[AMA Review] Cocos-BCX DeFi Ecosystem-First show of online projects
At 8 p.m. on September 22nd,2020,(UTC+8) the first DeFi+NFT decentralized AMM token exchange protocol CROSWAP, invested by Cocos-BCX Ecosystem, was officially launched. In the same period, two pledged mining projects Cocos Financial Share and 36K were also launched.In order to answer the questions of community users at close range, we took advantage of the hot strike and conducted a community AMA! At 20:00–21:00 on September 23rd, 2020(UTC+8) Cocos-BCX global community contributor Alvin, Cocos-BCX global technology contributor Reed, DAPPX CEO Ralph Cai, CFS project leader Handsome, 36K project leader TZ and. IMCOCOS has accepted everyone’s “soul questioning”!
In order to facilitate everyone to review the wonderful content, the sharing record is organized as follows:
Host：Hello ,everyone! I am Alvin.
At 8 p.m. last night (September 22nd,2020 UTC+8), the first DeFi+NFT decentralized AMM token exchange protocol CROSWAP, invested by Cocos-BCX Ecosystem, was officially launched. In the same period, two pledged mining projects Cocos Financial Share and 36K were also launched.
In order to answer the questions of community users at close range, we have come to the community AMA again while the iron is hot! Tonight, everyone can enjoy “soul questioning” the newly launched Cocos-BCX DeFi ecological project.
The guests we invited this time include: In addition to me, there are Cocos-BCX global technical contributor Reed, DAPPX CEO Ralph Cai, CFS project leader Handsome, 36K project leader TZ and IMCOCOS！
Let’s quickly participate in the topic. First, DAPPX CEO Ralph Cai will introduce CROSWAP on behalf of CROSWAP, especially the LP NFT decomposition synthesis mode pioneered by CROSWAP. This is a huge innovation!
DAPPX CEO Ralph Cai：CROSWAP is the first AMM token exchange platform of the Cocos-BCX public chain, and has received investment and technical support from the public chain ecological foundation. CROSWAP has successfully taken the most important step, and will continue to update major functions such as NFT transactions in the future, and provide the safest and most professional core services for all assets exchange of the Cocos-BCX public chain, including the exchange of FT and NFT assets.
In the entire technical solution process of CROSWAP, as a technology provider, we proposed the first liquidity certificate NFT solution in the whole chain. The liquidity certificate (LP) originated from the UNISWAP platform of the ETH public chain and is also the originator of SWAP. LP symbolizes the user’s right to inject liquidity into the trading pair, and the user can reap the corresponding exchange fee income when redeeming the liquidity. On the other hand, CROSWAP innovatively uses NFTs to record the rights and interests of users injecting liquidity, and at the same time supports the synthesis and splitting of liquid NFTs. When users reinject liquidity, they can choose to automatically merge the same transaction to liquidity NFTs, and users can redeem them. You can also redeem part of the liquidity according to your needs, and the flexibility and convenience are very good. Currently, CFS and 36K both use CROSWAP LP credentials for mining, and they are working well.
However, the core value of liquid NFT lies not only in the value of its technical solutions, but also in its opening of the Pandora’s Box of DeFi+NFT! In the past week, news about NFT projects has been spreading, and matcha has also launched a special NFT project sample area, heralding a new era of NFT projects. CROSWAP is the most typical project that undertook DeFi’s NFT launch.
Using NFT as a medium can carry both value and data. The basic data area and dynamic data area in NFT can record user data in various dimensions including funds, time, operation, etc., so as to realize wandering in various DeFi systems. For example, GameFi (game finance) can be realized through NFT, and game assets can be integrated or even transferred to various financial gameplays to create greater and more value. For another example, NFT is transferred to various DeFi systems, reusing asset values, and obtaining benefits from each system at the same time. In the future, every DeFi system, no matter what assets are deposited, should produce NFT as vouchers, such as pledge vouchers, usage vouchers, receivables vouchers, etc., so that it is more in line with the spirit of decentralization, and also allows the entire blockchain world moreinteresting.
In the near future, CROSWAP will design a DAO governance plan, and it is very likely to issue platform governance tokens, so stay tuned.
Host：Thanks for Ralph’s wonderful sharing！It can be said that the Cocos-BCX DeFi ecosystem has officially fired its first shot, but this is only the beginning of us! Hope to open the DeFi+NFT channel for users and developers through the SWAP platform. At the same time, I hope that with the contributions of more and more community contributors, the Cocos-BCX ecosystem can develop more comprehensively!
Below, we continue to ask Handsome to give a brief introduction to Cocos Financial Share.
CFS Project Leader Handsome：Hello everyone, and host! I am the early eco-partner of COCOS and the founder of boom.game. My previous work has encrypted tanks. I have been an EOS developer before and have issued many EOS DApps. DeFi is very popular recently, and I believe many players are free. As the ecological builders and angels of Cocos-BCX, I naturally hope that there will be a phenomenal DeFi project on Cocos-BCX.
So I started preparing for the DeFi development CFS project in July. CFS is committed to creating an open, safe and easy-to-use financial system on the Cocos-BCX chain. As we all know, Cocos is currently the world’s number one h5 game engine, and it is relatively advanced in the field of end games, producing a large number of high-quality games. I believe that in the near future, we can see the chain travel of these high-quality games, and the tokens and NFTs of these games need a trading platform to carry them. The economic model of the game also needs to get a better cycle through a financial system.
CFS is aimed at the needs of this field, hoping to become the leader of the DeFi project in Cocos-BCX. CFS has relatively complete functions, including SWAP transaction function, bancor transaction function, transaction mining, pledge mining, pledge LP mining, stable currency and other functions. However, when preparing to release in mid-September, I met my friend Eco-builders and angels Big Mantis Shrimp released a similar product. After having a happy noodle base with Big Manis Shrimp’s Mr. Cai, we decided to stagger the function release. I only released pledge mining, while Big Mantis Shrimp released swap. LP certificate to achieve win-win cooperation.
What is about to be launched in the near future is the commission repurchase and destruction function. This is also the innovation of CFS which is different from other mining projects. CFS pioneered the leveraged mining function. By paying a part of the commission, it can increase its mining proportion. These fees will be repurchased and destroyed on swap according to an algorithm to keep CFS continuously deflationary and appreciation.
In the future, we will release the prepared functions one by one in batches, in order of bancor transaction, transaction mining, pledge of CFS dividends, and finally transaction in SWAP to avoid conflicts with CROSWAP.
In addition, since the MainNet has recently upgraded the NFT function and the gameplay has changed more, our team will continue to develop some chain games to enrich the ecology of Cocos-BCX. The ecology of Cocos-BCX only depends on a few DeFi’s projects is not going to be working out. Games are the foundation for Cocos-BCX to settle down. It is still necessary to rely on high-quality games to make Cocos-BCX develop better.
Within 16 hours of launching, COCOS participating in CFS pledge mining exceeded 1.5 billion, an increase of 681%! It seems that everyone’s recognition of CFS is pretty good! In fact, the CFS team has been supporting the construction of the Cocos-BCX ecosystem from the Cocos-BCX testnet to the mainnet. Thank them here too! Hope that there will be more and more high-quality projects in the Cocos-BCX DeFi ecosystem, and welcome everyone to introduce and recommend!
Host：Within 16 hours of launching, COCOS participating in CFS pledge mining exceeded 1.5 billion, an increase of 681%! It seems that everyone’s recognition of CFS is pretty good! In fact, the CFS team has been supporting the construction of the Cocos-BCX ecosystem from the Cocos-BCX testnet to the mainnet. Thank them here too! Hope that there will be more and more high-quality projects in the Cocos-BCX DeFi ecosystem, and welcome everyone to introduce and recommend!
Next, we will have TZ to introduce the 36K project!
TZ：Hello everyone, host, and teachers! I am a newcomer on Cocos-BCX. I used to be mainly Ethereum miners. When this wave of DeFi was launched on Ethereum, our team also paid attention to it early and began to study some related products and gameplay of DeFi. However, in Ethereum, we feel that the mining fee is too high (although we have more income), which is not conducive to user participation, and it does not match the original starting point of DeFi inclusive finance, so we are looking for new public chain opportunities. At the end of last year, I bought some COCOS for the big Pippi shrimp dishes, which also made me feel the vitality of the Cocos-BCX ecosystem, so our team chose to develop the 36K DeFi application on Cocos-BCX.
All the friends who saw 36K domestic Internet circles thought of 36Kr for the first time. In fact, we also hope to become 36K in the blockchain and an excellent platform for the primary market of blockchain assets. So we developed the one-click currency issuance function at the beginning of the launch, mainly to allow users to quickly and efficiently obtain the ability to issue digital assets on Cocos-BCX. At the same time, it also reflects our positioning and business model.
In October, we plan to launch pricing auctions, bee auctions, and ordinary auctions. I will briefly introduce them here:
Pricing auction: It means that users let other users auction their assets in the contract at a fixed price. The asset type can be FT or NFT. This is used for standard products, such as FT, game props, etc.
Bee auction: The user can let other users bid on the assets issued in the contract within a specified time, including the unit price and the total amount; finally, the participants will be obtained in the order of the highest unit price among the participants, and only when sold out. This type of auction is suitable for both standard and non-standard products.
Ordinary auction: the higher the price, the non-standard products, such as art NFT, etc.
We hope that we can continuously enrich the issuance of digital assets so that users can build their own digital assets.
Host：Thank you TZ for introducing 36K. During this period, I saw that IMCOCOS has different levels of experience with COCOS DeFi ecosystem products and code levels. Let’s listen to his views.
IMCOCOS ：Hello, new and old friends in the community! I am your old friend IMCOCOS and the old eco-partner of COCOS.
The launch of CROSWAP and COCOS mining projects CFS and 36K brought the popularity of COCOS DeFi to a peak. You can see it from IMCOCOS’s COCOS Rich List (http://rich.imcocos.com).
From the opening of Binance Hot Wallet yesterday to today, a total of 1.1 billion COCOS has been proposed to users’ wallets. CFS has locked a total of 2.1 billion COCOS and 36K has locked a total of 82 million COCOS.
In terms of contract code quality, I read the mortgagemining36k, COSWAP, and CROSWAP contracts respectively, and found that the COSWAP contract quoted some CROSWAP contract writing and tool contracts, which should have been exchanged between the author of boom.game and Mr. Cai. In general, the contract of the COSWAP mining project has better gas consumption control, and the contract code of the 36K mining project does have areas to be optimized.
In terms of contract calls, the number of people participating in CFS mining is more than 36k (maybe it is also an opportunity to go to 36K to mine, not to mention that the fewer people participating, the greater the chance of making money), and the people participating in CFS mining. Similar to the people involved in CROSWAP. The CFS mining project has reached a total of more than 3000 contract calls within 24 hours.
In general, DeFi is a great opportunity for COCOS, and I hope everyone in the community can gain something from COCOS. My speech ends the host.
Host ：The above four have all made wonderful introductions to products and projects, then enter the next link, the community soul questioning! Before the start of the activity, we collected and selected some representative questions in the community. Let’s ask the relevant person in charge to accept the soul questioning!
Reed, what are the considerations for the Cocos-BCX Foundation to invest in and incubate the CROSWAP project?
Reed：As the three cornerstones of DeFi, DEX is an indispensable part. Any public chain that wants to build a DeFi ecosystem requires DEX products.
Cocos-BCX has always hoped to build an ecosystem with more small partners, so when Caitou always talked to me and wanted to make a DEX product on Cocos-BCX, I was overjoyed.
Mr. Cai has always been a very important partner of our Cocos-BCX ecosystem. He has developed everything from wallet to DApp, and the two parties have always had a good interaction. And they want to introduce the NFT gameplay into DEX, which is extremely innovative.
With such a good team and such a good project, the Foundation has no reason not to participate in it. Therefore, the intention to incubate through investment is soon adopted internally.
The results also proved that our initial investment incubation decision was very correct. They have made very innovative and well-experienced products, giving Cocos-BCX a solid foundation for the DeFi ecosystem.
Host：Now as the late stage of DeFi, what are the highlights and advantages of CFS that can make it stand out from the current DeFi boom?
Handsome ：The biggest feature of CFS is that it pioneered the leveraged mining mechanism. Now many DeFi projects are short-lived and finally collapsed because his tokens have almost no cost, and the leverage model that increases the proportion of mining by paying a certain fee, small households have no gold. Hoes, you can rent a golden hoe to earn the same income as a large household, and a large household is equivalent to having a golden hoe, you can lie down. And the commission will be used to pull up the SWAP, and in conjunction with CFS’s weekly production reduction mechanism of 10%, I believe that the deflationary CFS can continue to appreciate.
Moreover, there are a large number of game players on COCOS, targeting CFS in the game finance field. After improving more functional sections, and cooperating with the high-quality chain game asset transactions on COCOS, I believe it can continue to develop in the long term.
The above four have all made wonderful introductions to products and projects, then enter the next link, the community soul questioning! Before the start of the activity, we collected and selected some representative questions in the community. Let’s ask the relevant person in charge to accept the soul questioning!
Host：Reed, what are the considerations for the Cocos-BCX Foundation to invest in and incubate the CROSWAP project?
Currently on the Cocos-BCX MainNet, there are very few homogenized and non-homogeneous assets in use. Are there any considerations for introducing fixed assets such as USDT or WBTC, otherwise the types of assets that DeFi can pledge are too few? Worrying is hard to be attractive.
Reed：The prosperity of Ethereum’s ecological DeFi is inseparable from the various high-quality assets that Ethereum has accumulated over the years. Cocos-BCX has two ideas for introducing anchor coins:
First: Cocos-BCX’s built-in anchor currency mechanism is generated by pledged COCOS, similar to the mechanism of MakerDAO.
Second: Cross-chain acceptance of Tokens from other chains. Method 1, is indeed more convenient, but because the current market value of the entire Cocos-BCX is not large, the risk is higher. So, we are preparing. Method 2, can accept high-quality assets on other chains, and enjoy Cocos-BCX’s silky, low-cost trading experience.
Ralph Cai: At present, the performance of the Cocos-BCX public chain is excellent, with low transaction costs and simple contract development. It is very suitable for developing various DeFi and chain games. The most important thing is how to increase the total amount of assets and users on Cocos-BCX. The cross-chain asset gateway is the most effective solution for this purpose. Through the gateway, the assets of the ETH public chain can be mapped to the Cocos-BCX public chain 1:1. Users do not need to worry about the possible losses caused by the fluctuation of the currency price, and can directly use the ETH assets to experience various kinds of on Cocos-BCX. Interesting DeFi and games. Moreover, the Cocos-BCX NHAS-1808 standard itself is also cross-chain. We are talking about FT assets and NFT assets, both can achieve cross-chain. Through gateways, more and more public chains are connected, and the total assets carried by Cocos-BCX will be the assets of the entire blockchain world. Still the same sentence, the projects on Cocos-BCX are far from enough. I hope you will actively initiate projects.
TZ:Cocos-BCX is used to support USDT, WBTC and other anchored assets is very suitable, because Cocos-BCX is very fast, the handling fee is also very low, and chain games also have hard demand for assets. On other chains, these. Assets can only be said to be temporary footholds, and on Cocos-BCX, these assets can be truly circulated.
As a developer, the more assets of the public chain and the richer types, I am definitely happy. This means that users, popularity, and assets will be brought to life.
Host：Thank you for your participation in COCOS DeFi and all kinds of suggestions. Thank you for the various essential ideas brought by several guests tonight. So this is the end of the third phase of the COCOS Eco Matchmaking DeFi topic. Welcome everyone to communicate at any time. If you are interested in the DeFi topic, welcome to join our telegram (https://t.me/cocosbcxen)
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