CSC | A MetaFi Hackathon is Now in Full Swing
The birth of decentralized finance (DeFi) rapidly and vastly expanded the influence of blockchain. As a blockchain scenario, DeFi introduced the financial framework of cryptocurrency to conventional finance and attracted a massive user base through yield farming, an innovative investment channel. This led to the DeFi summer of 2020. Although DeFi has lost its previous popularity, the Fi+ boom it spawned has not stopped. From decentralized finance to decentralized games, from decentralized social networking to MetaFi, the blockchain space has never stopped its fast transformation and innovation.
What is MetaFi?
MetaFi combines two concepts: metadata and decentralized finance (DeFi). At its core, MetaFi builds infrastructures that power the virtual economy, allowing it to run in parallel with the real economy. It aims to expand the scope of its use cases by speeding up the mass adoption of next-gen Internet, Web 3.0, and blockchain. Powered by Fi+ elements, MetaFi also features the two essential characteristics of DeFi protocols: unstoppability and composability (Lego currency).
Use cases of MetaFi
In light of its concept and features, MetaFi can provide DeFi infrastructures for different types of projects, including GameFi and SocialFi.
In the future, MetaFi will lead the transformation of fields that include virtual worlds, games, and NFTs, improve basic technologies, solve the problem of differentiation for NFTs, and enable more satisfying user experiences for crypto finance projects. Today, MetaFi remains in its infancy. Despite that, we can sense the vast possibilities that it could unleash in the medium to long term.
Where can developers build MetaFi applications?
Developer teams can choose to build projects on all kinds of public chains. For instance, new teams looking for support in terms of funds, traffic, and market resources can join “MetaFi the CoinEx Smart Chain Hackathon”, the second global hackathon hosted by CoinEx Smart Chain (CSC). Participants only need to build an application with social networking and metaverse elements on CSC to compete with other developers for the $100,000 prize.
CSC is a public chain developed by CoinEx, a long-standing crypto exchange. Relying on its innovative PoS consensus mechanism, the chain has built an efficient, EVM-compatible DeFi system that promises low fees. Right now, it only takes 0.01 CET (about $0.0005) to execute a transaction on CSC, which makes it an enabling environment for developers. During the past year since its inception, CSC has provided strong support for projects in terms of fundraising, token trading, media promotion, and community expansion through the Multi-Million Dollar Supportive Plan and a powerful network of blockchain resources. The chain has helped many emerging projects go through their infancy and attracted a large swath of promising developer teams to build applications on CSC.
Today, the CSC ecosystem has attracted top projects in multiple categories, spanning DEXs, wallets, cross-chain bridges, NFTs, DAOs, GameFi, etc. As the metaverse booms, CSC has also started to identify emerging projects in the field, and its hackathon this year also focuses on the metaverse. By hosting the race, the public chain will bring more outstanding MetaFi developers to CSC, which will help the chain foster more metaverse projects and speed up the MetaFi transformation in the blockchain space.
Right now, MetaFi The CoinEx Smart Chain Challenge is in full swing, and all developers are welcome to the hackathon: https://cscchallenge.devpost.com/
Duration: August 10 to October 12
Requirement: Build a DApp on CSC and at least complete its deployment on the testnet (https://testnet.coinex.net).