With Lower Transaction Fees, CoinEx Smart Chain (CSC) Unveils A New Round of Competition
This August, the blockchain business witnesses a historic moment, marked by the activation of the “London Hard Fork” upgrade. Ethereum, which ranks first among public chains, gathers a prosperous ecosystem with an abundance of DApps and asset types. Its third upgrade, the London Hard Fork, mainly includes three proposals: EIP-1559, EIP-3198, and EIP-3238. And among them, EIP-1559 has attracted the most attention.
EIP-1559 aims to change the way transaction fees, or “gas fees”, are estimated, thus achieving a different Ethereum fee mechanism. Instead of paying miners the gas fee to include the transaction in a block, users transfer the gas fee to the network itself. With EIP-1559, they need to pay a “base fee”, which will be burned, and also a “tip”, which goes to the miner, to have the transaction accelerated. Essentially, the move aims to reduce transaction fees and optimize the Ethereum ecosystem, which has long been criticized for high costs and congestion.
The two problems are not only a headache for Ethereum but also a competitive focus for all major public chains. Various exchanges have entered the crypto world and offered their solutions, and public chains represented by the EVM-compatible chains have sprung up in endless succession.
Aiming high, CSC is pushing forward lower transaction fees
The one-month-old CoinEx Smart Chain (CSC) is also compatible with EVM. Developers can use mature development tools to easily migrate DApps to CSC, or gain access to its network. Backed by CoinEx Exchange, CSC has completed the cold start with a powerful user system. And one month after the mainnet went live, it has listed many well-known projects such as OneSwap, Math Wallet, and IFPool. OneSwap, in conjunction with CSC, also launched a stake mining event, in which 100,000 ONES were issued to users via mining and airdrops, increasing the TVL by 5.5 times.
Though built on the EVM, CSC combines PoS as the underlying consensus mechanism with PoA for block generation. It supports up to 101 validators and allows everyone to be a validator by staking without permission. Simply put, users can run for validators just by staking CET. The optimized consensus layer brings CSC an ultra-high efficiency and negligible transaction fees.
How to participate in CSC node staking?
Unlike the previous DEX chains, all the block reward in CSC goes to the income address set by the validator, and ordinary stakers will receive nothing. CSC has placed a cap on the total number of validators, that is, only the top 101 nodes by staking amount can become validators to mine blocks and enjoy rewards. In addition, CSC sets a minimum staking amount of 10,000 CET for each validator, which means a node will be disqualified from being a validator with the staking amount less than required. On CSC, every 200 blocks constitute a node election cycle where blocks are generated in a fixed order. As a result, the reward will be distributed to all validators according to their respective proportion of the staking contribution, instead of the one mining the block.
Users who want to participate in node staking can gain access through IFPool stake mining on CSC. Since IFPool’s landing on the chain, it has provided users with functions such as CSC Node Staking and IFT Staking, so that users can deposit tokens in the nodes through MetaMask without the tedious operation of command lines. On IFPool, users can stake tokens in any node, which generates real-time income that can be withdrawn at any time, and can also enjoy IFT mining rewards, dividends shared by the platform, and also a proof token of the staked assets in the future. All deposits and proceeds are made through smart contracts, ensuring transparency and precision.
An open ecosystem favored by developers
CSC adheres to the original intention of openness, transparency, and simple operation, and has been fully compatible with EVM since launch. It is also perfectly compatible with smart contracts on ETH, BSC, and HECO, making itself a developer-friendly, fast, and low-cost chain. As the first step of CoinEx Exchange to march into the public chain field, CSC will become the birthplace of innovative projects and potential businesses, relying on CoinEx’s trading ecosystem, as well as a perfect ecosystem for technology development and application promotion.
CoinEx will also fully complement CSC in terms of ecosystem resources, providing diverse innovation tracks and financial supports for potential developers around the world, lowering the costs while improving efficiency for on-chain application development.
As we can see, CSC is born for inclusive finance and supports promising projects.
A good development environment is a top priority for most developers, and CSC offers an ecosystem that facilitates both development and operation. It generates blocks in seconds and supports an ultra-high TPS. Moreover, it keeps the transaction fee at a level of less than 0.1 CET, greatly lowering the threshold for application implementation and growth and offering developers an efficient, low-cost on-chain development experience. In the future, CSC will embrace more diversified projects and present developers with a new pattern featuring openness and transparency.