Could the Launch of TyronDEX Help Zilliqa Price Break Out of Its Bearish Slump?

Key highlights:

• This fresh DEX is aiming to inject some much-needed liquidity and action into Zilliqa’s ecosystem.
• By allowing users to easily swap between ZIL, stablecoins and other tokens, TyronDEX could attract a whole new crew of traders and degenerates to the platform.
• The exchange also introduces some novel identity features and an IDO launchpad that could really get the party started.

Zilliqa, the high-throughput blockchain platform, has seen its native ZIL token stuck in a prolonged bear market. However, the recent launch of TyronDEX, a new decentralized exchange built on Zilliqa, could provide a catalyst for ZIL price to finally break out of its slump.

Introducing #TyronDEX by @tyronssi, a new decentralised exchange built on #Zilliqa that merges DeFi tools with sovereign identity features.

Discover the innovation behind TyronDEX and the platform’s new S$I stablecoin in our latest blog post: https://t.co/Vc4FwAEhdx#DeFi… pic.twitter.com/U1z034cpGM

— Zilliqa (@zilliqa) August 30, 2023

What is TyronDEX?

TyronDEX is a decentralized exchange (DEX) developed by TyronS$I DAO. It combines familiar DeFi protocols and tools with the sovereign identity features provided by the Tyron SSI Protocol.

Some key features of TyronDEX include:

• Trading between TYRON, ZIL, XSGD, zUSDT and other tokens
• Access to popular DeFi protocols on Zilliqa
• A multi-DEX platform to easily swap tokens
• Sovereign identity accounts with social recovery and integrated wallets
• Permissionless IDO launchpad

The exchange also introduces the Sovereign Identity Dollar (S$I), a new stablecoin pegged to the Singapore Dollar. Users can obtain S$I by burning TYRON tokens or locking up XSGD.

How could TyronDEX impact ZIL price?

The launch of TyronDEX on the Zilliqa network could benefit ZIL price in several ways:

1. Attracting new users and liquidity

As a new entry point into Zilliqa’s burgeoning DeFi ecosystem, TyronDEX may attract new users and liquidity. This could increase demand for ZIL as more users interact with dApps and provide liquidity on the exchange. The permissionless IDO launchpad could also drive new interest.

2. Utility for ZIL

TyronDEX adds more utility cases for holding and using ZIL. Users can now trade, provide liquidity and even obtain loans using ZIL and zUSDT on the exchange. More utility tends to increase buy pressure and demand.

3. Positive sentiment

The successful launch of TyronDEX and the innovation it brings could reinvigorate positive sentiment around the Zilliqa ecosystem after the prolonged bear market. This may motivate sidelined investors to reevaluate ZIL.

4. Mainnet activity

Increased usage of TyronDEX and other dApps on Zilliqa’s mainnet would boost overall transactions and on-chain activity. This fundamental activity may improve investor confidence.

Current ZIL price action and forecast

ZIL Price has declined significantly from its all-time high of $0.25 in May 2021. It is currently trading around $0.017, which is down over 90% from its peak.

Short-term analysis shows that ZIL may continue to face selling pressure as it struggles to regain key support levels. However, the fundamentals look promising with network growth continuing despite market conditions.

The yearly low Zilliqa price forecast for 2024 is predicted to be $ 0.013516 based on the historical price alterations of the cryptocurrency and the BTC halving cycles. Zilliqa’s cost is anticipated to increase to $0.057686 in the coming year. Here is the Zilliqa price forecast for each year up until 2030 using the same methodology on the table.

Long-term Zilliqa price prediction for 2024, 2025, 2026, 2027, 2028, 2029 and 2030

If TyronDEX gains strong adoption and TVL, it could be the catalyst that finally allows ZIL to establish a new uptrend in 2023. But patience may be required for the exchange to ramp up, so immediate pump expectations should be tempered.

TyronDEX could play a key role in restoring positive momentum for ZIL if it drives new adoption of Zilliqa’s DeFi ecosystem. The coming months will prove decisive in determining if the exchange can live up to its promise and break ZIL out of its rut.