DeFi Unicorn: How CoinEx Smart Chain (CSC) Makes Breakthroughs
DeFi, as it is known in the cryptocurrency community, emerged in the summer of 2020. The red-hot DeFi economy sparked a new round of bull market. That has made DeFi yield farming a market hit and replaced physical mining rigs with DeFi mining (yield farming). As money continues to flood in and the game extends its playfield, many excellent yield farming projects are already in full swing.
And CSC is among the big hits.
CSC: A Unicorn That Never Stops Growing
CSC was designed to create a closed-loop value chain without too much focus on decentralization, but on the effective and moderate decentralization that facilitates application scenarios of yield farming in the DeFi ecosystem. Given that, CSC adopts the PoS and PoA as its underlying consensus mechanism.
The PoS consensus protocol empowers CSC with a token economy while the PoA consensus mechanism determines the structure of its upper main chain. The combination of the two underpins value innovation on the blockchain, speeds up interactions in the ecosystem, increases the TPS capacity, and largely improves the block generation rate while being more eco-friendly.
In addition, CSC is incubated by the CoinEx ecosystem. As a well-established exchange public chain, CoinEx empowers CSC with abundant resources, like its huge user base and technical team, to secure CSC a jump start and technical support.
It is fair to say that in terms of both background and vision, CSC was born with a silver spoon in its mouth as it enjoys the inherent advantages of a unicorn.
After the R&D of the CoinEx public chain team, CSC completed its DEMO at the end of April 2021, and the CSC testnet faucet was launched at the same time. The team unveiled the CSC white paper and API in early May 2021. At the end of June, the CSC mainet ecosystem was launched and its liquidity pools were opened. Since the end of June 2021, CSC has released the integrated operation interface for DeFi yield farming events, supporting multiple stablecoins and its native token CET.
According to the announced ecosystem construction plan, CSC will support cross-chain migration from ETH, EOS, BST, and DOT in a way that enhances the overall liquidity of the DeFi industry.
The CSC ecosystem comes as a response to problems facing the Ethereum ecosystem. Having made a breakthrough in scaling and processing, CSC is equipped with a million-level TPS capacity and a high level of scalability to support a variety of business scenarios to be deployed in the ecosystem. In this regard, CSC is a more promising ecosystem than Ethereum.
When it comes to ecosystem construction, CSC has launched OneSwap, a DeFi project, to benchmark against Ethereum’s UniSwap. The two decentralized exchanges both apply the AMM model. However, with the compatibility of the CSC ecosystem, OneSwap introduces an order book model based on AMM. That’s to say, users can make both market orders and limit order transactions. Such freedom greatly facilitates users to capture value. Besides, OneSwap, which is based on permission-free token listing and AMM, further connects with its users through the built-in OneSwap Wallet and supports users to deploy any smart contract at the same time. With the full support of the CSC ecosystem, OneSwap boasts some customized features that UniSwap doesn’t have.
Furthermore, most of the DEX products have deficiencies in user experience. For example, users in PancakeSwap can only see smart mining and project yields, and third-party tools are required for analyzing market depth and trends. Without multi-dimensional auxiliary tools like the candlestick chart, depth chart, and order quantity, most users cannot make well-informed decisions. At this point, OneSwap offers services like the candlestick chart, depth chart, and delegation orders. Charts of OneSwap are no different from those of centralized exchanges and can present market information of various tokens including the price trend, volume, and depth, helping users make better transaction plans.
The iteration of transaction visuals and needs in OneSwap is a great innovation underpinned by CSC. OneSwap will carry the expectations of the CSC ecosystem and elbow its way out of the DEX segment with its innovative merits.
The CSC ecosystem, benchmarked against Ethereum, has greatly improved in throughput performance and compatibility of the underlying layer; OneSwap, which rivals UniSwap, has done a better job in value capture and user experience. Perhaps, the direction for ecosystem construction that CSC has shed light on is exactly where the public chains urgently need to make a breakthrough.
The combination of the CSC ecosystem and OneSwap has won the recognition and attention of a large number of users. A new yield farming event was launched at 0 o’clock (UTC) on July 21 with an initial staking amount of $941,293.05. Since then, many users have noticed CSC, bringing a 28-fold increase in the TVL as of today. During the event, many users have become part of the OneSwap ecosystem through CSC.
The cooperation between the CSC ecosystem and OneSwap forms a synergy effect. Following this exciting case, more excellent developers and users will find CSC appealing and join the CoinEx team to build the CSC ecosystem together.
The strong CSC ecosystem endows CET with high liquidity, and its high value and liquidity both catalyze the development of OneSwap’s pool. That’s how the two create a synergy effect and bring miners remarkable profits.
Strongly driven by CSC, OneSwap has rolled out a 10-day mining event on July 21, securing a considerable ROI for all yield farmers. All three trading pairs have recorded significant annual yields within only 5 days upon its launch. The annual yield of ONES/USDT has even soared to over 200%, receiving applauds from users in the event. As the event continues, we expect more brilliant figures.
The key to the success of a crypto project usually lies in its yields. Thanks to the collaboration of CSC and OneSwap that brings both profits and popularity, users can easily participate in yield farming with low costs and make a big fortune.
With the CSC ecosystem layout and the mighty CoinEx technical team, the yield farming boom on CSC and OneSwap may last for a long time, which will be further fostered by the thriving OneSwap. The funds from the CSC ecosystem and the growth of OneSwap will provide an inexhaustible source of profits for their users.
The dazzling performance of the partnership between CSC and OneSwap has, to some extent, accelerated the development of the yield farming industry. The ongoing mining event will attract more miners to take a share of the benefits created by the two technology giants.
CSC aims to provide a decentralized one-stop ecosystem infrastructure, and further enhance the ecosystem construction through versatile innovations, in the long run, bringing exciting changes to the entire industry. The mining event launched by CSC together with OneSwap has sparked a lot of excitement in the market. The high annual yields and significant rewards have pushed CSC yield farming to the spotlight in the industry.
We have every reason to believe that the CoinEx team will work harder to consolidate its technical strength to reform the industry while securing its users' huge profits, and build CSC into a super ecosystem!