$20 Million Qtum Tokens Locked To Stimulate DeFi Initiatives

This article was first published on Stories by Qtum on Medium

The Qtum project has worked with Blockchain exchange Gate.io ($500 Million daily volume) to lock $20 million worth of Qtum tokens. These tokens will become wrapped to stimulate DeFi opportunities on various Ethereum Decentralized Exchanges and Protocols. This will be one of the first steps in Qtum’s plan to attract liquidity away to Layer2 solutions.

Gate.io will support users who want to swap Qtum mainnet QTUM coins to Etherum-friendly wrapped QTUM (wQTUM) tokens to utilize in the entire Ethereum DeFi ecosystem.

To start, Gate.io has locked 3,000,000 QTUM into the following address: MG93TgCtnxjyZAn9wLsjB5VqqsjZSkFN5b
The Ethereum contract address is: 0x3103df8f05c4d8af16fd22ae63e406b97fec6938

Instead of launching this initiative on a DEX that’s basically crippled by high fees and slow transfer speeds, users will be able to liquidity mine using the ZKS (Zero-Knowledge Swaps) DEX. This liquidity pool, known as “ZIPPY ZUCCHINI” uses Layer2 technology to avoid the disabilities inherent to the Ethereum blockchain. It will possibly communicate later with other blockchains (like Qtum) that will use the same Layer2 technology.

Users will be able to liquidity mine with wQTUM on ZKS, the Ethereum Layer 2 zk-SNARKs swap platform, starting February 15, 2021. (https://zkswap.app/).

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