OneSwap Goes Live on CoinEx Smart Chain (CSC) Mainnet | Building A Decentralized Ecosystem
Recently, CoinEx Smart Chain (CSC) has made another eye-catching move to improve its ecosystem with the launch of OneSwap, its first DeFi project.
Though the public chains of the second-generation smart contracts based on Ethereum have fueled the boom of DeFi, the subsequent inflow of capital and a surge in users on the network are laying bare the drags on its performance, such as congestion and a high gas fee.
In this context, it becomes increasingly important to build a fast, ecologically complete, and high-traffic public chain as an alternative to Ethereum.
CoinEx Smart Chain (CSC) is a high-performance smart chain developed by CoinEx, a well-known global crypto exchange. Since its inception, CSC has been strictly following a clear development roadmap. After completing the CSC Faucet at the end of April, it published the CSC Whitepaper and developer documentation and deployed the testnet along with the seed fund scheme in May. A month later, the CSC Explorer and the CSC mainnet officially went online.
Instead of pursuing decentralization at the expense of performance like Ethereum, CSC opts to sacrifice some degree of decentralization for greater scalability and faster transaction. Combining the PoS consensus with a PoA-based block generation mechanism, it runs a maximum of 101 validators and allows anyone to become a validator without permission by staking. As a result, millions of transactions are processed on CSC per second, making it a scalable blockchain where multiple applications can be deployed. An example of its high performance is OneSwap, a smart contract-enabled decentralized transaction protocol. Like Uniswap, the most popular decentralized trading protocol, OneSwap is also an AMM-based protocol. But what distinguishes it from other decentralized trading platforms is an on-chain order book mechanism. Under such a model, users can place both a market order and a limit order. And the order will be automatically executed at a target price. In addition to providing permission-free token listing and AMM, OneSwap also uses OneSwap Wallet to improve user interaction while supporting the deployment of all sorts of smart contracts.
Other essential features of OneSwap include the candlestick chart, order and depth chart. With these tools, it provides a clear view of the price trend, trading volume, and depth of different cryptocurrencies, rivaling decentralized exchanges. As a result, users are in a better position to make well-informed trading decisions. It is fair to say that OneSwap is a mixture of various advantages.
With the CSC ecosystem burgeoning, the launch of OneSwap would definitely bring another boost. The on-chain order book on CSC will allow users to trade more securely and transparently via a wallet.
The author believes that the mission of CSC is not only to build a public chain but also to bring together excellent developers and users for a better ecosystem. With a leading edge in technology and ecosystem, CSC will take OneSwap to the next level.
Now CSC has been transformed from a cluster of innovative ideas to a cutting-edge public chain in the crypto world. Not only does it fulfill its initial promise in security, computing capacity, consensus, scalability, and stability, it also wins the trust of investors. According to CoinEx, CSC’s next step will be to march steadily towards each milestone as planned. In addition, CSC will gradually shift its focus from deploying underlying algorithms to building on-chain projects and ecosystems, and its foray into DeFi will undoubtedly inject new vitality into the market. Backed by the CPoS consensus, CSC has developed an underlying technology that is efficient, effective, decentralized, secure, and reliable. In the future, it will support commercial-scale applications by enhancing its processing capacity to 10,000,000 TPS. In this way, CSC will tear down the barriers that hinder DeFi’s development and expand the boundaries of DeFi application, further empowering the brick-and-mortar economy as well as traditional finance and moving towards a more extensive ecosystem.
There is still a long way to go towards a future of fully-fledged public chains. The goal of CSC remains clear: to pursue decentralization and permission-free token listing, increase the throughput, make the client easier to use, provide safer hosting services and a wider range of cross-chain token services, and contribute its due share to the development of DApps.