ZooCoin app review

ZooCoin

ZooCoin app review

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Open Dapp

Basic info

  • Token ZOO
  • Audited no
  • DAO yes
  • Yield farming yes
  • Team public
  • Hacks no

Token profile

Price Market cap.

Yolanta Chomag

Last updated: Nov 22, 2022

What is ZooCoin

ZooCoin is a Fantom-powered ecosystem of blockchain-based applications. It provides various solutions for crypto investors to manage their assets.

There are four primary products in the ZooCoin ecosystem, which are decentralized exchange ZooDex, exchange aggregator ZooTrade, NFT marketplace ZooPet, and asset management tool ZooTracker.

How does ZooCoin work

The first ZooCoin application, ZooTrade, is an exchange aggregator. It provides a token exchange service recommending the most efficient route between different DEXes. This is ensured by ZooTrade algorithms which may split the initial amount of token A into several chunks that get exchanged for various tokens which finally get exchanged for the highest possible token B amount. The exact route the algorithm suggests is shown to the user, who can then confirm the operation.

The second product is ZooDEX. It is a decentralized exchange with limit orders, an order book, and a built-in chart that displays token prices in real-time. 

In addition, the product allows the initial launch of tokens, offering a number of features for adding liquidity for a new pair and incentivize investor and trader loyalty. And ZooDEX also has a special Verification program designed to ensure the verification of new tokens and user security. The program has three levels, with varying degrees of token verification. Whether a token gets into one level or another depends on a set of parameters such as liquidity and the duration of trading on DEX.

On ZooDEX, users can add liquidity to pools and receive LP tokens, which can then be used in the liquidity incentive program, such as farming. The distinctive feature of farming on ZooDEX is a progressive farming system, where a special reward multiplier is applied, the size of which depends on the length of time LP tokens are kept in farming.

Another ZooCoin product is ZooPet, which is an NFT marketplace. This service offers NFT minting and trading, as well as tipping the artists. The fee for minting NFTs is charged in ZOO coins.

The last product is an asset management panel with analytics features, which is called ZooTracker. The panel displays the asset value, current token prices, the net value of the user's portfolio, the value of NFTs owned by the user, as well the number of tokens in staking.

How to use ZooCoin

On the  homepage of the ZooCoin website, click on “Projects” and choose one of the projects to proceed to the ZooCoin app. The main page of the ZooCoin app displays all the main products, which appear as tabs. First, connect to the app via wallets ZooCoin supports, those are MetaMask or Coinbase, and then select one of the projects and click the “Launch app” button in the new window.

Once the app is launched, you will be able to switch between different products by clicking the respective tab. Go to the “NFT” tab, if you wish to create and trade non-fungible tokens, “Trade” to exchange tokens, “DEX” —  for providing liquidity or joining staking and farming, or “Tracker” to view the trading and token data.

Each executed trade on ZooDex is subject to a default protocol fee of 0.3%, which is then distributed to liquidity providers (0.2%) and the ZOO-FTM liquidity pool (0.1%). ZooCoin fees also include 250 ZOO for NFT minting and 1 FTM for creating a limit order (this option is coming soon).

ZooCoin staking 

ZooCoin staking is available through the ZooDEX product. After adding the project native tokens WILD and ZOO to staking, users receive xWILD and xZOO tokens. xWILD has voting power and can be used to unlock premium features. Holding xWILD in a wallet also gives an additional farming multiplier boost up to 15%. The boost rate depends on the amount of ZOO/WILD locked, and the selected time-lock period.

The ZOO token

The project’s native token ZOO serves as a government token and is used throughout the ecosystem. 

The total ZOO supply is capped at 1 billion tokens, 80% of which are in circulating supply, 16% allocated to the developer fund, and 4% is in the marketing fund. The developer fund can only be spent on the needs approved by the community through the governance voting.

WILD is the Zoo ecosystem’s second native token. Providing the same benefits as ZOO, WILD comes with an additional functionality —  it is inflationary, meaning it may be used in a ZooDex farm to generate rewards.

The multiplier booster token for ZooDex farms is xWILD. It can also be used to unlock special benefits and give a vote weight to the governance. Users who hold xWILD on their wallets receive up to a 15% increase in their farming multiplier.

Is ZooCoin safe

The ZooDex core is using UniswapV2 contracts in their default implementation, which were audited by dapp.org.ok.

ZooCoin was founded by a backend engineer and security expert Ivan Rumak, and a software engineer Stepan Ivanov. ZooCoin team also includes engineers Dmitry Maltsev, Andrey Okhapkin, and Mikhail Pivikn; designers Anthony Bryl and Egor Shevchenko; analyst Paul Polasnyk.

Partners

There have not been any officially announced partnerships yet.

What's next

The team is planning to integrate a Metaverse in its ecosystem.

Links

https://docs.zoocoin.cash/

https://gov.zoocoin.cash/

 

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