Orbit Chain
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Orbit Chain

[Announcing] ozys-Conflux Network Partnership: Expanding Cross-Chain DeFi

ozys, South Korea’s leading blockchain technology company, has announced a strategic technology partnership with Conflux Network, the only blockchain project officially approved and supported by the Chinese government. The partnership will focus on cross-chain and Decentralized Finance (DeFi) technology.

ozys’ cross-chain IBC (Inter-Blockchain Communication) technology will be combined with Conflux’s interoperability technology, Shuttleflow, to become the new global standard in interoperable asset movement across heterogeneous chains and increase commercialization.

ozys has recently focused on commercializing interoperability technology with the release of Orbit Bridge, a cross-chain platform that allows Ethereum and ERC-20 assets to be brought into the Klaytn ecosystem. Orbit Bridge has a reliable, secure environment and structure for interoperability, with global blockchain companies such as ICON, HashQuark, Klaytn, and Terra amongst its 9 validators. In just one month after launching in October 2020, Orbit Bridge has bridged more than 2,400 transactions and over $40 million USD worth of assets.

Through standardized interoperability technology that is scalable and safe, we plan to collaborate by connecting Orbit Chain and Conflux’s DeFi markets to establish an ecosystem where the DeFi market can continue to grow.

ozys has launched KLAYswap, a Klaytn-based decentralized automated liquidity protocol, and is beginning to build out Klaytn’s decentralized finance ecosystem. KLAYswap has reached $50M USD in TVL in liquidity pools just three weeks after launching, and is showing a lot of market interest.

Through this strategic partnership, the two companies plan to continue their efforts to solve the interoperability, scalability, and liquidity problems of the overall blockchain industry by utilizing interoperability technologies, decentralized financial technology, and networks within the global blockchain ecosystem so that blockchain technology can be used in a standardized form.

TK Park, CEO of ozys, stated, “For blockchain technology to have real world utility in a variety of fields, we need to have a standard for interoperability technology that supports data transmission between networks and free movement of information. Through this partnership, we will contribute to building an environment in which the decentralized finance (DeFi) ecosystem can continue to grow by standardizing the free movement of assets and data.”

Yuanjie Zhang, co-founder of Conflux Network, said, “Interoperability is essential for the development of the global blockchain industry. Not only does it eliminate existing barriers between protocols, but it also enables asset and data flow in various DeFi ecosystems, and at the same time serves as a bridge between the East and the West. This partnership between ozys and Conflux Networks presents a fundamental solution to breaking down existing barriers by enabling the flow of digital assets between various chains using cross-chain technology through technical collaboration and resource exchange between the two companies.

[About Conflux Network]

Conflux Network is the only public blockchain authorized by the Chinese government and is supported by the Shanghai government. Conflux Network currently operates a blockchain incubating center and the Tree-graph Research Institute, a consensus algorithm of the Conflux Network. In 2018, Conflux Network attracted $35M USD from institutional investors such as Sequoia China, Baidu Ventures, Huobi, IOSG Fung, and F2Pool. This past October 29, the Tethys Mainnet was launched.

With its independently developed dual-dex protocol, Conflux Network has established a decentralized trading system that generates very little fees by synchronizing off-chain and on-chain transactions. Through Shutleflow, its blockchain interoperability technology, and the dual-dex protocol, Conflux network is focusing on the practical use of decentralized finance and NFT technologies.

[About ozys]

ozys, the leading blockchain technology company in South Korea, works closely with public chain foundations to create widely-used, cutting edge blockchain-based services. Some key projects include: Allbit (decentralized exchange), EveryDAI (bridge for DAI), Klaystation (Klaytn staking tool), KLAYswap (Klaytn AMM Dex), and Orbit Bridge, an open IBC platform. ozys’ own blockchain, Orbit Chain, is a PoS consensus chain that integrates various blockchains and services to seamlessly connect the fragmented token economy. Orbit Chain currently supports 8+ public chains including Bitcoin, Ethereum, Ripple, Tron, Klay, and Terra. ozys is committed to researching the interoperability of heterogeneous chains and further developing the DeFi ecosystem with better products and services. In doing so, ozys will create a more widespread audience and a stable blockchain ecosystem by allowing more DApp growth on various mainnets.

[Official sites & communities]

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