Benzinga | Mar 10, 2021 08:32AM EST

ZK International Subsidiary, xSigma Publishes Roadmap And Announces Ethereum Layer 2 Plans

WENZHOU, China, March 10, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (NASDAQ:ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that after one week since the launch of xSigma DEX, xSigma Corporation, a subsidiary of the Company and a blockchain R&D lab, is pleased to reveal its roadmap for the coming months.

As of the time of this press release, the xSigma DeFi Protocol has $110 Million in Locked Value, our stablecoin DEX has surpassed $6 Million of trading volume. Currently there are over $40 billion worth of total funds locked in the major DeFi protocols, according to defipulse.com.

As our DeFi protocol continues to grow, and the price of Bitcoin trades above $54,000, we have outlined the roadmap for the future development of the xSigma DEX post-launch as follows:

1. Marketing

Any project will falter without new users learning about it and onboarding. Therefore, we will focus initially on engaging with as many users as possible within xSigma's target market framework outlined in its WhitePaper. We will conduct various marketing activities and promotions, including presenting at online conferences, reaching out to well-known influencers for feedback, presenting on various podcasts, and partnering with prominent players in the DeFi field.

2. Technical Improvements

With any new project there are growing pains, of which there are still some improvements left to be done by our top management team.

More specifically, our plan includes:

* Deploying a second stablecoin pool, by April 2021

* Adding a SIG-lock pool to the Rewards smart-contract -- you will be able to stake SIG to earn additional rewards, by March 2021

* Launching the gas cashback program, by April 2021

3. Fulfilling promises by March 2021

As a means of establishing a long-term trust within the xSigma community, we will burn the extra unminted tokens from the Rewards fund to date. We will also burn the same amounts proportionally from the Dev Fund and Growth Fund (30% and 10% accordingly).

4. DAO Upgrade by April 2021

We will roll out a two-stage plan to fully decentralize xSigma. After we finish some preparation on keeping pools running and steady, we will transfer full control of them to the community.

First, we will set up an off-chain DAO where SIG holders will be able to vote proportionally to their stake, but without the need to pay gas fees. We will execute their decisions on-chain from the Dev Team multisig.

Second, we will deploy the full-scale DAO, which means every small change should be proposed and voted for via on-chain transactions. This step requires good coordination and the ability of the community to govern itself. We will make sure xSigma is mature enough before committing full responsibility to the DAO.

5. Build an exchange user base

Lastly, xSigma hopes to work together with the SIG holders in the future, as with the support of the xSigma community lies the bright but a long road of transforming xSigma into a vibrant stablecoin exchange.

The xSigma team will conduct research into viable growth opportunities, but the actual development will only happen with SIG holders voting to commit developer resources.

Governed by your decisions, xSigma Lab will consider different options. Some examples may include:

* Add new coins to the exchange

* Upgrade our farming formulas

* Add new farming pools

* Research Layer2 solutions

* Integrate with most of the aggregators and market data platforms

* Upgrade UI to work flawlessly on mobile

* Redesign exchange UI to incorporate user feedback

* Add more wallet options to access xSigma

* Port to different blockchains

* Explore stablecoin-related projects

Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, "A genuine thank you to the xSigma community for all the trust they have placed in us. Together with you, we're building the future of a decentralized exchange."