ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce that xSigma Corporation, a subsidiary of the Company, that is a blockchain R&D lab, is pleased to announce that it has published the whitepaper for its DeFi protocol which reveals the key technical details of its future product.
After Bitcoin reached its all-time-high of $40,000, the DeFi industry now has crypto worth over $23 billion locked in major protocols, according to the DeFi Pulse website. This is over 100% growth since November, according to the DeFi Pulse. xSigma is now targeting the DeFi space with two projects. The ultimate objective of xSigma is to build an ecosystem of products for finance and blockchain.
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, “We are pleased to announce that xSigma is expanding and adding one more project to its ecosystem. The new project may generate a lot of value for users worldwide and enable newcomers to join the DeFi space.”
Centralized exchanges have been the backbone of the cryptocurrency market for years. They offer fast settlement, high trading volume, and continually improving liquidity. However, there’s a parallel world being built in the form of trustless protocols.
DeFi, which stands for Decentralized Finance, aims to build a system which can work openly, securely, and in a modular manner, so that anyone can join it, use it, contribute to it and upgrade it. The main idea is to recreate financial services and tools that are entirely on blockchain, eliminating the need for banks or other third parties as intermediaries. This makes it fast, inexpensive and available to everyone. Further, the open-source nature of DeFi makes it transparent and trustless.
The xSigma DeFi protocol whitepaper reveals details such as tokenomics, liquidity mining rewards, governance mechanisms, the token utility and distribution as they are foreseen in the smart contract that xSigma plans to publish to the Ethereum blockchain. The launch of the protocol is scheduled for the coming weeks. The project has collected thousands of subscriptions in its waitlist, and it has secured commitments from individual and institutional liquidity providers.