CoinEx Smart Chain (CSC), a blockchain developed by the CoinEx platform team and dedicated to decentralized application development.
How does CoinEx encourage developers to contribute to this blockchain evolution and what is the role of its CET token?
CoinEx Smart Chain, the new playground for DeFi?
Created by the CoinEx platform team, CoinEx Smart Chain is a public blockchain compatible with the Ethereum Virtual Machine (EVM). This blockchain gives developers an on-chain playground so they can build 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 particular ease, to take advantage of its scalability and low transaction fees, on the order of $0.005 as of the time of writing these lines. CoinEx Smart Chain works with a proof of stake mechanism.
Thus, CSC supports up to 101 validator nodes, which are selected according to the number of CET tokens they lock in the network. This CET token is the native token of the CoinEx Smart Chain that supplies the entire infrastructure.
The average time to generate a block on CoinEx Smart Chain is 3 seconds. Every 200 blocks and automatically, a mechanism attempts to form the next group of validators, by checking the number of CET tokens they have locked in the protocol.
Backed by the famous MetaMask wallet, CoinEx Smart Chain also has a dedicated wallet, ViaWallet. Recently, this blockchain has only hosted a few applications to date, the most prominent of which is OneSwap, a multi-chain automated marketplace builder with order books and other cool features for liquidity providers.
Blockchain is still so young, how does the CoinEx team plan to attract developers to the CoinEx Smart Chain?
CoinEx Smart Chain Seed fund
To enrich the CoinEx Smart Chain ecosystem with decentralized applications, the CoinEx team has created a multimillion-dollar seed fund to recruit developers.
Accordingly, CoinEx will subsidize developers who will contribute to strengthening the CoinEx Smart Chain infrastructure, depending on the situation of each project:
- $1,000 to $10,000 allocation: new projects designed by new developers;
- Allocation of 10,000 to 50,000 dollars: developers with some experience in creating dApps;
- $50,000 to $100,000 allocation: developers with solid experience building dApps.
In addition, CoinEx will ultimately select cutting-edge projects from among those who have benefited from its financial support and provide them with the appropriate means of promotion, the terms and conditions of which are as follows:
For a decentralized financial protocol, CoinEx is committed to providing liquidity and media support for the platform;
For services such as portfolio or development tools, CoinEx will provide product visibility across its various networks.
For the most successful projects, CoinEx will go one step further and offer to offer a priority list of possible CRC-20 tokens on the cryptocurrency exchange platform. Funds from ViaBTC Capital can also be requested to support this same application.
With the CoinEx Smart Chain still in its infancy, the possibilities for developers are endless. Some existing protocols on Ethereum or other blockchains can be replicated in CSC and those who do so will be rewarded instantly. This model is essential today to highlight the blockchain and ensure that it can intervene in front of the stage.
The role of CET, CSC’s native token
CoinEx Smart Chain is backed by its own token, CET, or CoinEx Token. Originally based on Ethereum and issued under the ERC-20 standard, CET is now completely excluded from the CoinEx Smart Chain, and this is since the chain’s mainnet deployment.
CET on CSC is operated in the same way as ETH on Ethereum, and its main functions are as follows:
- Network validators receive CET rewards for each block;
- CET is used to pay gas fees for transactions, and also for smart contract calls;
- These CoinEx tokens are also required to implement smart contracts in CSC;
- CET token holders can delegate their assets to validators, and generate interest passively.
In addition to its involvement in the CoinEx Smart Chain, CET also supports the CoinEx platform. Holding CET and using CoinEx allows you to reduce transaction fees and access various ecosystem products.
In addition, CET incorporates a deflation mechanism, making it possible to reduce the number of tokens in circulation over time. Indeed, CoinEx buys back CET tokens on the market with 50% of its profits coming from transaction fees. Then, every quarter, the platform burns all the tokens collected in this way.
To go further, find our reviews and tutorials on the CoinEx platform
Our thoughts on CoinEx Smart Chain
From a technical point of view, CoinEx Smart Chain resembles the blockchain of some of CoinEx’s competitors. This new ecosystem is still to be built and CoinEx generously 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 grant program is sure to help other apps top the list.
Today it is important to ensure its success and retention of its future users, CoinEx has developed a ViaWallet wallet to ensure the management of all CSC tokens. The latter is relatively easy to learn, and is an important ally of CSC.
As the entire ecosystem is powered by CET tokens, CET tokens play a vital role in ensuring the proper functioning of this infrastructure. Since the decentralized application joins the CoinEx Smart Chain, CET tokens will be profitable and will definitely win when used.