Zora 2.5 — Protocol Decentralization
Hope everyone enjoyed a safe and fun New Year around the world. The Zoracles community has come together and has been very supportive of our mission and we would like to thank each and every one of you for your support and contributions.
Zora 2.5 ushers in a new era of decentralization and governance for Zoracles Protocol. Our platform for governance is officially in beta and accessible at https://gov.zoracles.com. We will be building a robust UI during 2021 to enable the functionality currently deployed on Ethereum Mainnet. If you want to create a proposal for governance right now, you have the option of using Etherscan or waiting for the UI to launch later this year.
Decentralization is important in any blockchain governance structure to preserve the underlying censorship resistance & immutable nature of a distributed smart contract platform such as Ethereum. Zoracles Protocol has strived to achieve a high-level of autonomy for our project and today we are proud to announce that our proxy admin contract is under full governance.
It be can reviewed here: https://etherscan.io/address/0x0742190Ede5F556Fa10202433C3aC07Ff8d1e25B
To refresh your memory of how goverance works, please review the process:
Governance — To create a proposal, currently you need to hold or receive a delegation of 100 Zora tokens. This can be changed with a proposal that successfully completes Zora governance and receives 1000 approving votes.
You can review Zora governance contract here: https://etherscan.io/address/0x51b52abb0876d784f8139cf571a8ea23ccc5c951#code
Vesting Schedule — This feature is instrumental for demonstrating the founding team’s long-term commitment to building Zoracles Protocol. We are proud to announce a 2 year vesting schedule with a 6 month “cliff.”
You can review Zora 2.5 vesting contract here:
As always, “don’t trust, verify.” You can see beneficiary and all parameter data here:
For those that aren’t familiar with a “cliff,” that means tokens will be locked until the 6 month period expires. Then 25% of each token supply will be available followed by 1.38 Zora/day per wallet.
Just keep in mind, because tokens are unlocked does not mean that will circulate immediately. Also, tokens are kept in timelock will remain there until they are withdrawn (viewable on Etherscan).
There is also a “future partnerships” allocation of 1300 Zora that is in a strategic fund that is currently timelocked and will be allocated for a future CEO or similar strategic opportunity that will enhance the Zoracles Protocol. Keep in mind, any future executive will be required to vest those tokens over a 2 year period.
Liquidity Locked — As promised, when Unicrypt liquidity expired on Dec. 31, 2020, we extended the liquidity lock to Jan. 1, 2022.
You can review the details here: https://v2.unicrypt.network/pair/0x18112DA8f2D6576926fCfb4D2c511Fe9C6F8b2B5
This should enable the ecosystem enough time to attract organic liquidity as we roll out Zora.cc in the 1H 2021 and attract interest in our “Snarks as a Service” opportunity.
Next Steps — Zora 3.0
We have implemented vesting schedules, liquidity lockups and new features are planned with UI capabilities such as “Creating A Proposal” https://gov.zoracles.com/create-proposal.
To encourage engagement, we realize a lot of work will be needed on UI/UX. While most dApp protocols lack easy to use tools, and Zora 3.0 will strive to bring this to Zoracles Protocol and the greater crypto community with open sourcing our solution.
Creating an intuitive governance interface isn’t a trival endeavor, especially with our flagship product being the main priority for early 2021. We wholeheartedly expect once our core product is in the marketplace to put an emphasis and resources on making Zoracles governance easily accessible to every token holder in Zora 3.0.
The main deliverables for Zora 3.0 will be UI/UX supported features around creating proposals, delegating votes & viewing wallet participation. If current estimates hold for our core product launch in 1H 2021, we will prioritize Zora 3.0 and hopefully have a robust goverance solution later this year.
This should give you a clearer picture of our Zora 2.5 update and overall commitment to the project and protocol. We will continually build the community and feel free to reach out at the links provided below.
-The Zoracles Team
Zoracles partners with DeFi projects using zero-knowledge proofs to provide confidential data to smart contracts. Their end-to-end solution entails VRFs to provide additional security measures for their “Snarks as a Service.”