Zignaly introduces ZIG-based auctions powered by Polygon

on Sep 20, 2022
  • ZIGBids targets the DeFi auctions ecosystem, starting with the $20 billion NFT space.
  • The project offering is powered by the native ZIG token and deployed on Polygon.
  • Users have to connect their Polygon Metamask wallets and fund it with ZIG to use the auction feature.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

The cryptocurrency space is growing at a very fast pace and new projects and opportunities can easily escape an interested user’s attention. One such product could have been ‘Zignaly Raffles,’ which crypto-focused automated trading platform Zignaly (ZIG/USD) introduced earlier this year.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Zignaly’s product offered access to a new passive income stream for the platform’s community, with key benefits being the exposure to top quality NFTs.

The upshot of ‘Zignaly Raffles’ is a new offering by the crypto copy trading and profit sharing provider, which according to the team, is set to revolutionise the DeFi auctioning landscape. 

Introducing ‘ZIGBids’

Copy link to section

ZIGBids follows the success of the ‘Zignaly Raffles’ that attracted thousands of entries across the 27+ raffles and targets opportunity that is available for investors within the $20 billion NFT space.

ZIGBids is powered by ZIG Coin, the utility token native to the Zignaly ecosystem and whose use cases vary from payment option for services, fees, and receiving of trading fee cashbacks to allowing holders to participate across the platform, including in the Zignaly Vault.

The ‘ZIGBids’ offer expands on this ZIG utility, with users getting access to quality offerings in the crypto ecosystem. These might include a trending NFT, mystery box offerings, slots at ZIGPad, giveaways or whitelist distribution, among others.

ZIGBids provides for seamless access to these opportunities via its auctioning capabilities on Polygon.

To access the ZIG-based DeFi auctions, users only need to tap into ‘wallet connect’ on Polygon and link their ZIG-funded Metamask wallet. Once connected to ZIGBids, a user can bid on their favourite collection, taking advantage of “insignificant” increases in ZIG per bid.

Bartolome R. Bordallo, the co-founder & CEO of Zignaly commented on ZIGBids and the trading platform’s choice of Polygon in a quote shared with Invezz.

“Polygon was the perfect choice of chain to deploy ZIGBids on. It’s highly scalable, robust, and on its way to becoming the gold standard for Web3, expanding to Defi, GameFi, NFTs, and far beyond, which aligns so well with what Zignaly plans to do with ZIGBids.” 

According to the Zignaly team, another benefit of ZIGBids is that the auctions will not be limited to any single asset class, but instead provide practically everything crypto – from pre-minted NFTs, ZIGPad slot, whitelist slots to NFT collections, and crypto giveaways.

Zignaly continues to grow

Copy link to section

Founded in 2018, Zignaly launched its Copy Trading feature in 2019, making it available for Binance and KuCoin. Last year, the platform unveiled its ZIG Coin, with $3m raised in a private sale as its team targeted further growth.