NingNing
NingNing|Jun 07, 2025 08:17
Intending to revolutionize the still waters: When ZenChain breaks through 1 million users, Unizen's liquidity flywheel is starting The number of ZenChain test network interactive users has exceeded 1 million, and the wave stirred up on crypto Twitter is not significant. Compared to testing networks that often raise tens of millions of dollars or more in financing, the ZenChain testing network is in a very stable state. But in my opinion, this is precisely the characteristic of true alpha - deep still water flowing. To celebrate this milestone, the ZenChain team has quietly launched a 72 hour limited time task: connect the wallet to http://(zcx. com), complete Unizen's Easter egg interaction task, and earn extra points on the testnet. Event address: https://zenquest. (zenchain.io)/quests While the attention of the entire market is still being drawn by various Memecoin, RWA, and stablecoin wars, a deeper paradigm revolution is brewing: intention driven liquidity network effects are silently replacing traditional on chain clearing trust mechanisms. And Unizen and its intention to trade AppChain ZenChain are the forefront observation samples of this revolution. one ️⃣ From aggregator to intent router: Unizen's self revolution If you still simply understand Unizen as' another DEX aggregator ', then you underestimate it too much. According to official disclosure data, Unizen currently connects 17 blockchains, integrates 200+DEX and multiple private market makers, and has a total trading volume exceeding 250 million US dollars. But behind these numbers lies a more interesting story: it is evolving from traditional path aggregation to intent execution networks. The logic of a traditional DEX aggregator is simple: it helps users find the optimal price path among numerous DEXs. But this model has a fatal flaw - it is still constrained by the liquidity distribution of DEX on each chain and the MEV game. Although users have been aggregated, they are essentially still playing zero sum games. Unizen's U-LDM (Liquidity Distribution Mechanism) and UIP (Interoperability Protocol) take a different path: they do not simply aggregate existing liquidity, but reconstruct the allocation logic of liquidity through intent expression. For example, when you want to exchange USDC for SOL on Solana on Ethereum, the traditional method requires bridging and then swapping, with gas fees and sliding points to be paid for each step. Under Unizen's intent framework, you only need to express the intention of "I want to exchange 1000 USDC for SOL", and the system will automatically match the optimal execution path - perhaps directly obtaining a quote from a market maker, or completing a cross chain atomic exchange through its private LP pool. That's why Unizen has the confidence to claim "zero bridging, zero gas fees". two ⃣ ZenChain: Ambition for Bitcoin Security and Ethereum programmability If Unizen is reconstructing liquidity at the application layer, then ZenChain is providing underlying support for this revolution at the infrastructure level. ZenChain has a great design ambition: to combine the security of Bitcoin with the programmability of Ethereum, and build a Layer 1 specifically designed to serve cross chain intent execution. Its core innovation is "Zen Bitcoin" (zBTC) - a 1:1 token supported by Bitcoin, minted through smart contracts, introducing Bitcoin, the largest "dormant asset," into the DeFi ecosystem. From a technical architecture perspective, ZenChain is based on the Substrate framework, supports EVM runtime, and adopts the Nominated PoS mechanism. This combination is very clever: it maintains compatibility with the Ethereum ecosystem while also having the ability to expand to other blockchain networks. But more importantly, ZenChain's 1 million testnet user data reveals a key signal: the market's demand for cross chain intent execution is much stronger than we imagined. It should be noted that these 1 million users were not obtained through large-scale airdrop hype, but gradually accumulated through collaborative interaction tasks with Unizen. This indicates that users are truly experiencing and validating this intention based new paradigm. three ⃣ The network effect of intention track: why liquidity>distrust In the process of analyzing Unizen and ZenChain, I gradually realized a deeper issue: under the intention driven trading paradigm, the importance of liquidity network effects is surpassing the trustworthiness of on chain clearing. Traditional DeFi emphasizes decentralization, permissionless, transparency, and verifiability. But what do users really care about? It is better price, lower cost, and faster confirmation speed. When Unizen is able to provide better execution prices than any single DEX through its intent routing network, users will not be too concerned about whether the transaction is completed through on chain AMMs or off chain market makers. Efficiency and experience are becoming the new 'decentralization'. This explains why the deflation mechanism of ZCX token is designed: the higher the trading volume, the more ZCX the platform repurchases and destroys, thereby pushing up the token price and further incentivizing more liquidity providers and users to participate. This is a typical forward flywheel. four ⃣ RWA's liquidity infrastructure: long-term alpha growth opportunities If we extend the perspective to 12-18 months, I believe the maximum alpha of the Unizen/ZenChain model lies in providing liquidity infrastructure support for RWA (real-world assets). The core pain point of RWA is not a lack of assets, but a lack of liquidity. Real estate tokens, equity tokens, and commodity tokens are all available, but the liquidity in the secondary market is thin and the price discovery mechanism is lacking. And intention based liquidity networks are naturally suitable for solving this problem: --Cross chain native: RWA assets are often distributed across different chains and require a unified liquidity layer --Flexible pricing: does not rely on the constant product formula of AMM, can adapt to the non standardized characteristics of RWA --Market maker friendly: Allow professional institutions to participate in liquidity provision to improve capital efficiency Imagine: when you want to use your USDC to purchase tokenized shares of New York real estate, you can directly express this demand through Unizen's intent network, and the system automatically matches RWA liquidity providers worldwide to complete the transaction. The entire process may only take a few minutes, rather than the days or even weeks of traditional RWA trading. summarize The encryption market is shifting from "protocol competition" to "intentional network competition". In the past, we compared various TPS, TVL, and ecological richness of L1/L2. In the future, we will focus more on who can provide a better cross chain intent execution experience. If Unizen really succeeds in building a standard infrastructure for cross chain intent execution, then its value anchor should be the global cross chain transaction demand, rather than the transaction volume of a single DEX. Unizen's current market value is approximately $22 million, which is at a reasonably low level in the DEX arena. This is a sufficiently large imagination space and also a sufficiently early layout opportunity. Of course, risks still exist: the specific launch time of ZenChain is not yet clear, the security model of zBTC needs to be verified, and the entire intention track is still in the early experimental stage. But for Degen, who has a keen sense of smell, this is precisely the best time to enter. After all, true alpha never waits for you in the spotlight.
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