidated when the debt ratio of the farming position exceeds a certain level. This liquidation process is required to protect the lenders from losing their profit.
Symbiosis is a cross-chain engine and liquidity protocol that pools together liquidity from different blockchains, whether they use EVM technology or not. With Symbiosis, users can effortlessly trade any token and transfer their assets across blockchains. The protocol incentivizes users in SIS tokens to participate in the protocol’s activities, such as liquidity provision. SIS token is deployed on Ethereum and Abitrum, and token holders can bridge their SIS tokens from Ethereum to the BNB chain via the Symbiosis protocol.
Symbiosis’s unique selling point is its cross-chain engine and liquidity protocol that pools liquidity from different blockchains. The protocol is designed to provide users with a seamless way to trade any token and transfer their assets across blockchains, a critical aspect of the decentralized ecosystem. The protocol incentivizes users in SIS tokens to participate in the protocol’s activities such as liquidity provision, making it an attractive option for users who want to earn rewards for their participation.
In conclusion, zkSync Era is home to some of the most innovative and exciting projects in the world of blockchain and DeFi. These five projects are just a small sample of what’s available on the network, and we’re excited to see what else is in store for the future of zkSync Era. As more projects launch on the network, we can expect to see a new wave of innovation that will continue to push the boundaries of what’s possible on the blockchain.
