A newly-created decentralized finance (DeFi) asset just surged 5,494% in 72 hours.
zLOT is a staking protocol built on an options trading protocol known as Hegic (HEGIC). The Hegic protocol allows users to bet on the price of Ethereum (ETH) and Bitcoin (BTC).
However, the protocol requires 888,000 HEGIC tokens (approximately $204,000 at time of writing) to activate a staking lot, preventing all but the largest traders from earning staking rewards. zLot aims to also allow small HEGIC holders to benefit from the protocol’s settlement fees by pooling HEGIC tokens.
“Users can deposit HEGIC on the HegicPool.sol contract in order to acquire zHEGIC, the tokenized share of the pool…All the profits generated by the staking lots of the pool are normalized to HEGIC and re-distributed among zHEGIC shareholders.”
Last week, the project was promoted by Molly, the pseudonymous founder of Hegic.