An Introduction to the Ecosystem of CoinEx Smart Chain (CSC), a Rising Public Chain
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Aiming to build an efficient and decentralized financial ecosystem, CoinEx Smart Chain (CSC) is a PoS-based public chain compatible with EVM (Ethereum Virtual Machine) launched by CoinEx. CSC provides developers with a friendly, efficient public chain environment. From super-high throughput to ultra-low fees, the public chain helps developers quickly develop and migrate DApps.
Soon after its mainnet went live in June 2021, CSC launched the Multi-Million Dollar Supportive Plan. When it hosted Global Hackathon Grants last September, the public chain kicked off Five-Million USD Special Funding Support for Metaverse Ecology. The two supportive programs have provided financial, technical and marketing support for the initial development of early CSC projects and attracted over 300 applicants. On June 20, CSC will launch Global Hackathon Grants Phase II. During the event, developers can build solutions on CSC focusing on such categories as the metaverse, GameFi, and SocialFi. Meanwhile, they may also receive instructions and advice from blockchain big shots in terms of technology, operation, and products.
Development of the CSC ecosystem
The CSC ecosystem remains in its infancy, and only a few projects are migrated from other chains. In addition to the native projects, DEX projects are growing fast on CSC, and projects in fields like gaming and lending are getting deployed on CSC. Compared with the ambitious expansion of other emerging public chains that were also launched last year, CSC is making steady efforts. As it improves its underlying technologies and consolidates its security and stability, the public chain aims to identify dark horses among the many projects that are flocking to the market. Instead of blindly chasing after trending topics, CSC sticks to its own positioning and strives for a more enabling ecosystem for developers and users.
To get a clearer picture of CSC, let’s dive into some of the CSC-powered projects.
► OneSwap
OneSwap is a decentralized exchange deployed on CSC that features automated market making (AMM) and integrates trading, prediction, and liquidity mining. Based on the DEX features of permissionless listing and automated market making, OneSwap introduces limit orders and improves the ways users interact with the exchange through the built-in OneSwap Wallet, providing one-stop trading experiences.
Recently, OneSwap has introduced a new feature called “Prediction”, and users can win rewards by predicting the rise and fall of the BTC/USDT market in the next 10 minutes, which has started a Predict-to-Earn boom.
► IFPool
IFPool is the No.1 application in the CSC ecosystem in terms of TVL. It is an open-source staking protocol that allows users to engage in staking via CSC validators. Compared with direct staking via CSC validators, IFPool-enabled staking is easier, more convenient, and less restrictive. Users stake their CET through IFPool to get CSE and IFT rewards, and IFPool identifies CSC validators with greater returns through smart strategies and engages in staking via these validators to earn higher yields.
By staking CET on IFPool, users can obtain iCET tokens and unlock the liquidity of staked assets. For example, iCET can be used for swapping and lending.
► ViaWallet
ViaWallet, launched in May 2019, strives to create a multi-crypto asset management application that supports a versatile selection of functions, such as multi-wallet management, staking, DApp browser, convenient conversions, and transaction acceleration.
ViaWallet now supports 47 coins that include BTC, ETH, TRX, CET, AVAX, and LUNA, 1 million+ tokens, as well as the transfer, receipt, and storage of NFTs.
► Omega Club
Omega Club is a Play-to-Earn soccer game with a style similar to snooker. The game features 18 levels, and the goal is to move the ball into the goal of the opponent as much as possible. Players will be rewarded with Omega tokens based on their performance. The game also taps into NFTs. There are 20 kinds of player cards (NFTs), each of which comes with varying attributes and abilities, and users can purchase player cards to acquire better skills.
Conclusion
As the underlying infrastructure of the blockchain world, public chains are designed to meet the demand for fast growth of the industry. Meanwhile, emerging public chains have also created segments of blockchain value outside the realm of Ethereum. CSC remains in its infancy, and most of the top CSC-powered projects in terms of TVL focus on DeFi. That said, the public chain is also slowly exploring more fields and building a public chain ecosystem that combines finance, NFT, and gaming to carry more decentralized Web3 applications and serve more developers and users.
CoinEx, a global crypto exchange behind CSC, is committed to the vision of “making crypto trading easier” and works to build a bridge connecting users with the blockchain world. With multiple business arms, including a public chain, a crypto wallet, a charity organization, and an investment branch, the exchange provides services for users across more than 200 countries and regions. With such a huge user base as strong support for the ecosystem, CSC is likely to capture the trends and flourish.
