Overview:
The 77 addresses which requested approval have now been unlocked to try the Pillar Protocol. (One of your submitted addresses was invalid, that one was not added, unfortunately).
Current Features Of Pillar Protocol: V0.001 (VERY VERY EXPERIMENTAL, That’s why most of you don’t get to play with it.)
- Collateralize ZRC2
- Connecting ZilPay Wallet.
- ZIL to WZIL Wrapper (Via this Guide)
- Minting Pillar (currently 100+ vaults available, and only 7X addresses whitelisted to participate in the guarded launch).
- Paying Back Pillar Debts Partially/Fully
- Collateral Unlocking
- Liquidation
- PP Interest being sent to “Insurance Fund” Address (This is currently an address, that will become a smart contract in the subsequent versions where gZIL needs to be staked in order to obtain part of the Pillar Interest collected. Interest collected in this version will simply remain on the wallet and added to the future Smart contract)
- Liquidation Penalty (10% of collateral) will be being sent to ”Developer Address”. 30 % of this will be used for future development funding, and 70% of this is going towards buying gZIL and burning it) In subsequent versions, this will be a smart contract that automates the buying of gZIL and burning with 70% of the collateral, as well as sending the 30% to a developer address.
- Price Oracle that is currently running on AWS and tracks the Binance/OKEx price. Every 10minutes this price is printed on the Zilliqa Blockchain. (In the future this needs to be decentralized, and pricing intervals needs to increase).
How to use the Pillar Protocol (Instructions lack granularity on purpose as part of the testing process.)
2. Wrap your ZIL into WZIL (Make sure to wrap at least 201 ZIL At least, or it won’t work)
3. Go to App.PillarProtocol.com and Approve Collateral. (at least 201 ZIL)
4. Create Vault and Deposit your WZIL
5. Navigate toward your vault page.
6. Borrow Pillar, Add Collateral and Repay your pillar.
6.1 Pillar Tokens (USD Stablecoin’s) mainnet contract is “zil1uvx4rawcl5j38rudulpntsmuu9ttyhd3qlc6t6”. (add to Zilpay so you can see your number of Pillars)
7. Go crazy! Try everything, try to liquidate yourself, liquidate others, etc..
8. Whenever you are facing any issue, please make a report here (https://forms.gle/2gDS6pMhq3R9B8YdA). and you can always reach me in the group chat. @PillarProtocol on telegram.
