Overview
>Offshift is a cryptographically private offshore storage & DeFi protocol on Ethereum
>The first token to utilize the new EIP for encrypted token transfers using zero-knowledge proofs
>Will allow you to send and receive zkTokens (e.g. zkUSD, zkETH) which completely privatizes number of tokens transferred and held
>XFT tokens are burned in order to mint zkAssets
>Extremely early stage project, literally the ground floor, only listed on uniswap currently:
uniswap.info/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be
The Tech
This standard defines a way of interacting with a confidential token contract. Confidential tokens do not have traditional balances - value is represented by notes, which are composed of a public owner and an encrypted value. Value is transferred by splitting a note into multiple notes with different owners. Similarly notes can be combined into a larger note. Note splitting is analogous to the behaviour of Bitcoin UTXOs, which is a good mental model to follow. More info here:
>github.com/ethereum/EIPs/issues/1724
Test transactions on zkDAI
>etherscan.io/address/0xc5c0b2e7a265c96d29ae1e4e70cd542dedc87aee
Tokenomics
>$2mil marketcap
>$1mil volume
>$150k liquidity locked, here's the smart contract before anons start saying "rug pull":
etherscan.io/address/0x6e159c0084e60ab396a6298258b266d6e8ee5f10
>total supply: 10mil
>circulating supply: 1.75m
>rest is all locked with vesting plans, none released until 6 months after listing
>most is dedicated towards staking and rewarding users for using the ecosystem, which begins late Q4
Competitors
>Monero $1.7bil marketcap
>Zcash $920mil marketcap
>Haven $22mil marketcap
>Offshift $2mil marketcap
Each of those are their own blockchain, where as Offshift is utilizing Ethereum giving it much more value and usecases, allowing zkAssets to interact with other defi protocols etc. Very unique value proposition
(cont...)
