ZEPH Zephyr Protocol Rank #1848

Zephyr Protocol is a decentralized finance project built on a native blockchain derived from Monero, inheriting the privacy properties that characterize its parent network. It functions as an over-collateralized stablecoin protocol and represents the first native-chain implementation of the Djed stablecoin design. The protocol operates through a three-asset model. ZEPH is the base asset of the network and serves as the collateral that backs the stablecoin system. ZephUSD is a private stablecoin minted against ZEPH reserves, requiring collateralization of at least 400% of the value being minted. ZephRSV functions as a reserve share token, distributed to users who deposit ZEPH into the protocol's reserve pool. The redemption value of ZephRSV moves with the reserve ratio, capped at 800% to prevent dilution of existing holders. ZEPH is also the network's native currency, used for transaction fees and block rewards under a proof-of-work consensus mechanism. The protocol was launched in May 2023 as a community-driven project without venture capital backing, with a mainnet hard fork planned to activate the stablecoin functionality following a public testnet phase.