Important Update: zNVDA Stock Split
Nvidia has announced that they will be doing a 10-for-1 stock split and the trading with the new stock-split adjusted price will begin on June 10th. The stock split adjusted price will be significantly lower than the pre-adjusted price and will have a direct impact on any user who holds the zNVDA token.
The following actions are needed to take place in response to the stock-split:
- On June 6th, 8:00 pm UTC, the zNVDA market will be closed on Horizon Spot Exchange via the suspendSynth function in the SystemStatus contract.
- After the market is closed, the Horizon Protocol DAO multisig will automatically convert remaining zNVDA tokens to zUSD at the market closing price prior to the stock-split.
- Trading of zNVDA will resume as normal after the live markets open on Monday, June 10th 1:30 pm UTC and the Chainlink NVDA oracle is reporting the correct split-adjusted price data.
It is recommended for any zNVDA holders to sell their zNVDA to zUSD or other zAssets before the market closes on June 6th, 8:00 pm UTC.
The conversion of remaining zNVDA tokens to zUSD after the market closes will protect the zAsset portfolio value of any user who is unable to sell beforehand and is holding through the stock split.
We welcome community feedback to determine if this is the best course of action that should be taken in such an event. This is an open discussion. More details can be found in HIP13.
If you have any questions or concerns, please do not hesitate to reach out.
Horizon Protocol is a decentralized derivatives trading and liquidity protocol that provides decentralized access to the real-world economy through synthetic assets. Through Horizon Protocol, users can access swaps and perpetual futures of RWA (real-world assets), including, fiat (i.e. USD, EUR, JPY, etc.), and commodities (i.e. gold, silver, etc.).
With a peer-to-pool model where a counter-party is not required for trading, Horizon Protocol can offer DeFi traders low fees, deep liquidity, and zero slippage when trading borderless synthetic assets. Horizon Protocol sets itself apart with a strong focus on seamless UI/UX and educational content to help the community understand the power of DeFi derivatives.
