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Supercharged Yield. Smarter Leverage.

Let's be real: synthetic assets sound powerful. But most of them? Clunky, brittle, overly complicated — and definitely not paying your bills.

Zhenglong changes that.

We're bringing groundbreaking yields to places they've never reached: BTC, ETH, and soon... anything with a price feed.

  • No loans. No debt spirals.
  • No forced liquidations.
  • Just hot, yield-bearing tokens that steam your assets instead of boiling them away.

🍱 What Is Zhenglong?​

Zhenglong is a synthetic asset protocol that transforms your favorite yield-bearing collateral — like fxSAVE or wstETH — into two powerful asset types:

  • zheTOKENS: Pegged tokens (e.g., zheETH, zheBTC) that track a price feed and can earn 20%+ APR on ETH, BTC, and more — a first in DeFi.
  • steamedTOKENS: Rebalancing variable leverage tokens for directional plays, with no funding fees, no margin calls, and automatic risk rebalancing.

Anywhere with a price feed, yield is coming.

Zhenglong brings yield to places it's never reached.
Steamed fresh. Composable. Community-powered.

For details on how Zhenglong achieves these high yields, see How Yield is Generated.

For detailed information, explore the sections below or start with our Technical Overview.

Core Components​

zheTOKENS (Pegged Assets)​

  • Synthetic assets pegged 1:1 to reference prices via reliable oracle feeds
  • Examples: zheUSD (USD), zheBTC (Bitcoin), zheTSLA (Tesla stock)
  • Fully collateralized and redeemable
  • Freely usable across DeFi platforms
  • Designed to maintain tight pegs through arbitrage and protocol rebalancing
  • Earn amplified yield by concentrating all protocol collateral yield into active stakers

steamedTOKENS (Rebalancing Leverage Tokens)​

  • Variable leverage tokens representing residual claims on collateral
  • Similar to holding liquidation-protected leveraged positions
  • Absorb volatility to protect zheToken stability
  • No forced liquidations or margin calls
  • Rebalanced automatically during market stress
  • Directional exposure on any asset with a price feed

Stability Pools​

  • Two types: Collateral Pools and Steamed Pools
  • Maintain system solvency through automated rebalancing
  • Earn yield from yield bearing collateral (e.g. stETH)
  • Earn STEAM incentives
  • Transform market downturns, or pegged token price spikes into opportunities for participants

Genesis Vaults​

  • Bootstrap new markets
  • Minimal risk
  • Provide immediate liquidity and collateral backing
  • Distribute both zheTokens and steamedTokens to participants
  • STEAM (or other) incentives for participants

Documentation Sections​

Need Help?​