Mar 24, 2021
Conflux Network and OKExCHAIN Partner to Bring Global DeFi Projects to Asia
Eight emerging DeFi projects will have their tokens wrapped on Conflux to easily transfer between Conflux and OKExCHAIN
We are thrilled to announce a strategic partnership with OKEx to make it easier for global DeFi projects to enter Asia. In an effort to propel DeFi development and adoption on a global scale, the partnership will enable interoperability between Conflux and OKExChain, a set of open source public chain projects developed by OKEx, via a token bridge for on-chain assets.
While the DeFi market continues to grow at a rapid pace, regulatory nuances across different jurisdictions present challenges for projects looking to scale beyond their own borders. The Asia-Pacific region in particular has historically proved difficult for Western projects to navigate but Conflux is now leveraging its standing with local regulators to act as a gateway into the region.
As the only public, permissionless blockchain with regulatory compliance in China, Conflux is providing an economic entry point into China and eliminating barriers to globalization within the blockchain and crypto markets. Conflux revealed eight emerging DeFi projects in the first cohort of its program, all of which will have their tokens wrapped to CFX so they can move freely between Conflux and OKExChain.
Conflux’s first OKExChain cohort includes:
- Autonio, a suite of liquidity and market making tools, including a DEX and NIOX token.
- QCAD, a CAD stablecoin, or a stablecoin pegged 1:1 to the Canadian dollar.
- Mettalex, a decentralized commodities derivatives trading platform powered by Fetch.ai technology.
- Set Protocol, indexes of tokens.
- The Oasis Protocol Foundation, privacy preserving audits and fraud detection.
- Moonswap, L2 AMM built on the Conflux chain.
- SPICE DAO, which is a decentralized community that launches and governs tokenized investment funds like $SCIFI and $GB.
- Ramp DeFi, a cross-chain DeFi solution to create new yield strategies and stablecoin collateralized by staked coins.
“Expanding our reach in Asia is becoming increasingly important as we scale our user base and community globally but the market is an especially elusive one,” said Felix Feng, CEO at Set Protocol. “Conflux’s support will be instrumental in not only helping us enter this market but also unlock new growth opportunities through their partners like OKEx.”
Cohort members wrap their tokens using the Conflux ShuttleFlow bridge by locking up collateral of the original ERC-20. Being wrapped on Conflux encourages faster transactions and improved enhanced security by mitigating the risk of fake tokens, which is important for both the user experience and crypto exchange listings.
To promote the seamless movement of cross-chain assets to and from OKExChain and other chains, Conflux will also soon launch a mult-sig cross-chain protocol that will support the transfer of ERC20 assets between chains, strengthening the interoperability of assets and decentralized applications (DApps). Additionally, Conflux and OKExChain will jointly invest in resources to develop technical talent, expanding the developer base and providing one-stop application development services to promote healthy and sustainable growth in China. This includes the creation of a “smart contract development” course to drive technological, product, and managerial innovation in both ecosystems.
“Building trust and transparency across borders is key to true interoperability and innovation within the blockchain space,” said Eden Dhaliwal, Global Managing Director at Conflux Network. “Through our unique collaboration with OKExChain, we’re able to access our joint resources for the greater good of the global blockchain ecosystem.”
Jay Hao, CEO of OKEx agrees “It’s very encouraging to see such high-quality blockchain projects like Conflux Network that are committed to transparency, decentralization, interoperability, and regulatory compliance partnering with OKExChain. These are the qualities that will enable strong and sustainable growth moving forward and attract developer talent from the wider ecosystem.”
About OKExChain
OKExChain is a set of open source public chain projects developed by OKEx, which achieved both high performance and decentralization. It aims to promote the development of trading services based on blockchain technology. As an open-source public chain ecosystem, OKExChain allows users to launch a variety of decentralized applications, issue their digital assets, create their own digital asset trading pairs, and trade freely. Any user can campaign for a network validator, participating in the community development.
To learn more about OKEXchain, visit .okex.com/en/okexchain
