The bZx protocol is an Ethereum-based decentralized platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system.Launched in 2018 offers two types of financial primitives iTokens and pTokens through its Fulcrum and Torque DeFi platform.BZx’s trading front-end Fulcrum allows users to trade and or lend crypto assets through tokenized loans (iTokens) and tokenized positions (pTokens). Torque serves as bZx’s lending front-end web interface allowing users to borrow funds for any purpose at a fixed interest rate. The bZx system has 3 core ERC20 tokens: iTokens pTokens and BZRX tokens which each play an essential role in how bZx functions. In July 2020 bZX launched its native token BZXR in an Initial DEX Offering (IDO) on the Uniswap exchange.