During the 2020 Technology Boom, CoinEx Chain Unveils Three Chains to Facilitate the DeFi Ecosystem

In 2019, DeFi has come into public view and quickly grown into a fad. Thanks to DeFi, traditional finance industry has taken on a brand new look. Some media commented, “Although 2019 is believed to be the first year of DeFi, DeFi, for the time being, is still in its infancy as the innovator and explorer of traditional finance. And the digital currency DCEP, an important, secure and credible stablecoin issued by the People’s Bank of China, believed to be this year’s most noticeable event, has made a significant difference to blockchain-based finance that is built on stablecoins and will probably drive the development of DeFi.” In reality, however, all the stablecoins, loan products and DEX, the three major driving forces of DeFi, are far from fully developed. Whether it’s the stablecoins represented by DCEP issued by the Chinese central bank and Libra initiated by Facebook, or loan products such as MarkerDAO, or even the DEX that creates a new filed of digital assets, they are all in infancy. There is still a long way to go for DeFi, leaving great space for it to shine in the coming year.

DEX, as an integral part of the DeFi ecosystem, boasts more considerable space for imagination and operation, and has already become a new battlefield for global blockchain enterprises. In 2019, well-known digital asset service providers such as Binance, Huobi, OKex, Bifinex, and CoinEx announced their entry into the DEX field. In the white-hot competition, CoinEx Chain preemptively launched the world’s first DEX dedicated public chain based on the Tendermint consensus protocol and the Cosmos SDK on November 11 this year.

Different from other public chains such as Ethereum, CoinEx Chain’s public chain dedicated for DEX only focuses on a specific application scenario in the DeFi ecosystem. It adopts three public chains: Smart chain, DEX chain and Privacy chain, three of which parallel each other to tackle the impossible triangle of blockchain.

With regard to the most troublesome efficiency issue of the public chain, the CoinEx Chain development team enables high TPS and confirmation in seconds through the underlying Tendermint consensus, a further move to enhance DEX efficiency. CoinEx Chain’s full development, if possible, will play a positive part in the development of DeFi.

So how is CoinEx Chain going currently?

On December 17, the Blockchain Technology Seminar under the theme of “Empower Society & Change Life” hosted by BHP public chain was kicked off in Shenzhen. Hongmin, the core developer of CoinEx Chain, was invited to this seminar and delivered a speech. He shared the vision and development roadmap of CoinEx Chain at the event.

In his speech, Hong Min mentioned that CoinEx DEX was the first DeFi application of CoinEx Chain. CoinEx DEX adopts three public chains: Smart chain, DEX chain and Privacy chain, three of which parallel, connect and thus functionally supplement each other through relayed cross-chain communication solutions, to create a dedicated ecosystem for the DEX public chain. The Smart chain and Privacy chain to be launched in next two years will bring more application scenarios to DeFi while accelerating the development of DeFi with the commitment to decentralization. CoinEx Chain has also synchronized its open source plan, and the wallets and explorers are expected to go open source next February. Most importantly the source code of the DEX Mainnet will probably be released next year.

Over the past year, blockchain technology has ushered in an upsurge as it was included in the China’s development strategy; in response, internet giants have set foot in this industry in succession and the blockchain technology is put into application everywhere, all of which have laid a solid foundation for its development.

If DeFi is a blockchain-based innovation of traditional finance, what about the combination of blockchain technology with other industries?

For both the blockchain industry and CoinEx Chain, 2020 will be a year full of expectations.