The Best Crypto Exchanges to buy and hold Horizon Token (HZN)

The Best Exchanges to buy and hold Horizon Token (HZN)?

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Launched in mid-April 2021, Horizon Token (HZN) is a native token of the Horizon Protocol, serving as collateral for on-chain synthetic assets and derivative markets. Currently, HZN is trading at $0.11 per token, with a total circulation of 4,000 and a market cap of $45 million.

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What is Horizon Protocol?

In October 2020, APEX Network (CPX) and Red Pulse Phoenix (PHX) announced that they would take another leap into Phoenix Global (PHB) through a merger. This was the decision of both companies to develop a larger, more comprehensive Decentralized Finance (DeFi) platform by integrating platform features.

Horizon Protocol is a new DeFi platform focused on on-chain synthetic asset creation and trading. The fork was made in Synthetics ( SNX ). Synthetics is a decentralized synthetic asset issuance protocol built on the Ethereum ( ETH ) blockchain. Unlike Synthetics, the Horizon Platform was developed by BSC. BSC provided an immediate solution to the scalability issues the Horizon platform struggled with, such as slow transaction speeds and high gas fees. It also uses cross-chain platforms such as Polkadot ( DOT ) and Cosmos ( ATOM ), which can improve interoperability with multiple blockchains, including BSC and Ethereum blockchains.

The Horizon Protocol provides a variety of DeFi services through staking, the platform’s native token, HZN. HZN is a collateral used to mint tradable synthetic assets, serving as both Horizon zAssets and staking and liquidity pool rewards. Users who stake HZN will form a Decentralized Autonomous Organization (DAO). The DAO is responsible for network governance, managing variables such as collateralization ratio, staking and liquidity pool rewards, and transaction fees. HZN holders will be able to develop and vote on Horizon improvement proposals.

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What are the benefits of the Horizon Protocol?

The Horizon Protocol provides a decentralized marketplace for on-chain synthetic assets and derivatives and does not require the support of a centralized financial institution in the transaction acting as an intermediary. As mentioned earlier, the platform operates on the basis of HZN. Incentivize users to stake tokens in community-based liquidity pools by providing additional HZN as an incentive to users. HZN rewards are secured through the protocol’s HZN inflation policy and a transaction fee of 0.3% per transaction. The platform distributes rewards according to the size of the stake that users have placed in the liquidity pool.

When users stake HZN tokens, the liquidity pool uses those tokens as collateral to mint z assets. Currently, the platform only offers zdollars (zUSD), a stablecoin pegged to USD. The protocol issues z assets with a collateral ratio of 750%. This over-collateralization is a measure that can protect investors from the highly volatile cryptocurrency market and avoid disadvantages due to liquidation. For example, suppose a user wants to mint 100zUSD. Users can receive 100zUSD by depositing about 750 USD of HZN as collateral. This collateralization ratio is adjustable and fluctuates according to the price of HZN. If a user wants to withdraw HZN staking, the protocol will burn z-assets of the corresponding value.

The Horizon platform acts as an exchange where users can trade or swap assets using z-assets. The platform will only mint z assets when users stake HZN. This means that all zassets are minted from the same liquidity pool. Since all HZN tokens are based on synthetic assets based on Horizon, this also means that Z assets are easily exchangeable. Therefore, the Horizon platform is free from slippage, a situation in which an order is not executed at a price lower than the user’s desired price. In addition, the protocol is pushing to expand margin, leverage, and options trading in the future.

The Horizon Exchange relies solely on Oracle’s price feed to provide its z-asset exchange rate. Current protocols rely on external data oracle platforms such as Chainlink ( LINK ) and BAND Protocol ( BAND ), as well as Phoenix Global’s dedicated Phoenix DeFi oracle to determine prices and transaction rates. The Phoenix DeFi Oracle will utilize the Phoenix Chain. Phoenix Chain is a utility token originally developed by the APEX Network and PHB, used for node operation and price feed validation.

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Who developed the Horizon Protocol?

Jimmy Hu and Tiger Yang co-founded APEX Technologies, the company that developed the APEX network in 2011. In 2018, Forbes China selected APEX Technology as one of the 50 most promising companies. Both Hu and Yang are alumni of the University of California, Berkeley.

Jimmy Hu is currently the CEO of APEX Technologies. He is a former advisor to Microsoft and chairman of Tensor Investment. In 2018, China’s Internet Weekly named Hu as “AI Person of the Year”, and Chinese Academy of Sciences named him “Productive Leader of the Year”.
Tiger Yang is the Chairman of APEX Technologies. Forbes China named Tiger Yang as one of 30 people under 30 in 2018.

Jonathan Ha, Stanley Chao, and Peter Alexander founded Red Pulse in 2015. Red Pulse changed its name to Phoenix in 2018 and attempted an upgrade to become Red Pulse Pheonix. Ha and Chao left Red Pulse in 2020 and 2019 respectively.

Jonathan Ha is the former CEO of Red Pulse. He received his BA in Computer Science and Economics from the University of Pennsylvania and a Master’s Degree in Business Administration from the University of California, Berkeley. Jonathan was formerly a Director and General Manager of Consulting at Z-Ben Advisor, a research firm focused on the Chinese wealth management industry.

Stanly Chao was the former Data Officer for Red Pulse. He has extensive experience in the investment industry and degrees in applied and computational sciences. Chao has worked in various investment firms including Racing Capital and ATA Funds Mamanagement.

Peter Alexander is currently the Non-Executive Chairman of Red Pulse. He also served as the founder and former general director of Z-Ben Advisors. Alexander has extensive experience in financial services in China and has held positions at Prudential Financial and Nationwide Financial (NFS).

The project can be seen as a relatively new launch and completed an initial farm offering (IFO) on PancakeSwap (CAKE) in mid-April 2021. The platform was priced at $0.25 per token and allocated 10 million HZN to the IFO, raising the expected $2.5 million in funding through the CAKE-BNB liquidity pool token.

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Price trend of Horizon

At the mid-April 2021 IFO, HZN started trading at an initial price of $0.25, after which it reached a historic high of $1.7. However, the price soon adjusted itself and fell to $0.05, a nearly 250% drop on April 23rd. After the price adjustment, the price of HZN showed an astonishing rise of close to 100% from $0.5 to $1. It seems that the general bullish spirit that blew in the cryptocurrency market played a part. However, it has since plummeted due to negative cryptocurrency-related headlines and is now hovering around $0.10.

HZN is ranked 1174th by market cap. The Horizon Protocol has minted approximately 100 million tokens since its mainnet launch. 40 million tokens out of 100 million are in circulation. The network has allocated 10 million tokens as a circulating supply for IFOs on the Pencake Swap, and the remaining 20 million tokens will be used for liquidity mining. The Horizon Protocol also maintained an inflation policy for about four and a half years until the total supply reached approximately 260 million. The protocol drove the initial growth of the platform by rewarding users for providing collateral and liquidity through an inflation policy.

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What is the future of XXX?

Horizon Protocol is a new project that is still running the testnet. The development team expects that the mainnet online operation will be possible in July. Currently, only three functions are available on the testnet – minting zUSD via HZN staking, claiming HZN by burning zUSD, and staking rewards (test tokens only). On the other hand, the Horizon Exchange, governance function, and lending service are expected to launch later this year. The Horizon development team is sticking to the roadmap and key features have been released on schedule over the past few months.

Protocol Litepaper specifies that the collateralization ratio is 750%. Although adjustable, the current collateralization ratio is quite high. The average encryption ratio weighted by various DeFi platforms such as MakerDAO and Compound V2 is about 350%. Due to the high collateralization ratio, the Horizon platform is setting a higher ratio of collateralized staking tokens. As a result, users with a small amount of holdings are bound to have low accessibility. Nevertheless, the advantage of a high collateralization ratio is that borrowers can better protect their loan funds.

The Horizon Protocol’s biggest competitor is Synthetics, one of the largest synthetic asset platforms leading the DeFi space. Like Horizon, Synthetics allows users to mint synthetic assets by staking their native token, SNX. The most important difference between them is that Synthetics is based on Ethereum and has a slow transaction speed and high gas fees due to congestion in the network. Conversely, the Horizon Protocol is built on an independent blockchain called BSC, making transactions cheaper and faster. Therefore, the Horizon platform can handle larger transaction sizes than Synthetics without experiencing scalability issues. However, Horizon is a new platform that hasn’t been released yet, and it’s not easy to go against well-established DeFi platforms like Synthetics.

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Conclusion

Horizon Protocol is a new DeFi platform focused on on-chain synthetic asset creation and trading. The platform built by BSC provides faster and cheaper transactions. Users can stake HZN on the Horizon platform and receive synthetic assets as a reward. In addition, liquidity mining is possible, providing incentives for providing network liquidity and collateral to users who have staked HZN. In addition, users with HZN can participate in network governance and participate by voting on protocol variables and Horizon improvement suggestions. Since the platform is currently running on the testnet, most features are not running. The challenge facing the development team is obviously to successfully land the protocol’s mainnet online. However, the Horizon development team has been steadily performing its main functions according to the roadmap to date. As expected in July 2021, we hope that the mainnet launch will be successful and users who have been interested in Horizon will be able to utilize the platform services.

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