ZK International's Subsidiary, xSigma, Published its Roadmap and Announced Ethereum Layer 2 Plans As its DeFi Project Maintains $110 Million of Locked Value
WENZHOU, China, March 10, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that after one week since the launch of xSigma DEX, xSigma Corporation, a subsidiary of the Company and a blockchain R&D lab, is pleased to reveal its roadmap for the coming months.
As of the time of this press release, the xSigma DeFi Protocol has $110 Million in Locked Value, our stablecoin DEX has surpassed $6 Million of trading volume. Currently there are over $40 billion worth of total funds locked in the major DeFi protocols, according to defipulse.com.
As our DeFi protocol continues to grow, and the price of Bitcoin trades above $54,000, we have outlined the roadmap for the future development of the xSigma DEX post-launch as follows:
Any project will falter without new users learning about it and onboarding. Therefore, we will focus initially on engaging with as many users as possible within xSigma's target market framework outlined in its WhitePaper. We will conduct various marketing activities and promotions, including presenting at online conferences, reaching out to well-known influencers for feedback, presenting on various podcasts, and partnering with prominent players in the DeFi field.
2. Technical Improvements
With any new project there are growing pains, of which there are still some improvements left to be done by our top management team.
More specifically, our plan includes:
- Deploying a second stablecoin pool, by April 2021
- Adding a SIG-lock pool to the Rewards smart-contract — you will be able to stake SIG to earn additional rewards, by March 2021
- Launching the gas cashback program, by April 2021
3. Fulfilling promises by March 2021
As a means of establishing a long-term trust within the xSigma community, we will burn the extra unminted tokens from the Rewards fund to date. We will also burn the same amounts proportionally from the Dev Fund and Growth Fund (30% and 10% accordingly).
4. DAO Upgrade by April 2021
We will roll out a two-stage plan to fully decentralize xSigma. After we finish some preparation on keeping pools running and steady, we will transfer full control of them to the community.
First, we will set up an off-chain DAO where SIG holders will be able to vote proportionally to their stake, but without the need to pay gas fees. We will execute their decisions on-chain from the Dev Team multisig.
Second, we will deploy the full-scale DAO, which means every small change should be proposed and voted for via on-chain transactions. This step requires good coordination and the ability of the community to govern itself. We will make sure xSigma is mature enough before committing full responsibility to the DAO.
5. Build an exchange user base
Lastly, xSigma hopes to work together with the SIG holders in the future, as with the support of the xSigma community lies the bright but a long road of transforming xSigma into a vibrant stablecoin exchange.
The xSigma team will conduct research into viable growth opportunities, but the actual development will only happen with SIG holders voting to commit developer resources.
Governed by your decisions, xSigma Lab will consider different options. Some examples may include:
- Add new coins to the exchange
- Upgrade our farming formulas
- Add new farming pools
- Research Layer2 solutions
- Integrate with most of the aggregators and market data platforms
- Upgrade UI to work flawlessly on mobile
- Redesign exchange UI to incorporate user feedback
- Add more wallet options to access xSigma
- Port to different blockchains
- Explore stablecoin-related projects
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, "A genuine thank you to the xSigma community for all the trust they have placed in us. Together with you, we're building the future of a decentralized exchange."
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which in its current supply state is 70% unfit for human contact. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the "Water Cube" and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia.
For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov
About XSigma Corporation
XSigma Corporation, is a wholly-owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its ecosystem of products beginning with its DeFi protocol. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team that are being assembled are on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. The DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months. It will feed into a growing network of DeFi products for enterprise and consumer markets. Any blockchain protocol is subject to a degree of risk; xSigma's DeFi protocol has implemented tamper-resistant programming, but is still subject to potential hacks.For further information about xSigma, please visit its website at www.xsigma.com and www.xsigma.fi
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Weitian Group LLC
Phone: +1 718-213-7386
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SOURCE ZK International Group Co., Ltd.
Released March 10, 2021