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CoinEx Smart Chain (CSC), a new playground for DeFi? The CoinEx Smart Chain seed fund The roles of the CET, the native token of the CSC Our opinion on the CoinEx Smart Chain
The CoinEx Smart Chain, a new playing field for DeFi?
Created by the teams of the CoinEx platform, the CoinEx Smart Chain is a public blockchain compatible with the Ethereum Virtual Machine (EVM). This blockchain provides developers with an on-chain playground so that they can create decentralized applications and issue tokens, under the CRC-20 standard.
Fully compatible with the Ethereum ecosystem, it is possible to migrate applications from this blockchain to the CoinEx Smart Chain with a certain ease, in order to take advantage of its scalability and low transaction fees, in the order of $ 0.005 to the time of writing these lines. The CoinEx Smart Chain works with the proof of stake mechanism.
Thus, the CSC supports up to 101 validator nodes, which are selected according to the number of CET tokens that they lock on the network. This CET token is the native token of the CoinEx Smart Chain supplying the entire infrastructure.
The average time to generate a block on the CoinEx Smart Chain is 3 seconds. Every 200 blocks and automatically, a mechanism seeks to constitute the next group of validators, by checking the number of CET tokens that they have locked in the protocol.
Supported by the famous MetaMask wallet, the CoinEx Smart Chain also has its own dedicated wallet, the ViaWallet. Very recent, this blockchain only hosts a few applications to date, the most notable being OneSwap, a multi-chain automated market maker with an order book and other cool features for liquidity providers.
Blockchain still very young, how do the CoinEx teams plan to attract developers to the CoinEx Smart Chain?
The CoinEx Smart Chain seed fund
In order to enrich the CoinEx Smart Chain ecosystem with decentralized applications, CoinEx teams have created a multi-million dollar seed fund to recruit developers.
Thus, CoinEx will subsidize developers who will contribute to strengthening the infrastructure of the CoinEx Smart Chain, depending on the situation of each project:
Allocation of $ 1,000 to $ 10,000: new projects designed by new developers; Allocation of 10,000 to 50,000 dollars: developers with some experience in creating dApps; Allocation of $ 50,000 to $ 100,000: developers with solid experience in creating dApps.
In addition, CoinEx will ultimately select cutting-edge projects from among those that have already benefited from its financial support and provide them with the appropriate promotional means, the terms and conditions are as follows:
For decentralized finance protocols, CoinEx is committed to providing liquidity and media support for the platforms; For services such as portfolios or development tools, CoinEx will offer product visibility on its various networks.
For the most successful projects, CoinEx will go even further and offers to offer a priority listing of a possible CRC-20 token on its cryptocurrency exchange platform. Funds from ViaBTC Capital could also be requested to support these same applications.
With the CoinEx Smart Chain still in its infancy, the possibilities for developers are numerous. Multiple protocols already on Ethereum or other blockchains can be replicated on the CSC and those who do will be rewarded directly rewarded. This model is essential today to highlight a blockchain and ensure that it can intervene on the front of the stage.
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The roles of the CET, the native token of the CSC
The CoinEx Smart Chain is powered by its own token, the CET, or CoinEx Token. Initially based on Ethereum and issued under the ERC-20 standard, the CET is now fully issued from the CoinEx Smart Chain, and this since the deployment of the chain’s mainnet.
CET on CSC is operated in the same way as ETH on Ethereum, and its main functions are as follows:
Network validators receive a CET reward for each block; The CET is used to pay gas fees for transactions, and also for smart contract calls; This CoinEx token is also necessary to deploy smart contracts on the CSC; CET token holders can delegate their assets to validators, and generate interest passively.
In addition to its involvement in the CoinEx Smart Chain, the CET also powers the CoinEx platform. Holding CET and using CoinEx allows you to reduce transaction fees and access various ecosystem products.
In addition, the CET incorporates a deflationary mechanism, making it possible to reduce the number of tokens in circulation over time. Indeed, CoinEx buys back CET tokens on the markets with 50% of its profits coming from transaction fees. Then, every quarter, the platform burns all the tokens accumulated in this way.
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Our opinion on the CoinEx Smart Chain
From a technical point of view, the CoinEx Smart Chain resembles the blockchains of some of the CoinEx competitors. This new ecosystem remains to be built and CoinEx graciously subsidizes developers who wish to contribute to it.
At the time of writing, OneSwap is one of the few apps built on the CoinEx Smart Chain, but the grants program should certainly help other apps come on top.
Today essential to ensure its success and the retention of its future users, CoinEx has developed the ViaWallet wallet to ensure the management of all CSC tokens. The latter is relatively easy to learn, and is a significant ally of the CSC.
As the entire ecosystem is powered by the CET token, the latter plays an important role in ensuring the proper functioning of this infrastructure. As decentralized applications join the CoinEx Smart Chain, the CET token should benefit and will certainly gain if used.
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About the author: Clément Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.