What is ZOGI?
ZOGI ($ZOGI) is an ERC20 utility token on Ethereum, Cronos, and BNB Chain, it is a wrapped version of the primary token ($BEZOGE) in the ZOGI Labs decentralized ecosystem.
ZOGI Wrapping and Bridging Flowchart
- ZOGI will be the primary token used for our upcoming MBLK IDO. ZOGI holders will be able to participate in the MBLK IDO and buy MBLK with ZOGI directly.
- ZOGI can be staked to receive fixed MBLK rewards and dynamic rewards paid in BEZOGE, ZOGI, ETH, USDT, and other ecosystem-supported ERC20 tokens.A complete overview of ZOGI staking can be found in the Staking section of the whitepaper. Having staked ZOGI also gives an XP-earning boost in-game. Players with staked ZOGI will earn XP in the game at a faster rate than other players.
- ZOGI can be used in the Bezogia NFT Marketplace and will also be used to determine eligibility for participation in certain sales/auctions conducted by the Zogi Labs team. ZOGI and MBLK can also be used as payment for these NFT sales.Some examples of future NFT sales are listed below:
- Land sales
- Weapon sales
- Limited Edition character sales
- Brand partnership NFT/product sales
- ZOGI will be used to vote on critical changes to the ecosystem, including, but not limited to:
- Blacklisting of malicious wallets
- Significant game mechanic changes
- Significant staking mechanic changes
- Significant NFT minting/summoning changes
"Wrapping" in cryptocurrency refers to the process of converting one cryptocurrency into another, usually with the goal of making it easier to use and trade. The process involves "wrapping" the original asset in a new layer of code that allows it to interact with the blockchain in a whole new way.
It's a bit like taking an old, worn-out t-shirt and giving it a whole new look by tying it in a knot, or taking a plain piece of jewelry and adding some glitter. Wrapping is a way to give your token a makeover and expand its use beyond its original form.
So, if you want to join in on the fun of trading and using a new type of cryptocurrency, consider wrapping your existing assets. It's a wrap!
The ratio at which you can wrap BEZOGE to ZOGI starts at 1bn:1, but the cost of wrapping 1 ZOGI will be calculated using the following equation:
The only way for holders to mint ZOGI is by locking BEZOGE into the wrapping contract, and when ZOGI is unwrapped it is also unwrapped at the same rate as wrapping. This mechanism allows token holders to continue to receive redistribution from BEZOGE transactions while holding ZOGI.
For example, let's say you wrap 1 billion BEZOGE to ZOGI at a rate of 1bn:1, you will receive 1 ZOGI. As time passes, redistribution from BEZOGE transactions will be built up in the wrapper contract. For this example, let's assume 5% of additional tokens have gathered in the wrapper. Now you can unwrap your 1 ZOGI for 1.05 billion BEZOGE.
Total Locked Bezoge in Wrapper | ZOGI Total Supply | Cost of 1 ZOGI ($BEZOGE) | |
|---|---|---|---|
Before Redistribution | 1,000,000,000 | 1 | 1,000,000,000 |
After Redistribution | 1,050,000,000 | 1 | 1,050,000,000 |
This allows holders to move their ZOGI tokens freely between wallets, exchanges, staking platforms, liquidity pools, etc. without any 2% tax while still receiving redistribution from BEZOGE transactions.
Zogi Hub - Wrapping Interface
Holders of Bezoge, it's time to unwrap your potential and make the switch to Zogi! Why, you ask? Well, here are just a few reasons:
- 1.No more taxes on transactions! That's right, Bezoge has a 2% tax on all transfers, meaning you lose a portion of your tokens every time you transfer them or trade them on Uniswap. With Zogi, there's no tax, so you can keep more of your tokens and enjoy tax-free transfers.
- 2.Multi-chain support. Zogi is available on 3 different chains: Ethereum Chain, Binance Smart Chain, and Cronos Chain. With more chains planned for the future, you have the flexibility to hold and trade on the chain of your choice with lower gas fees on Binance Smart Chain and Cronos Chain.
- 3.More utility! Zogi is the primary utility token in the Zogi Labs ecosystem and is used for staking, summoning, IDO participation, future NFT sales, and all products within the Zogi Labs ecosystem. To access all this potential with your Bezoge, you'll need to wrap them to Zogi.
So, don't miss out on the chance to maximize your potential and join the fun in the Zogi Labs and Legends of Bezogia ecosystem. Wrap your Bezoge to Zogi today!
Bridging in cryptocurrency refers to the process of connecting different blockchain networks, allowing them to communicate and transfer assets between each other. This allows users to move their digital assets from one blockchain to another, effectively breaking down the barriers between different ecosystems.
Think of it as a bridge that connects two islands, allowing people and goods to travel back and forth. In the world of cryptocurrency, these islands represent different blockchain networks, and the bridge allows users to easily move their assets between them.
Bridging is an exciting development in the world of cryptocurrency, making it easier for users to access a wider range of assets and opportunities. So, imagine having access to all your favorite digital assets, regardless of where they're located! That's the magic of bridging.
ZOGI can be bridged between Ethereum, Cronos, and BNB Chain using the Zogi Bridge. The process of bridging is a single-click process on each chain (other than approval), from a user perspective the process is as follows:
- 1.Approve ZOGI on Chain A
- 2.Bridge ZOGI on Chain A
- 3.Claim ZOGI on Chain B
Due to the Zogi Bridge being our own proprietary technology developed in-house, we can ensure the total supply of ZOGI across all 3 chains remains the same when bridging. When ZOGI tokens are bridged from Chain A to Chain B, we burn the tokens on Chain A and mint new tokens on Chain B, keeping a constant total supply.
From a technological standpoint, the bridging process is as follows:
- 1.ZOGI burnt on Chain A
- 2.Proof of burn on Chain A is detected by a network of Zogi validators
- 3.Once the majority of validators confirm the transaction, a signature is provided to the user
- 4.User inputs signature on Chain B and mints claimed tokens
Zogi Hub - Bridging Interface
Each chain has its own liquidity pool of ZOGI and the native token of the corresponding chain. The pools and DEX where ZOGI can be traded are as follows:
Ethereum Chain: Uniswap - ETH/ZOGI
Token Address: 0x7e80e4d7d5725499791cf8b17a4586f1f0672a0c
Cronos Chain: VVS Finance - CRO/ZOGI
Token Address: 0x41080ca7be4b3f0cacbd95164e9a56b582382caa
BNB Chain: PancakeSwap - BNB/ZOGI
Token Address: 0x41080ca7be4b3f0cacbd95164e9a56b582382caa
Last modified 3d ago