CoinEx Chain Will Be Upgraded to A Smart Chain, Embracing DeFi
Since the boom in yield farming in mid-2020, DeFi has drawn an endless flow of capital and attention. Dapps in various fields such as lending, stablecoins, Swap, NFT, DEX, explorers, wallets, and derivatives have gradually improved, ushering in a new era of DeFi. As the infrastructure of the blockchain and encrypted market, the niche market of public chains and exchanges plays a vital role in this boom.
Up to now, Ethereum is still the core position of the DeFi ecosystem, but its low transaction speed and high transaction costs have hindered the further development of the DeFi ecosystem. The high-performance Ethereum 2.0 has yet to come, but the market effects and user needs generated by the rise of DeFi need to be met urgently. Therefore, the top trading platforms Binance and Huobi have successively launched their own smart chains, continuously impacting the dominance of Ethereum. At the same time, mainstream platforms represented by CoinEx are also active in the transformation.
On March 15, 2021, CoinEx officially announced that CoinEx Chain would be upgraded to the CoinEx Smart Chain (CSC) in June 2021.
From the public chain to the smart chain, a new competition on the exchange ecosystem is about to kick off
As early as in the end of 2018, exchanges started to compete in the public chain. Top platforms such as OKChain, Binance Chain, and Huobi Chain have successively unveiled plans for the public chain, followed by increasing mainstream platforms. The public chain has become part of the “standard configuration” for exchanges. At that time, the concept of DeFi already took shape in the market, but it failed to be a hit due to various factors such as technology and market awareness. However, many teams realized the impact of DEX on CEX and the potential value in the DeFi market.
The CoinEx Chain mainnet, which was launched in November 2019, was dedicated to building the next generation of blockchain financial infrastructure, a series of public chain projects that can support programmable cash. Among them is the Smart Chain that specifically supports smart contracts, which provides a platform for building complex financial applications and meets the current needs of the DeFi ecosystem development. It is thus clear that the upgrade of CoinEx Chain is not made on the spur of the moment.
Specifically, the DEX public chain strives to tackle such issues as poor security and opacity that are widely criticized among centralized exchanges. It aims to build a transparent, safe, and permission-less free financial platform, and provide an experience comparable to that of centralized exchanges; Smart public chain supports smart contracts specifically, providing a platform for building complex financial applications;
These are just enough to meet the current needs of the DeFi ecosystem development. It is thus clear that the upgrade of CoinEx Chain is not made on the spur of the moment.
What does the upgraded CoinEx Smart Chain (CSC) look like?
According to the official information, the CoinEx Smart Chain (CSC) still uses the POS consensus protocol, which keeps the block generation time at about 3 seconds. Without compromising the high throughput and negligible transaction fee of the original public chain, it boasts smart contract functions, and is perfectly compatible with the Ethereum Virtual Machine (EVM). That means the CoinEx Smart Chain (CSC) can support various tools and applications built on the Ethereum ecosystem, and developers can easily port Dapp on the Ethereum to the CoinEx Smart Chain (CSC). Moreover, users can also access the CoinEx Smart Chain (CSC) ecosystem through common tools such as MetaMask wallet, and fully enjoy various Dapps.
Compatible with the Ethereum ecosystem, the CoinEx Smart Chain (CSC) is very friendly to both developers and users. At the same time, it is standing on the shoulders of the ecological giant of Ethereum as it effectively enriches the content in the early stage of ecosystem construction, which is in line with the current general trend of interconnection in the public chain field.
In addition, CoinEx will also establish relevant funds to support the ecological development of the CoinEx Smart Chain (CSC). Having provided high-quality services as a centralized exchange in the market for many years, CoinEx has accumulated a huge user base and a good market reputation and boasts rich operating experience and a mature strategy system, a rare advantage for the CoinEx Smart Chain (CSC) and projects joining its ecosystem. CoinEx’s rich industrial chains, both upstream and downstream, will also continue to empower the ecosystem.
The CoinEx Smart Chain (CSC) is currently not online, and the CoinEx team did not disclose the detailed support content. However, referring to the development status of the Binance Smart Chain and the Huobi Ecological Chain, there is huge room for CoinEx to empower the CoinEx Smart Chain (CSC).
According to the official development plan, the CoinEx Smart Chain (CSC) testnet will be launched this May, and tools and products such as blockchain explorers will also be released for testing. If the test goes well, the mainnet will be officially launched in June.
It is worth mentioning that the original chain (Dex Chain) will stop service in July. Before the service suspension, users can deposit their wallet balance to CoinEx Exchange (coinex.com), and, after the official launch of the CoinEx Smart Chain (CSC) mainnet, withdraw it to the new public chain address. Since March 19, CoinEx has begun to upgrade the system parameters, canceling the reward and staking time of CET, so that users can transfer assets as soon as possible. After the original chain stops services, CoinEx will take a snapshot of the balance of the assets that have not been transferred in time. Users can bind the original chain address in the CoinEx account and claim the assets according to official announcements and guidelines.
There remains a lot to expect from the DeFi market, and the market structure is yet to take shape. Can the CoinEx Smart Chain (CSC) push the boom to a new high? Stay tuned for CoinEx’s response in June.