The third quarter of 2024 was transformative for Horizen, as major governance decisions, tokenomics upgrades, and technical advancements set the stage for its next phase of growth.

With the launch of Horizen 2.0 on the horizon, here’s a detailed breakdown of the key highlights from July to September 2024:

Highlights

New ZEN Tokenomics for Horizen 2.0

The passing of ZenIP 42407 marks a pivotal milestone for the Horizen ecosystem, with nearly 100% of participants voting in favor of the proposal.

This new tokenomics framework introduces several major changes designed to enhance network sustainability and community growth.

Here's what this means:

🔸 40% of $ZEN emissions will now go to Collator and Delegator Rewards, incentivizing participants who secure the network by staking and delegating $ZEN.

🔸 32.5% to the Horizen Foundation for supporting long-term growth and ecosystem stability: -- 15% for Ecosystem Development -- 10% for $ZEN Growth & Stability -- 7.5% for Infrastructure Support

🔸 27.5% to the DAO Treasury supporting the broader community through: -- 17.5% for the ZEN Sustainability Initiative -- 5% for Community Grants -- 5% for Growth Marketing

🔸 No More $ZEN Halving

A smoothly declining emission rate will replace the traditional halving schedule, creating stability and predictability for $ZEN holders.

These changes are crucial for the long-term health of the Horizen ecosystem, positioning $ZEN as a leading token in the zk space.

Learn more about the new $ZEN Tokenomics for Horizen 2.0 here:

Binance Removes the Monitoring tag for $ZEN

In a significant win for Horizen, Binance removed the monitoring tag for $ZEN, signaling increased confidence in the token’s stability and security.

This development has a number of positive implications:

• Increased Confidence: Removal of the tag demonstrates that $ZEN meets Binance’s stringent listing criteria, boosting investor confidence.

• Positive Market Perception: This move further reinforces $ZEN’s standing as a top-tier project, encouraging more participation in the Horizen ecosystem.

$ZEN’s market performance has also earned it a spot among the Top 10 ZK projects by market cap, according to CoinGecko​

Release of the Horizen 2.0 Whitepaper

Authored by the Horizen Labs Research team, this whitepaper outlines significant advancements and strategic upgrades to the Horizen ecosystem, designed to enhance its capabilities, scalability, security, and interoperability.

The paper addresses current challenges with ZK applications, including high costs, network congestion, and limited proving mechanisms.

Horizen 2.0 offers solutions through an EVM optimized for ZK apps:

• Faster ZK Proofs at Minimal Cost

• Flexible Proof Systems

• Efficient Network Design featuring native zkVerify integration

• Enhanced Security and Scalability

This whitepaper positions Horizen as a leader in the ZK space, paving the way for future blockchain applications with greater efficiency and scalability​

Dive into the future of blockchain with Horizen 2.0, and discover how it will drive the next wave of innovation! Read the full whitepaper here

TL;DR? Check out the key takeaways from the Horizen 2.0 whitepaper:

Core Software and Technical Updates

Horizen’s technical progress continued to accelerate in Q3 2024, driven by several key updates:

• ZEN 5.0.4 Release: This upgrade enhances mainnet stability and performance, aligning with the Horizen 2.0 roadmap.

• zkVerify Attestation Mechanism Live on EON Gobi Testnet: This mechanism enhances ZK dApp efficiency by verifying proofs quickly and at minimal cost.

• EON Migration Dump and Restore: Preparations were completed for the smooth migration of EON state data into Horizen 2.0, ensuring a seamless transition.

• EON 1.4 Version Release: This version improved the usability of the staking system at the protocol level by automating the reward distribution among the forger hosting provider and the ZEN holders who stake their ZEN to the forger node.

• Smart contract security audit for the EON Delegated Staking completed by Halborn

A public migration dry run is planned for Q4 2024, a crucial step before the official launch​.

Community Engagement and Events

Horizen’s community remained highly active in Q3 2024, with the team attending several major blockchain events:

• ETHCC

• Coinfest Bali

• zkHack Montreal

• EthWarsaw

• Korea Blockchain Week

• Token2049 in Singapore

  • Zk Power Hour

  • The Rollup Day

  • Polkadot Decoded

• EthMilan

• Messari Mainnet

Catch some of the event vibes and panels:

Community AMAs and Podcasts

During Q3 2024, Horizon continued to engage with the community through a series of AMAs and podcasts, sharing insights into the future of the Horizen ecosystem and advancements in zk.

Catch these insightful discussions below:

• Future on Horizen: AMA on the Next-Gen EVM for ZK Apps

• Rob Viglione - House of ZK Radio Episode

  • Rob explains the journey of Horizen, from its crypto-anarchistic origins to becoming a major player in the blockchain and ZK space. He dives in to the upcoming Horizen 2.0 upgrade, an optimization of Horizen as an EVM-compatible chain for ZK applications, and the important role zkVerify will play in enabling fast, low-cost zkProof verification, unlocking new possibilities across multiple industries.

• Crypto Oracle Call with Rob Viglione on all things ZK

• zkTalk 1 with Gevulot - John Camardo from Horizen Labs discusses Horizen and ZK, among other items. 

• Absolutely Zero Knowledge Podcast Episode 11 with Robert Viglione, Co-Founder of Horizen

• How will faster and cheaper proof verification lead to an expansion of ZK? Rollupco Interview with Rob Viglione & John Camardo

Media / In the News / Publications

Co-Founder Rob Viglione Publishes “Modular Verification Proof” on CoinMarketCap Glossary:

Rob Viglione on Jill Malandrino (Nasdaq) discussing why modular blockchains are one approach to scaling distributed networks:

Co-Founder Rolf Versluis - Horizen 2.0 EVM for zk-dapps Overview:

Co-Founder Rob Viglione commented on the potential of blockchain-based elections in a Cointelegraph article, highlighting the scalability challenges, and suggesting a tailored L2 solution specifically for voting to enhance security and stability:

What’s Next

Q3 2024 was marked by major advancements in governance, tokenomics, and technical innovation for Horizen.

As Horizen moves forward into the final quarter of 2024 and beyond, several exciting developments are on the way:

• Horizen 2.0 Upgrade: Following the groundwork laid during Q3, the highly anticipated Horizen 2.0 upgrade will soon be live on testnet. With enhanced zkVerify integration and zk-optimized EVM compatibility, the upgrade aims to deliver improved scalability and security for the entire ecosystem. A migration dry-run on the public testnet is scheduled for Q4, ensuring a smooth transition.

• Incentivized Testnet Launch: To further engage developers and the community, Horizen will launch an incentivized testnet. This initiative will allow participants to test upcoming features, contribute to network development, and earn rewards for their involvement.

As the network moves closer to Horizen 2.0, the community can look forward to more efficient ZK applications, greater security, and sustained growth. Stay tuned for more updates as we approach the official launch of Horizen 2.0!

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