Pillar Protocol
Pillar Protocol will finally launch today, which will allow Zilliqa holders to utilize multiple DeFi products. The project will introduce the first soft USD-backed stable coin on the Zilliqa ecosystem, which will open a myriad of possibilities for developers. The Pillar stable coin will be backed by excess collateral; therefore, the collateralization rate is higher as 1:1.
To generate Pillar, any Zilliqa-based asset that GZil holders have approved can be utilized. However, every Zilliqa-based asset has its Risk Parameters, which GZil holders are determining. Due to that, Gzil holders govern the Protocol and the financial risks of Pillar to ensure its stability, transparency, and efficiency.
The Pillar Protocol will open several possibilities for developers, GZil holders, and Zilliqa ecosystem users. Furthermore, it is the first project on the Zilliqa ecosystem that will provide a DeFi product that allows developers to build new DeFi projects on top of that.
