CoinEx Smart Chain (CSC)｜Build the Infrastructure for the Industry with the DeFi Solicitation Event and the Support Fund Scheme
Blockchain is endowed with financial attributes. Take Bitcoin for example. Apart from the financial value as a cryptocurrency, the token economic model, decentralized financial model and related derivatives have constituted the underlying foundation of blockchain finance.
Finance is also the earliest application of blockchain that boasts the most complete ecosystem. Centering on the exchange, a comprehensive financial service system has been set up, which already generates profits.
From the perspective of profitability, finance is also the only area in the blockchain that generates win-win results for both project developers and investors. Centralized exchanges, in particular, kept expanding business on the basis of crypto trading, and derived the sphere of blockchain finance as an industry barrier. As the ecosystem grew, centralized exchanges had even risen to the industry leader with a big say.
Yet the monopoly of centralized exchanges was ended by the rise of DeFi, and mechanisms including lock-up mining keep the token holdings of exchanges low enough to threaten the survival of centralized exchanges. Whether to maintain the supremacy in the industry or to tackle the emerging threatens, exchanges are resolved to take part in the real financial revolution and evolution of the blockchain.
However, such resolution is far from adequate to help centralized exchanges win the battle against the DeFi crisis. To be a rule maker, the construction of blockchain infrastructure will be the key.
Under this circumstance, CoinEx has taken a major step forward by launching CoinEx Smart Chain (CSC), making itself an example of seizing the first-mover advantage.
At present, the CSC testnet has been deployed and will go live on May 31, 2021 after the stable internal operation. CSC is a smart contract chain created by the CoinEx public chain team for decentralized finance based on the principle of decentralization and permissionless block generation. It can provide developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.
According to the official, upon the launch of the CSC testnet, a $10 million seed fund scheme will be set up to encourage more developers to get involved in DeFi projects. To facilitate the synergy between the CeFi ecosystem and DeFi ecosystem of CoinEx and attract more developers to build centralized applications on CSC, the CSC Foundation will set up a $10 million seed fund scheme as a gesture of support for the ecosystem building in the blockchain industry. So in what ways will CSC’s support fund scheme and “DeFi solicitation event” promote the industry?
Following the seed fund scheme, a DeFi project contest will be kicked off to encourage more developers. Promising DeFi projects will receive a support fund of up to $100,000. The CSC Foundation will also provide outstanding DeFi projects with all-around resources including CoinEx’s millions of CeFi users, media news in its ecosystem, knowledge popularization articles, incubation financing, derivatives, financial management products as well as the abundant capital.
CoinEx will continuously solicit good DeFi projects. The CSC Foundation will provide liquidity for the outstanding projects that pass the security audit, and issue CET as rewards to developers of star projects, outstanding projects and innovative projects. Moreover, the top projects will be entitled to list coins on CoinEx Exchange.
CoinEx is happy to have new promising developers apply for the CSC seed fund and build their DeFi projects on the CSC. Those with abundant development experience on other chains are also welcomed to migrate their projects to CSC. The CSC Foundation will also provide gateway construction services for project developers with a demand for digital asset issuance on multiple chains.
CoinEx has long been focusing on ecosystem construction. Instead of confining itself to the trading ecosystem, CoinEx has, upon its rise, started the layout of an inclusive ecosystem to build a solid industry barrier. The DeFi solicitation event aims to discover high-quality blockchain projects that can inject new vitality into this industry and also to nurture and improve the DeFi ecosystem of CSC. The community of CSC will join in the governance in the early stage.
Support in the ecosystem plays an important role in growing CSC DeFi, and only when the ecosystem develops, CSC DeFi can expand;
DeFi still sets a high threshold for ordinary users. Fortunately, the threshold will be lowered by CoinEx, the representative of CeFi, thanks to its continuous efforts in strategic layouts and integration with DeFi. Driven by CoinEx, more encrypted assets will flow into the DeFi world, making for a more promising future. CoinEx’s support fund scheme and “DeFi solicitation event” have been steadily advancing. Amid the DeFi boom, CoinEx is going deep into the ecosystem construction, and has undoubtedly stimulated the development of the entire market.
As a blockchain running in parallel with Ethereum, CSC not only allows users to create token smart contracts, but also introduces CET, one of the first-class encrypted assets, to form a stake mining mechanism.
CSC is a blockchain compatible with the EVM, and it represents a trial and exploration of cutting-edge projects of encrypted assets. The launch of CSC will greatly improve the efficiency and application scope of CoinEx and CET. By introducing the PoS consensus mechanism and integrating the PoA for block generation, CSC has created an ecosystem that makes nodes, token holders, developers, and users benefit from the blockchain and enjoy higher performance and ample room for innovation.
Besides making the ecosystem prosper, CSC has built a new type of underlying architecture of blockchain that integrates multi-layer chain networks from the core chain to the application chain, and made innovative breakthroughs in pain points such as the throughput, cross-chain collaboration, credible data exchange, and security. As a public and open smart chain infrastructure, CSC has gathered resources, projects and talents from all aspects, and carried out special research on fundamental key technologies to expand blockchain applications in new areas.