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In DeFi field,Cocos-BCX’s ace is the NFT standard and its cross-chain asset gateway

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On the evening of September 19th,2020, the Chinese WeChat community of Cocos-BCX launched the “CROSWAP of Cocos-BCX DeFi Ecosystem”, which ended successfully in the sharing of the three guests hosted by Alvin. Here, thank you again CROSWAP Project leader Taizhou Luo,TokenPocket Co-founder and CTO Da Chen and DAPPX CEO Ralph Cai, under the “soul questioning” of the community, finally brought everyone an exciting view sharing on DeFi.

The following is a record of the whole content sharing, welcome everyone to have a review:

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Cocos-BCX global community contributor Alvin

Hello everyone! I’m Alvin and I will serve as the host of this event tonight. First of all, we asked Taizhou Luo,the one in charge of the CROSWAP project to give a brief introduction to the CROSWAP project.

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CROSWAP Project leader Taizhou Luo

CROSWAP is the first AMM decentralized token exchange platform on Cocos-BCX and the first DeFi application on Cocos-BCX. We hope that CROSWAP can become the DeFi basic suite on Cocos-BCX, providing users with a more convenient transaction method, and users who provide liquidity for the SWAP platform can share the market-making benefits, and at the same time provide internal developers in the ecosystem.Valuable NFTs are available for development and utilization.In general, our positioning is to open the DeFi+NFT channel for users and developers through the SWAP platform.Now our CROSWAP is in the public beta phase of the testnet. Users and developers are welcome to participate in our test and provide more comments.We will officially launch on September 22nd, next Tuesday.

At the same time, in order to make the assets on Cocos-BCX more diversified, our team is also working to establish the Cocos-BCX cross-chain gateway product. The details of this product will be introduced by the head of DAPPX, the technology provider of CROSWAP. Through the cross-chain gateway, we will be able to cross-chain Bitcoin, Ethereum and ERC20 assets to Cocos-BCX, which greatly enriches the types of assets on Cocos-BCX and can quickly increase the total value of assets on the Cocos-BCX chain.

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Cocos-BCX global community contributor Alvin

It sounds hardcore, so let’s start to questioning. I have collected some soul questionings from the community these days.May I ask Mr. Luo, project leader of the CROSWAP , what is the relationship between CROWAP and Cocos-BCX?

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CROSWAP Project leader Taizhou Luo

First of all, we do appreciate the Cocos-BCX public chain for its recognition and support for us, and for giving us a lot of help during the development of CROSWAP, including financial and technical. We are also honored to receive the investment in the Cocos-BCX public chain ecosystem.

Cocos-BCX, as an excellent public chain with excellent technology and a huge community, has made efforts in the DeFi field this time and launched the leading concept of DeFi+NFT. It is believed that it will stand out among many public chains and become the number one player in the DeFi field.

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Cocos-BCX global community contributor Alvin

On Tuesday, CROSWAP officially launched the internal test. I believe that friends who participated in the internal test have already experienced the product features and advantages. CROSWAP is invested and technically supported by the Cocos-BCX Foundation, which is also Cocos-BCX’s strong support for the DeFi ecosystem. CROWAP products will be operated and managed by its development team. Everyone can communicate and learn from CROSWAP, give full play to their respective advantages, and participate in the construction of the Cocos-BCX ecosystem, and they will get good returns accordingly.

I have experienced it myself, and it does work out successfully.I look forward to the release of high-quality DeFi projects on CROSWAP in the future.

Let us continue our questions. As DAPPX CEO Ralph Cai,being an in-depth participant of the Cocos-BCX ecosystem, can you specifically introduce the unique advantages and features of the Cocos-BCX public chain?

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DAPPX CEO Ralph Cai

The origin of the cooperation between our DAPPX blockchain application platform and Cocos-BCX comes from the strong appeal of Cocos-BCX in the game industry. If the traditional game industry begins to enter the blockchain field, then the preferred public chain will not be ETH, EOS or TRON, but Cocos-BCX. And this public chain was indeed born to serve the game industry. Whether it is the contract development language that chooses the most used LUA in the game industry, or the completeness of JSSDK’s functional integration, or even the built-in Terminal, developers can complete all possible operations without deployment. The Cocos-BCX public chain can be said to have the lowest development threshold and the most developer-friendly among all the public chains I have seen.

And in the current DeFi field, what is the ace of Cocos-BCX? It is its powerful NFT standard and its own cross-chain asset gateway.

The BCX-NHAS-1808 standard supports multiple expandable custom data areas, which truly realizes the NFT assets across multiple contracts and multiple fields and guarantees the read sharing and write isolation of their respective data areas. In other words, NFT assets can truly realize cross-platform and multi-platform data sharing. This ability has been well used in CROSWAP contracts. There are NFTs used to represent liquidity certificates and NFTs used to record transaction pair information. Friends who are interested can read the CROSWAP contract code.

The cross-chain asset gateway is a mature solution that has been widely used during COCOS mainnet mapping. Assets can achieve lossless 1:1 two-way mapping between the Cocos-BCX public chain and the ETH public chain. The cross-chain asset gateway is like a highway, connecting the original public chain islands, allowing assets and people to shuttle between different public chains at will. This will be one of the most important infrastructures of major public chains. We will carry out productization based on the gateway. In the near future, you may be able to see various trading pairs of COCOS and ETH on CROSWAP.

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Cocos-BCX global community contributor Alvin

Thanks to Mr. Cai for his wonderful answer!

We also invited Da Chen, the Co-founder and CTO of TokenPocket today. TP is an excellent wallet representative in the industry.In this DeFi boom, users can quickly participate in various SWAP platforms through TP wallet, which is very powerful!

So,Mr. Chen, how will,as the wallet party, continue to help and participate deeply in DeFi, and what will he do?

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TokenPocket Co-founder Da Chen

Before the advent of DeFi, the wallet’s support for DApps was generally limited to the display of the entrance. Users only clicked on a DAPP icon to participate in this DApp.

Because the wallet itself has strong financial attributes, when the DeFi boom came, we started to integrate some phenomenal DeFi products.

In terms of transactions, ETH’s Uniswap and TRON’s Justswap TP have all provided native market and data support, and the information such as fluctuations, transaction volume, capital volume and other information is clear at a glance, and the experience is much better than the H5 format.

In addition to products in the transaction category, we have also displayed some additional information on some relatively stable deposit and interest-generating products, so that users can more easily find suitable DeFi products.

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In the future, we will continue to optimize different types of DeFi products, and will also participate in the development and incubation of some DeFi projects, such as the synthetic asset project OGX that we recently incubated on EOS.

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Cocos-BCX global community contributor Alvin

Seeing that the atmosphere at the scene can no longer be controlled, then follow the COCOS community users’ opinions to Mr. Chen. I don’t know when our TP wallet can support COCOS.

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TokenPocket Co-founder Da Chen

TP and Cocos-BCX have always had a very good cooperative relationship. There is no more professional than Cocos-BCX in the field of game DApp. This CROSWAP project also marks the beginning of Cocos-BCX’s entry into the DeFi field. But the speed of TP connection is really slow, but I believe there will be more in-depth cooperation soon.

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Cocos-BCX global community contributor Alvin

Thanks to Mr. Chen for his wonderful answer, then we will hand over the microphone to @Taizhou Luo

During the internal testing of CROSWAP, it was discovered that CROSWAP involves NFT. This seems to be the first latest product that combines DeFi with NFT. May I ask Mr. Luo how does CROSWAP combine DeFi with NFT, and what are the specific aspects?

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CROSWAP Project leader Taizhou Luo

If we are not ashamed of the first project on the entire network that combines DeFi and NFT, YFI on Ethereum has previously proposed the concept of using NFT as an insurance policy on the blockchain, which can be regarded as a new attempt at DeFi+NFT. But the combination of DeFi+NFT on the SWAP platform is indeed the first proposed and implemented by CROSWAP.

Briefly introduce the liquidity certificate NFT of CROSWAP. On the conventional AMM token exchange platform, users who provide liquidity for the transaction pair will obtain the liquidity certificate LP token. This token is an FT generated by a smart contract, namely. Homogeneous tokens. Users can use these LP Tokens to conduct liquid mining in other projects. For example, SUSHISWAP previously attracted a lot of attention through LP Token mining that supports UniSwap. However, on some public chains, such as EOS, due to the limitations of the public chain, users cannot obtain liquidity certificate tokens. In this case, the only way to support liquidity mining can be through mapping, which basically lacks flexibility.

On CROSWAP, users can support liquidity certificates by providing liquidity for trading pairs, and our liquidity certificates will be provided to users in the form of NFT. Users can use all or part of the NFT they own (in the form of split\synthesis) for liquidity mining, and the experience is basically the same as the LP token in the form of FT. At the same time, because the NFT on Cocos-BCX supports dynamic data, other applications can use the LP NFT generated by CROSWAP for secondary encoding! For example, a game on Cocos-BCX can re-encode the liquidity certificate NFT of its game token trading pair, making these NFTs become characters or props in the game. DeFi+NFT can actually have a variety of combinations, leaving developers to continue to explore.

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Cocos-BCX global community contributor Alvin

Very exciting sharing, so what do you think about the release of UNI by UniSwap and the airdrop?

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CROSWAP Project leader Taizhou Luo

As a blockchain practitioner, I am very optimistic about the DeFi field. After careful study, I found that DeFi is the most blockchain spirit. The title of Bitcoin’s white paper is “A Peer-to-Peer Electronic Cash System” is just a part of finance, which is payment and value storage.

DeFi greatly expands the boundaries of finance on the face, and the core is to build the entire financial system on the chain. Not only payments, but also loans, mortgages, derivatives, transactions, options, insurance, etc. The entire DeFi market is still small in the crypto world, and there is a lot of room for growth.

The title of my first article about DeFi is: “The SUSHIswap team is actually the shadow team of UniSwap? “Of course, there is a suspicion of the title party, but Sushi’s use of this method to issue coins actually violates the interests of UniSwap to some extent. Therefore, if UniSwap does not issue its own platform currency, it will gradually become more and more passive, losing its huge first-mover advantage, and also damaging its brand effect. Now UniSwap has issued coins, and the method of issuing coins has almost brought the DeFi circle ahead of the Spring Festival. It now appears that UniSwap is a success in issuing currency, and the success of UniSwap’s currency issuance comes from the accumulation of its products and brands. Everyone’s recognition of UniSwap’s products and brands has transformed everyone’s expectations of UNI prices.

Here I want to talk about our CROSWAP. We have always emphasized that we have not issued coins or mining, which does not mean that we will not issue coins in the future, but just like UniSwap and SushiSwap, if our products are not officially launched, we have not established any brand accumulation. Under the circumstances, it is said that we want to play the token economy and issue tokens. That is an irresponsible behavior to users and investors.

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TokenPocket Co-founder Da Chen

In fact, before Sushi came out, I was very supportive of Uniswap not issuing coins. After all, a pure project like Uniswap can be considered a clear stream in the entire chain. However, the emergence of Sushi and everyone’s attitude towards Sushi and Uniswap can also tell that most people in the circle are still chasing profits, and the Buddhist department lacks room for hype. Therefore, I think Uniswap is in line with the characteristics of the currency circle. The airdrop can only be said to break the thigh.

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DAPPX CEO Ralph Cai

I have always regarded UniSwap as one of ETH’s DeFi ecological infrastructure to carry the value of countless DeFi systems. As long as its currency issuance logic can strengthen this core capability, I think it is all appropriate. As for the airdrop of UNI, the price of UNI has not fallen but has risen today, indicating that its value has been recognized by the public. Stop talking, my thighs are also swollen.

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Cocos-BCX global community contributor Alvin

According to the various SWAPs that have appeared so far, I feel that DeFi projects have a relatively short life cycle and are prone to road running and thunderstorms. Do you have any suggestions or opinions?

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CROSWAP Project leader Taizhou Luo

From the perspective of users (and investors to a certain extent), I feel that DeFi is going to be broken. At first, UniSwap’s various Copycats, various SMs are flying all over the sky; then, SushiSwap’s various imitation PANs, possibly even. Move directly without looking at the code, and move across the chain… In fact, DeFi is very large, and there are many valuable scenarios to be explored, such as decentralized derivatives platforms, lending platforms, insurance, etc., which are all valuable scenarios. If the team only wants to make quick money, it will be very bad for the user and the ecology. Just think about what we experienced in the last halving cycle.

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TokenPocket Co-founder Da Chen

In terms of platform selection, I think it is enough to have 1–2 AMM-type SWAPs for a public chain of the same algorithm, so try not to participate in others. As for the projects in SWAP, I think it’s hard to step on the pit as long as you don’t have the idea of ​​getting rich, and only participate in projects you know.

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DAPPX CEO Ralph Cai

My suggestion is that the SWAP platform can issue coins but be cautious. The SWAP platform itself is most concerned about the development of funds, popularity, and projects. There is nothing wrong with the three. Issuing coins can indeed solve the problems of funding and popularity, and naturally solve the problems of the project. But most of them are driven by eagerness to make things better. In the end, the value is zero and people go to empty buildings. As a SWAP platform, it is better to focus on the ability to provide value carrying for the entire DeFi ecosystem. For users, my suggestion is to think about whether the project itself has the ability to create value, not just the ability to play drums and spread flowers.

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Cocos-BCX global community contributor Alvin

Next, I would like to ask Mr. Luo, as you are the one in charge of the CROSWAP project, how will CROSWAP review the online projects and try to avoid accidents?

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CROSWAP Project leader Taizou Luo

In my view of blockchain, the decentralized world should be managed decentralized. If it is a centralized exchange, it needs to screen and review the project online, and at the same time collect currency fees or something; when the platform has traffic, the platform has the right to rent-seeking space, but this power is given by the user. This is very centralized.

CROSWAP is positioned as a protocol to open up the decentralized exchange of FT/NFT tokens. As a protocol, it should be decentralized and open. For online projects, we encourage teams with code capabilities to conduct due diligence and review of the project, but the agreement itself will not restrict the project or tokens.

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Cocos-BCX global community contributor Alvin

So, my guests, how do you think DeFi will develop next?

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CROSWAP Project leader Taizou Luo

I think that as a senior investor, I should feel relieved to see DeFi.I have seen too many blockchain practitioners being washed out in cyclical fluctuations. They used to have a vision for the blockchain, but because of technical restrictions or price reasons, they all chose to leave the blockchain. industry. And this wave of DeFi allows us to see applications that are truly feasible and can generate value and benefits. And this time our team made CROSWAP on Cocos-BCX, which is also an attempt to combine DeFi and NFT.I believe DeFi will become bigger and better.

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TokenPocket Co-founder Da Chen

Due to the financial nature of the blockchain, DeFi will always be the main theme of each public chain, but the popularity should be one wave after another, and each wave will have new ideas and products, and will also generate new bubbles, but. The overall situation must be getting better and better.

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DAPPX CEO Ralph Cai

I am very interested in the combination of DeFi and NFT. This piece of CROSWAP is considered a good start, combined with DeFi to solve the problem of NFT issuance value. As a carrier of user behavior data and value, NFT will be able to travel across major platforms, including DeFi, chain games, etc. The DeFi projects we are seeing now can only solve the dragon and form a chain. The DeFi projects combined with NFT will be interconnected and form a network structure. A more interesting DeFi ecosystem will be born from this.

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Cocos-BCX global community contributor Alvin

Thank you for your enthusiastic support and soul questioning tonight, so due to time restricted, this COCOS community AMA ends here.

Written by

Next-Gen Digital Game Economy. Game engine, IDE and blockchain for decentralized game development. Website: cocosbcx.io

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