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Crypto Discussion / CoinEx | The World’s First Real Estate NFT Auction

« on: January 27, 2022, 08:07:21 AM »

As the first year of the NFT boom, 2021 witnessed the continued emergence of all kinds of NFT projects. Under strong market excitement, it seemed like everything can be turned into NFT, and the NFT market has also become a lot more pluralistic. In the early days, most discussions about the value of NFTs in the crypto community centered on a game called CryptoKitties, a standard-setting NFT project.

Today’s NFT market, however, is no longer all about one project. As NFT’s influence reaches non-crypto users, an increasing number of new projects and records have been created. Amidst the NFT boom last year, one project impressed crypto investors with remarkable performance — Propy, a marketplace that combines NFT with real estate.

Over recent years, the combination of NFTs with housing/corporate contracts has remained a heated topic in the blockchain community, and the concept finally reached more investors in 2021 when the NFT sector flourished across the board and achieved exponential growth in transaction volume. At the moment, investors are not only drawn by the practicality of the NFT technology. They are also looking for a safe store of value against the increasingly sluggish financial systems around the world. Meanwhile, real estate has long been one of the major investment choices.

According to its official website, Propy is the world’s first international real-estate marketplace. It facilitates connections between international entities to enable the seamless purchase of international real-estate online for the first time. Propy says that its mission is to solve the problems of purchasing property across borders and enable faster, easier, and safer real estate transactions by creating an all-new, unified property store and asset transfer platform for the global real estate industry. It plans to create a world where real estate transactions are “self-driving” and realtors are empowered by technology.

Graduated from Oxford University, Natalia Karayaneva, Propy’s CEO, is a software engineer and a real estate developer. With 12 years of experience in investment, she has built three companies.
Powered by smart contracts, Propy tracks, manages, and executes real-estate transactions according to regional regulations to enable more efficient deals. By using the Ethereum smart contracts, the platform allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions using private keys within their existing legal frameworks and manage the relevant documents through compliance review and security assessment. Moreover, Propy also provides customization features to meet special business demands.

The Propy Registry will directly mirror official land registry records in which transfers of real estate are recorded. Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record so that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.
PRO, the platform-based token of Propy, is used to unlock smart contracts for ownership transfers in the Propy Registry. On Propy, using PRO tokens simplifies operations and makes the platform more user-friendly.

In June 2021, Propy closed the world’s first NFT property auction, where Devon Bernard, an engineer from San Francisco, bought an apartment NFT in Kyiv, Ukraine at a price of 36 ETH and acquired the ownership of the house. The apartment, which was the first property to be sold using blockchain technology back in 2017, was owned by Michael Arrington, founder of TechCrunch and Arrington XRP Capital. Michael decided to sell the apartment as an NFT to further showcase the power of blockchain technology to innovate the real estate industry. Additionally, Michael is also an advisor to the Propy team.

To date, Propy has facilitated title transfers on more than 1,000 properties via the Ethereum blockchain that are worth $1 billion in total, and the number is still going up. Now listed on crypto trading platforms that include Coinbase, CoinEx, and Bitrue, PRO has also done very well in secondary markets over the recent period. In an environment where the NFT boom continues, Propy, the world’s first NFT+real estate platform, has tremendous potential yet to be unleashed.

Crypto Discussion / How I Expanded My Savings as a Newbie to Crypto Finance

« on: January 24, 2022, 09:23:30 AM »

There are always folks who spend all of their income yet making few savings. Unfamiliar with money management, they often sigh at their depleted deposits by the end of each year. Over the recent period, the COVID-19 pandemic has made it clear that relying on a single source of income exposes us to great risks. Therefore, it is important to create another source of income through investments. As Robert Kiyosaki put it, “The best thing about money is that it works 24 hours a day and can work for generations.”

New to money management, I recently looked into bank deposits, which is, after all, the easiest way to manage one’s finances. However, I noticed that the field of investment and finance has been suffering from one salient problem in recent years: returns are increasingly lower, and so are short-term financial products. Since the COVID-19 outbreak, central banks in Japan, Europe, and America have announced that they will continue to maintain negative interest rates (BoJ and ECB) and zero interest rates (FED).

In 2021, the Ministry of Finance of India slashed the interest rates of demand deposits and many savings products. In Germany, 277 banks and savings institutions offer negative interest rates. The extremely low, if not negative, interest rates worldwide may become the norm in the financial industry over the long run.

Additionally, stock investments are obviously not suitable for newbies like my because they are simply too risky. That said, the legacy financial system no longer works for me since I’m aiming for a steady stream of high returns without losing my principal.
In 2021, NFT and the metaverse expanded their influence beyond the crypto community and introduced me to an all-new field of finance — the crypto market. Under the recommendation of my friends, I found many financial tools designed for beginners and promise returns that are way higher than conventional products. Today, I will introduce two crypto financial products that I’m using.

1. CoinEx Financial Account
Website: https://www.coinex.com/asset/finance
CoinEx Financial Account offers interests for deposit holders, which is similar to conventional bank deposits. However, unlike bank deposits, this product sets no minimum deposit limit, and nor is there a fixed term, just like demand deposits. Once your deposits are transferred to the Financial Account, the accruement of interest will begin on the second day, and you’ll receive the daily yield starting from the third day. Such interests, calculated at a compound rate, will be automatically transferred to the Financial Account. The operations are very simple. In order to earn interest, you only need to purchase and deposit the target cryptos.

Plus, the product offers handsome returns. The 7-day APY of USDT deposits in the Financial Account reached 6.47% in the past 30 days, which is higher than 80% of central banks in terms of the interest rate. In addition, USDT, a stablecoin pegged to the dollar, comes with a fairly steady value, which allows us to earn interests without losing our principal via the Financial Account.

On January 16, 2022, the 7-day APY of BNB deposits in this product during the past 30 days reached 44.67%, which not only beat the highest interest rate offered by central banks but even surpassed the returns of most stocks.
Moreover, the CoinEx Financial Account also supports a wide range of cryptos, covering BTC, BCH, ETH, etc.

2. AMM
Website: https://www.coinex.com/asset/making
CoinEx’s AMM feature allows retail users to become market makers by providing liquidity for the liquidity pool while sharing the service fees earned by the platform.
AMM is very friendly to beginners. After selecting a trading pair with high returns on the AMM page, you’ll need to provide cryptos for CoinEx’s liquidity pool, which will then execute automatic market making. The interests are calculated daily and will be allocated to your AMM account before 12:00 (UTC+8) the next day. Apart from daily returns, CoinEx’s AMM also features free deposit/withdrawal, without any additional charges. This type of AMM product is unique to decentralized finance and cannot be found in the legacy financial system. This also emphasizes the advantage of crypto finance products brought by diversification.

The picture below shows the 7-day APY of some AMM trading pairs. For this product, you need to be careful with impermanent losses that may arise from the fluctuating crypto prices.

The secret to financial freedom lies in compound interest, which is the eighth wonder of the world, according to Einstein. From the products above, we can tell that passive income in crypto finance has tremendous potential that could help us harness the power of compound interest and double our passive income. Start managing your money from a simple crypto investment and generate more wealth.

Trading / Join CoinEx as a Market Maker if Your Monthly Trading Volume Exceeds $5 Million

« on: January 21, 2022, 03:26:17 PM »

To recruit more outstanding market makers worldwide, and to encourage more market makers to provide liquidity for CoinEx while sharing the benefits and growing together with the exchange, CoinEx has fully upgraded the Market Maker Program (i.e. CoinEx Professional Trader Program) on January 21, 2022.

I. Investors with a qualified monthly trading volume and a crypto proficiency can join CoinEx as a market maker
Right now, to apply for the CoinEx Market Maker Program, you should meet the following requirements:
1. Individual traders, asset managers, quant institutions, asset managers, or other investors with monthly trading volume ≥5,000,000 USD in spot markets or perpetual markets;
2. Be proficient in API trades, the crypto market, and trading strategies.
Crypto investors who meet the requirements above will be able to apply for the CoinEx Market Maker Program and enjoy exclusive privileges.

II. Multiple Privileges for Makers: Upgraded MM Fees, Spot Cashback, Exclusive Spot AMM Fees, etc.
1. Upgraded standards for MM fees that rank Makers by trading volume
CoinEx has upgraded the classification of MM fee levels. Previously, MM fee levels were determined according to the trading volume in the past 30 days. Now, they are subject to the trading volume ranking in the previous month. Plus, market makers can enjoy the highest fee level (Lv5) for the first month without any assessment.
(1) Market Maker Fee Level for Spot:

Note: Spot market makers can enjoy a 20% OFF on exclusive fee rate for spot if they hold CET and opened the permission of CET deduction. Click on the link below to find out more about fee standards: https://www.coinex.com/fees?type=spot&market=normal
(2) Market Maker Fee Level for Perpetual:

2. Cashback rewards of up to 0.02% for spot market makers
Cashback rewards for spot market makers are settled in the pricing currency of the market. New spot market makers can enjoy a 30-day top-tier fees discount (Lv3). The cashback levels/ratios are as follows:

3. Exclusive spot AMM market fees for market makers
CoinEx is the first CEX that adopted the AMM mechanism. It should be noted that market maker fee level and spot maker cashback rewards are NOT available for trading pairs in AMM markets, and there is a separate set of fee standards for such trading pairs. In those special markets, market makers can enjoy a 50% discount on AMM fees. The specific rates are as follows:

Accessing AMM trading pairs via API: https://github.com/coinexcom/coinex_exchange_api/wiki/092amm_market_list

III. Join CoinEx for more exclusive market maker privileges
As a CoinEx market maker, you can also enjoy other exclusive privileges, covering fee-free credit services, higher withdrawal limits, multiple sub-accounts, and 1-on-1 customer service and technical support. Moreover, CoinEx regularly hosts exclusive trading events for market makers, with trading incentives available for participants.
As a long-standing, world-renowned crypto trading platform, CoinEx has provided stable, secure, and convenient crypto trade services for 3 million users in 200 countries and regions around the world. CoinEx’s market depth, widely recognized in the crypto industry, has been well received among investors.
Market makers play a critical role in the continued improvement of the exchange’s liquidity and market depth. CoinEx welcomes outstanding market makers from all over the world to join the platform and share the dividends it brings. Click the link below and apply for the Market Maker Program: https://www.coinex.com/activity/market-maker

Trading / Futures Contract Becomes Crypto Mainstream: CoinEx Launch 9 New Linear Contracts

« on: January 20, 2022, 03:16:25 PM »

Recently, the crypto market has seen a new round of major fluctuations. On January 10, the BTC price slipped below $40,000 and then exceeded $44,000 over the next few days. Many investors have been caught unprepared by such drastic fluctuations.
On January 13, dYdX, a derivatives trading DEX, announced on its official website that starting from January 14, the maximum initial leverage for BTC and ETH markets will be reduced from 25x to 20x. Meanwhile, the initial margin requirement will be increased from 4% to 5%. dYdX said that the change was made to comply with industry standards and to better protect traders from liquidation.

In today’s crypto space, other than spot markets, various BTC-based contracts and derivatives have also cropped up here and there, and perpetual contract markets have become the primary investment target of many investors. When such markets were first invented, investors tended to choose inverse futures contracts. However, these contracts are subject to the risk of fluctuating margins as a result of drastic market swings.

Over the last two years, linear futures contracts (the opposite of inverse futures contracts) that are settled with stablecoins have captured the mainstream spotlight. These contracts are more intuitive in terms of both trading and settlement. Plus, they have reduced the risk of fluctuations in the margin price. In addition to the common inverse futures contracts, a growing number of investors have recognized linear futures contracts, which have become the mainstream in the contract market.

Linear futures contracts have addressed one problem: Investors no longer have to prepare the relevant cryptos for contracts that use different coins. Instead, they only need to stock up on one type of margin (USDT) to purchase different kinds of crypto contracts on a trading platform. Moreover, the margin of such contracts will not be affected by price volatilities. As linear futures contracts become increasingly popular in the crypto market, CoinEx is also actively planning for this field to offer more contract trading options to its users.

CoinEx is planning to introduce nine new Linear Contrats to meet more trading demands and bring more diversity to its Futures markets.
I. Launch Time
January 20, 2022 (UTC)
II. New Markets
CoinEx will introduce 9 new markets, covering CROUSDT, HNTUSDT, KLAYUSDT, CELOUSDT, ROSEUSDT, MINAUSDT, HOTUSDT, ENSUSDT, and YGGUSDT.
Equipped with over 100 contract markets, the exchange will continue to work on futures contract markets to meet more diversified needs for financial derivatives.
Full announcement: https://announcement.coinex.com/hc/en-us/articles/4415596534292-Announcement-on-9-New-Linear-Contracts-Launched

Crypto Discussion / How NEAR Defied the Gloomy Market and Reached New Highs | CoinEx Academy

« on: January 19, 2022, 07:11:09 AM »

Over the recent period, in light of the US inflation rate, which has remained at a high level, people suspect that the Federal Reserve may raise interest rates sooner than previously scheduled. Driven by such negative market sentiments, plenty of cryptos have suffered a temporary price drop. Yet, NEAR, the native token of NEAR Protocol, has defied the gloomy market and is now widely regarded as an undervalued Layer 1 protocol.

Last year, the performance limitations of Ethereum triggered the appearance of many Layer 1 projects, including Solana, Terra, Avalanche, and Polkadot, which have gained the favor of big investors. Despite this, considering the high market cap of these projects, institutional investors are also in search of outstanding Layer 1 projects that have been underestimated as they look for the next Solana. Among such projects, Fantom, Harmony, Atom, and NEAR have captured the spotlight.

In particular, NEAR, a POS-based public chain that uses sharding, has recently made many moves. For instance, the EVM-compatible chain Aurora and Rainbow Bridge have become increasingly matured; the appchain Octopus Network gained more market recognition; Staking has been activated to unlock ecosystem rewards. As a result, the public chain has attracted the attention of plenty of investors worldwide.

Aurora: an EVM-compatible chain on NEAR that lowers migration costs for developers
Aurora, an EVM-compatible blockchain launched by NEAR, is an EVM built by the NEAR team that offers the Layer 2 experience to users and developers. Relying on NEAR Sharding (a scalable technology), Aurora features a throughput that’s 10 times higher than Ethereum Mainnet, thus allowing users to benefit from the lower transaction fees.
On Aurora, you can use the same infrastructures, such as developer tools and wallets, that you use for Ethereum, and the public chain also relies on ETH as the basic token. We can tell that Aurora is fully compatible with Ethereum, which makes it significantly more accessible for users and developers by enabling seamless migration from Ethereum to Aurora.
Aurora’s TVL now stands at $790 million, according to DeFi Llama. On Aurora’s official website, we can see that many Ethereum applications such as DODO, Multichain, and The Graph have already been migrated to Aurora, while leading Ethereum applications like SushiSwap and Curve will also soon be launched on Aurora.

Rainbow Bridge: A trustless, efficient cross-chain bridge on NEAR
With the NEAR-built Rainbow Bridge, you can transfer tokens between Ethereum, NEAR, and Aurora at any time. Although transferring tokens from NEAR/Aurora to Ethereum through Rainbow Bridge may take up to 12 hours, it is much more efficient than Layer 2 projects like Arbitrum and Optimism that make you wait for up to seven days.
Moreover, Rainbow Bridge is designed to minimize the amount of trust the cross-chain bridge requires. Other than the validators of the corresponding blockchain, no individual or entity has the authority to modify the relevant data. Therefore, users only need to trust the blockchain nodes connected to the Rainbow Bridge, i.e. validators of NEAR, Aurora, and Ethereum, without trusting the Rainbow Bridge itself.

Octopus Network: An application chain driving the growth of the NEAR ecosystem
Through Octopus Network, an appchain solution on NEAR. Through Octopus Network, developers can create their appchains on NEAR with high efficiency and low costs. This allows them to quickly build NEAR-powered applications that are somewhat less secure.

Cosmos and Polkadot are among the best-known appchain solutions out there. Compared with Cosmos, Octopus simplifies the process of finding validators, staking, and deployment, making it easier to release an appchain. Polkadot, on the other hand, auctions a certain number of slots in the early stage. Such biddings make Polkadot less accessible than Octopus.
As the NEAR-enabled infrastructures continue to advance, plenty of projects, including Ardana, ConsenSys, and Terra, have partnered up with NEAR, and its ecosystem is also fast-growing. In the past seven days, the growth rate of NEAR’s TVL has exceeded 50%, while its EVM-compatible chain Aurora has been growing at a rate of over 30%. Such a growth record shows the strong expectations for NEAR among investors with liquid funds. In 2021, driven by market excitement, massive funds flowed into Solana. This year NEAR may repeat the same story.

Trading / CoinEx Will List BABYDOGE on January 18

« on: January 18, 2022, 11:59:48 AM »

Dear CoinEx users,

To provide you with more trading options, after rigorous reviews, CoinEx will list BABYDOGE and support deposit and withdrawal & Automated Market Making (AMM) on Jan 18, 2022 (UTC). And its trading pair BABYDOGE/USDT will be available on the same day.

BABYDOGE Services

1. Deposit: 07:00 Jan 18, 2022 (UTC)

2. Withdrawal: 07:00 Jan 18, 2022 (UTC)

3. Trading pair: BABYDOGE/USDT

4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Jan 18, 2022 (UTC)
Orders can be placed and canceled
10:50-11:00 Jan 18, 2022 (UTC)
Orders can be placed but cannot be canceled
b. Trading
11:00 Jan 18, 2022 (UTC)

About BABYDOGE

Babydoge is a meme coin that use Baby Shiba Inu as image. BabyDoge Coin has learned a few tricks and lessons from his meme father, Doge. A new crypto birthed by fans of the Doge Meme online community. BabyDoge seeks to impress his users by showing his new improved transaction speeds & adorableness. He is Hyper-deflationary with static reflection that rewards holders, so more BABYDOGE are being automatically added to your wallet each transaction.

BabyDoge was launched in June 2021 and has an ambitious roadmap that includes further efforts for pet charity, NFT creation, GameFi and more.On its initial launching, 41%+ of the supply had burned. After that, of each transaction, 5% of transacted coin will be added to liquidity pool and 5% will be redistributed to BABYDOGE holders.

What is Automated Market Making (AMM)?
Automated market making (AMM) can calculate the buying and selling price according to the formula, so as to provide a continuous quotation for the market. CoinEx combines AMM with the order book, which means the liquidity pool will be automatically converted into the order book. With the "constant product market maker formula" algorithm in AMM, no matter how large the order book is or how small the liquidity pool is, firm liquidity provision to the market can be guaranteed. Learn more

Fees and Profit
Market supporting automated market making is an AMM market. Compared with normal market, AMM market adopts an independent fees system. The fees for both marker and taker is 0.3%, for market makers is 0.15%. VIP will not enjoy any special fees, and using CET for fees deduction is unavailable. All users are qualified to apply for market makers, and 50% of the market's transaction fees will be rewarded to liquidity providers.

Characteristics of AMM
1. Bonus obtainable from automated market making
User’s provided liquidity will be injected into the pool for automated market making. 50% of the market's transaction fees will be rewarded to liquidity providers in terms of the corresponding pool proportion.

2. Daily bonus can be cumulatively withdrawn
The transaction fee bonus will be calculated once a day and automatically credited into the user's Market Making Account before 4:00 (UTC) the next day. The user can obtain all the accumulated fee bonus after removing liquidity.

3. Free access, no charge required
Assets between Spot Account and Market Making Account can be transferred in real-time by adding and removing liquidity. Each user in a single market can increase liquidity twice a day, and no fees will be charged during the operation.

Risk Warning
The assets in the Market Making Account will be injected Into the liquidity pool for automated market making. When the price fluctuates, there will be impermanent losses, and the amount of the two assets will change when the liquidity is removed. More details about impermanent losses

CoinEx Team
Jan 18, 2022

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Crypto Discussion / CoinEx | Can DeFi Land, a Multi-chain Gaming Platform, Become the Next Axie

« on: January 16, 2022, 02:34:50 PM »

The 2021 Solana Hackathon attracted over 13,000 developers from all over the world. Participating teams standing out from the 350 projects submitted to the Hackathon will surely be favored by followers of the Solana ecosystem. In particular, one project won second place and received support from the Grants provided by the Serum Foundation. Plus, it also became one of the 5 Play to Earn games that Solana is focusing on. The project is called DeFi Land, a gaming platform that promises to make DeFi as easy as farming.

DeFi Land is a multi-chain agriculture-simulation game that combines DeFi with GameFi and gamifies DeFi protocols. It aims to introduce users to DeFi while they’re playing the game. DeFi Land is built on Solana, which is the first public chain chosen by the DeFi Land team for the launch of their project because of its fast transactions, low costs, and great user experiences.

DeFi Land, founded in 2021, is owned by an India-based company that focuses on creating educational and entertainment solutions for users looking to explore the DeFi space. The platform is built by a team of five crypto veterans who have been studying the DeFi industry for a long time. They have led successful companies in multiple sectors, covering AR, VR, AI, game, fintech, and ERP, and worked with the largest banks and retailers in many regions. According to informed sources, all members of the team have received training in computer science, with a strong business record.

DeFi Land covers all the features that can be found on a conventional DeFi platform. However, unlike most DeFi platforms, it offers an interoperable ecosystem that can run on other well-known platforms such as Uniswap or PancakeSwap (Binance Smart Chain). This means that when farming in the game, players will tap into different mining pools or staking platforms through the interface of DeFi Land.

In DeFi Land, each asset represents a currency. For example, SOL is equivalent to sunflower, USDC is corn, and COPE represents pumpkin. These assets will be used for the events that traditional DeFi offers as well as other upcoming activities that introduce DeFi to beginner players through interactive, entertaining, and intuitive ways.

DFL, the native token of DeFi Land, is used for platform governance. The token is also used as in-game rewards for players, allowing them to engage in stake mining while competing and betting. Using DFL, players can build customized lands, buy skins, purchase NFTs from the marketplace, and tip friends. Plus, the token can also be used for other upcoming features in V2. DFL, issued in November 2021 with a total supply of 10 billion, is now listed on exchanges such as CoinEx, FTX, and Gate.io.

The game is still going through internal testing, and the V1 beta version will soon go online for public testing. V1 will cover basic functions such as swap, liquidity provision, and stake mining. According to the roadmap found on its official website, the team plans to release the official V2 version in the first quarter of 2022. DeFi Land V2 will include functions such as lending, indices, and the NFT marketplace. Moreover, players will be able to engage in interactive chats and predictions & betting in the game while tapping into functions like unions, clans, and battling. They could also participate in tournaments and have fun with other mini-games. Plus, the V2 version will also support networks that include Ethereum, Terra, and BSC.

Last September, DeFi Land received a $4.1 million seed funding from investors that included Animoca Brands, Alameda Research, Jump Capital, NGC Ventures, Solana Foundation, Gate.io, Youbi Capital, and Coin98 Venture. It should be noted that this lineup includes Youbi Capital, an institution that invested in many well-known blockchain projects like AAVE, Chainlink, and Polkadot, as well as other esteemed institutions, such as NGC Ventures, one of the largest institutional owners in the crypto space, and Animoca Brands.

Although DeFi Land remains in a stage of internal testing, the gorgeous lineup of investors and its simple DeFi gameplay have gained the game tremendous market recognition, making it one of the most anticipated game projects in 2021 of many Solana users. Let’s wait and see whether DeFi Land will become the next Axie in the Solana ecosystem.

Crypto Discussion / CoinEx Offers Emergency Aids to Areas Affected by Typhoon Rai in Philippines

« on: January 14, 2022, 07:03:48 AM »

Recently, Typhoon Rai (or Odette by locals) hit the Philippines. As one of the strongest storms the country witnessed in 2021, Rai has brought strong winds, heavy rainfall, as well as floods. On December 31, 2021, the Philippine National Disaster Risk Reduction and Management Council (NDRRMC) briefed that Rai had affected 4.45 million people in this country and damaged more than 530,000 houses. To assist in disaster relief in the Philippines, CoinEx has offered emergency aids to disaster-stricken areas.

CoinEx dispatched support teams to the three worst-hit areas, respectively Southern Leyte, Cebu, and Negros. Sparing no effort in supporting disaster relief in the country, CoinEx also provided emergency assistance donations for local rescue organizations. Each support team consisted of 20 members. Soon after Rai hit the country, they prepared and distributed the relevant supplies to locals who need them the most.

From January 6 to 8, the support teams visited locals in areas hit by Rai and distributed a total of 300 supply packages that included rice, noodles, sardines, water, bread, biscuits, and other daily suppliers. Apart from the provision of emergency supplies, CoinEx also gave a $10,000 emergency donation to the local government and spared no effort in supporting disaster relief in the country.

CoinEx’s assistance to disaster relief in the Philippines fully reflected its mission of “making a world a better place through blockchain”. The exchange, always committed to its social responsibilities, has been actively involved in various charitable causes and held charitable events around the world. With a loving heart, CoinEx has been doing its utmost to give back to society and extend a helping hand.

As a world-leading crypto trading platform, CoinEx will continue to perfect its products and provide users with the best services. Meanwhile, it will also keep sending a positive message and engage in more charitable events. Aiming to give back to the public and its global users, the exchange will strive to take on more social responsibilities while calling on more people to contribute to charitable causes.

Crypto Discussion / Picking up the Pace in Compliant Operations, CoinEx Obtains the U.S. MSB License

« on: January 12, 2022, 02:25:49 AM »

On December 28, 2021, the crypto trading platform CoinEx had its application for the U.S. MSB license approved by the Financial Crimes Enforcement Network (FinCEN), and officially obtained the MSB license (registration number: 31000205450387).

This approval marks an important milestone in the compliant operation of CoinEx Exchange, and also recognizes its position as one of the world’s leading crypto trading exchanges. As one of the most authoritative licenses for crypto exchanges in the world, the MSB license has quite strict review procedures. With this license, CoinEx Exchange is entitled to conduct legal and compliant crypto trading all over the world to promote the development of contract derivatives, including crypto issuance, ICO, and foreign exchange.

In March 2018, the U.S. Department of the Treasury and the Securities Regulatory Commission made it clear that virtual currency exchanges and their managers must register an MSB license with FinCEN before they can engage in digital asset-related business in the United States. The US MSB license is a financial license supervised and issued by the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Department of the Treasury, which mainly supervises money service-related business and companies, including digital currency and virtual currency trading, ICO, and foreign exchange. As one of the top ten standard licenses for global digital currency trading institutions, global top-ranking platforms such as Coinbase, Binance, okex, and Huobi have all registered as Money Services Businesses (MSBs).

Picking up the pace in globalization, CoinEx promotes compliant operations
With the rapid development of the crypto market, compliance has become the most pressing issue facing crypto exchanges. Founded in December 2017 and relying on its self-developed core transaction matching system and extremely fast and smooth user experience, CoinEx has been committed to making itself the most secure, stable, and efficient global crypto trading platform for users around the world.

CoinEx Exchange has always adhered to a compliant global development strategy. Having registered as an MSB, CoinEx Exchange will accelerate its strategic plan for globalization. It is reported that in addition to the US MSB license, CoinEx is also actively applying for financial licenses in other countries, set on compliant operations around the world. To this exchange, the authoritative US MSB license will serve as a stepping stone to the success in the American market and even a pass to markets elsewhere. We have every reason to believe that CoinEx will soon introduce its premium brand and products to users worldwide, thereby expanding its global presence.

Since its establishment, CoinEx has long been focusing on compliant operations as well as the security of user assets. With the inroad into the US market as a compliant MSB, CoinEx Exchange has its strength and credibility highly recognized, and thus enjoys many opportunities to expand its market presence and stimulate long-term development. In the future, the “license” will be a must for all crypto exchanges. Whoever gets the license sooner will enjoy the first-mover advantage in terms of compliance.

More from CoinEx:
The Global Cryptocurrency Exchange. Visit us at: www.coinex.com. Join our community: t.me/CoinExOfficialENG

Crypto Discussion / CoinEx Institution | S&P 500 and BTC, Friend or Foe?

« on: January 10, 2022, 03:15:14 PM »

In 2008, Satoshi Nakamoto created Bitcoin to make it serve as an uncorrelated asset. However, this remarkable currency shows a correlation with some real world assets such as stocks, index or commodity. This paper will analysis the relationship between bitcoin and S&P 500 in different points of view.

Bitcoin is the largest blockchain-based digital asset, with a market capitalization of $896.7 billion as of December 2021. It is wildly popular among cryptocurrency enthusiasts and speculative investors. If you have been following the cryptocurrency market, you might notice a phenomenon: if Bitcoin price declines, altcoins will follow, and the opposite is equally true. There are many reasons that Bitcoin will lead the market and it will not be discussed in this paper. So Bitcoin is chosen to represent the performance of crypto world.

The S&P 500, which is short for Standard & Poor’s 500, was introduced in 1957 as a stock market index to track the value of 500 corporations that have their stocks listed on the New York Stock Exchange (NYSE) and the NASDAQ Composite. The collection of stocks that make up the S&P 500 is designed to represent the overall composition of the U.S. economy. Daily closed price in historical data from 2015–11–15 to 2021–12–15 will be used to figure out the correlation. Those sample prices will exclude holiday data to be smooth.

1533 sets of data are collected, the head and tail as shown below:

Firstly, just simply check the Pearson r between them, and the result is 0.899855, highly close to 1, which means BTC and S&P500 are highly positively correlated in the range of sample data. When S&P rises, BTC’s price will possibly go up. The graph also suggests a relationship with 45 degree up right line.

Scipy computed Pearson r: 0.8998546848871993 and p-value: 0.0

After the overall Pearson r is found, a roll-over relationship is also very interesting. Then we will try to find exact time change in the correlation between them. In the methodology applied in this paper, a window includes 30 days’ data will be set and moving rollover to iteratively calculate the results until all the data had been included. The following graph will show the result:

Different from the overall data, it tells an interesting story. Pearson r has high volatility over time, upper to 1 and lower to -1. In a specific time range, it is very hard to tell the relationship. For most of the time, the two have positive relationship with a positive r, but sometimes, they may have negative correlation. There are some economics reasons behind: BTC is much more volatile than S&P500, because S&P is easy to be influenced by the monetary and fiscal policy, and the government will roll out some policies such as Circuit breaker to support the index. Too big to be fail, with a strong backer, S&P will decease less than BTC once the economic skies look troubled and turbulent. But BTC will recover better and faster during the global market recovery. Due to the decentralization and less capitalization, BTC is much easier be affected by the market.

We can conclude that those two assets are correlated to each other with some cautious assumptions. The correlations between the two assets are significantly different by which slice of time window that we are looking at. In order to find out the correlation between two vectors of time series, in this paper, Dynamic Time Lagged Cross Correlation (TLCC) which essentially associates data of two time series with each other, including the stationary time interval between them. If offset=0, it means they have a directly positive relationship; if not, a variable may lead another. In our case, offset=1, and peaked in intraday trading the previous day. In this sample, S&P500 will lead the performance of BTC 1day before.

However, the signal is dynamic. In order to find more details in the change, a window can be added to roll-over the calculation. Then we can collect the data from all the windows to compare the relationship to find out which one leads the change. We equally separate the data into 20 windows. The red color means the variable that may lead the change. For example, in the first row, most of the red is on the left, so BTC will lead.In the second row, most of the red is on the right, so S&P will lead.
Generally, most red blocks are on the right, so we can conclude that for most of the time in those samples, S&P will lead the change. However, there is some time when BTC leads. But the offset is changing over time, so we cannot find out exactly for how much time one asset will lead another.

Reference
https://www.bloomberg.com/news/articles/2021-11-23/bitcoin-morphs-back-into-risk-asset-as-stock-correlation-climbs
https://guardian.ng/business-services/capital-market/stocks-and-bitcoin-is-there-a-correlation/
https://www.commpro.biz/why-does-bitcoin-have-such-a-big-influence-on-other-cryptocurrencies/
https://www.investopedia.com/ask/answers/041015/what-history-sp-500.asp
https://jinhyuncheong.com/jekyll/update/2019/05/16/Four_ways_to_qunatify_synchrony.html
https://online.stat.psu.edu/stat510/lesson/8/8.2

Events / CoinEx 4th Anniversary | Meet the CoinEx Team in the United States

« on: January 09, 2022, 02:47:02 AM »

On the 4th anniversary of the exchange in December 2021, CoinEx launched the “Meet the CoinEx Team” anniversary celebration together with its global Ambassadors as a gesture to thank and give back to users.

On December 21, 2021 (UTC), on behalf of the exchange, CoinEx’s US Partner Devis Maxhari hosted a “Meet the CoinEx Team” meet-up to celebrate the exchange’s 4th anniversary.

Ever since its inception, CoinEx has always valued interactions with users. This meet-up brought users and the exchange closer through videos, and CoinEx’s US team also reached out to the local users face to face during this wonderful offline event.

At the meet-up, CoinEx’s US Partner Devis Maxhari hosted entertaining Q&A sessions about CoinEx and CET and allowed the local users to learn more about the exchange through games. The winning users received anniversary gifts, including branded goods like official CoinEx shirts.

Over the past four years, CoinEx has earned the trust and recognition of local users in the United States through joint efforts made by the exchange and the local team. The anniversary celebration also brought CoinEx closer to the local users while allowing the exchange to better understand their needs. Moreover, the meet-up also improved the exchange’s local image and recognition, and impressed the local users with its mission of “making the world a better place through blockchain”.

CoinEx’s global presence is inseparable from the support and trust of partners and users in the states. The anniversary meet-up not only showed that the CoinEx is well received among local users but also conveyed CoinEx’s gratitude towards its US Ambassadors and users.

The solid progress of the exchange is backed by joint efforts made by CoinEx and its users around the world. In the future, CoinEx will keep offering more user-friendly, more stable trading environments and services to its US users in a world filled with both opportunities and challenges. We look forward to meeting more users in the United States.

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Crypto Discussion / CoinEx Institution | What About A Personal IPO? An Introduction to Social Tokens

« on: January 08, 2022, 03:23:45 PM »

The year 2021 has witnessed the fast development of social tokens. Yet this promising segment failed to catch enough attention due to the better performance of other sectors (such as DeFi and the metaverse). This article will introduce the background and value proposition of social tokens, with several value gems for your reference.

What are social tokens?
Social tokens are tokens issued by individuals or a certain community. Investors can share the economic value of the issuing individual or the value of human resources in the issuing community itself by purchasing tokens. Through social tokens, you can invest in individuals and communities, rather than in a company or a project.
Social tokens allow community participants to financially support individuals, as a form of economic binding beyond spiritual ties (hobbies, interests, etc.).

Types of social tokens
There are two types of social tokens: personal tokens & community tokens, which can exist in the form of ordinary tokens or NFTs. To begin with, let’s see personal tokens. As early as 2008, an American named Mike Merrill divided himself into 100,000 shares and set an initial public offering price. Each share would earn a potential return on profits he made outside his full-time job (though he were only managed to get 13 investors). Today’s personal social tokens have evolved into fan tokens issued by content creators, or DAO tokens with a certain purpose endorsed by personal reputation. Such tokens usually serve following purposes:
-To influence the creator’s content through voting;
-To share the creator’s income through the share of tokens held;
-To simply support the creator. By this means, you will get some fan benefits (this model has been resisted by some fans because it does not require tokens but just traditional donations or membership mechanisms. What’s worse, tokenization may bring speculators).

Community tokens are slightly different in this term:
-To serve as a pass to the community, similar to a membership pass;
-Incentives for community involvement.

Value capture of social tokens
Social tokens go in line with the blockchain spirit as they make the community more decentralized and the distribution of economic benefits from community development more transparent. Here is a simple example. The big guilds in World of Warcraft used to be just QQ chat groups, yet once they grew bigger, the value they created, such as advertising sponsorship, etc., went to the guild manager’s pocket, which was unfair to every participant in the community, especially to those early contributors.

Through tokenization, the economic value of a community can be better reflected and distributed. That justifies the necessity of social tokens, and also represents an innovation in the community economy, inspiring by the incentive mechanism of the blockchain.
The same is true for personal tokens. The intrinsic value of tokens can be regarded as an approximate estimate of the current commercial value of content creators. Early fans are supposed to share the economic value of the creator after he/she becomes fully-fledged. This can be made a reality if the fans hold the tokens from the very beginning, because the creator cannot do without support from early fans. At the same time, tokenized communities also show greater user stickiness than traditional community forums or chat rooms:
-A token serves as a symbol of the community, not a bonus point of a centralized platform;
-Users can govern the community they like by holding tokens;
-After a token has some liquidity, early contributors can enjoy considerable returns.

Community tokens bring the community and individuals closer to each other by financial incentive, making them cooperate for not just hobby and love but money as well. And the concepts derived from tokenization are even more diverse: say, if Douban Goose Group (a well-known Chinese gossip community) issues a community token, will there be a Gossip-To-Earn model? In fact, many sub-sections of Reddit have tokenized points. For example, the sub-section of Ethtrader has issued Donuts, which can replace the original points in all scenes. At present, its market value is about $1 million. In other words, about $1 million rewards have been distributed to community users.

It seems that personal tokens and community tokens are basically the same, since the individuals, the core of personal tokens, can be a community itself. When there are enough participants in an individual’s community, the token he/she issued can be the community token. For example, the community Friends With Benefit (FWB) was hatched by Cooper Turley, who leads crypto strategy at Audius, and, having attracted increasing participants, it has developed into the community with multiple sub-sections as we see today.

Quality small projects
There can be many forms of protocols for community tokens. If you want to be part of it, buying certain community tokens is not the only option. Here are some good small projects of social tokens for your reference.

Ash (ASH) — FDV: $80 million — Full circulation & additional issuance — Market: Uniswap Gemini
Ash is a relatively innovative social token recently established by the well-known artist Murat Pak who is also an NFT publisher and has released multiple collections of NFTs. Ash aims to make artworks more rare, and participants can obtain ASH by burning NFTs.

Meta Factory (ROBOT) — FDV: $41 million — 44% in circulation — Market: Balancer

Meta Factory is an NFT factory on the blockchain. It designs and manufactures community-related physical objects, such as sweaters, hats, etc., for blockchain communities. It also provides a marketplace to sell these community items, such as hair oil. At present, it has helped many well-known communities (such as Bankless, Sushi, etc.) to issue a series of derivative products. Meta Factory is also a community where anyone can get ROBOT rewards through production and purchase.

DAO Haus (HAUS) — FDV: $18.94 million -Full circulation & additional issuance — Market: Swapr (xDai’s Dex)
DAO Haus is a platform that allows people without coding capabilities to initiate DAOs. The platform provides a series of functions such as fund management and issue management. At present, it is home to 606 DAOs, the well-known ones including The LAO, MetaCartel, Moloch Rises, UltraDAO, etc.

Forefront (FF) — FDV: 25mm — 9% in circulation — Market: Uniswap
Forefront is an information aggregation platform for community tokens, or in simple terms, a platform of chain news that provides an introduction to various community tokens and knowledge of community tokens for beginners. FF is its governance and reward token. Participants can get FF rewards by participating in tasks published by the Forefront community. For example, they can get 100–400 FF rewards (about $250-$1000 ) by writing an article about social tokens and publishing it on the platform.

Firends With Benefits (FWB) — FDV: $ 80.7 million — Full circulation — Market: Uniswap
Friends With Benefits follows a membership-like mechanism: users can join their Discord channel by purchasing the equivalent of $75 in FWB. Community members can enjoy corresponding FWB rewards by taking active part in community activities and tasks.

Crypto Discussion / How Much Longer Do We Have to Wait for the Ultimate Cross-chain Swap?

« on: January 06, 2022, 02:07:40 PM »

There are bound to be some embarrassing occasions while we’re maneuvering in the crypto industry, and cross-chain transfers are one of them. Here’s a simple example: When swapping Ethereum’s ETH to Polygon’s Matic, you must first go through Polygon’s official bridge. However, you found that there’s a minimum limit.

So, you switched to Connext and tried to swap ETH to Matic through Quickswap. Unfortunately, due to poor liquidity on the DEX, it would take about 1.5 hours to complete the conversion. The user experience during this entire process is terrible: The conversion is time-consuming and inefficient, and users are always worried about the potential loss of their cryptos. Further, after going through this lengthy process, crypto users frequently miss the best timing. As such, it is often better to buy and withdraw cryptos on a CEX.

Therefore, whenever we need to make cross-chain operations, from the bottom of our heart, we ask: When will there be an ultimate cross-chain swap that supports the convenient, secure, and fast transfer of assets across multiple blockchains?

Although there exist a number of leading projects in the category of third-party cross-chain bridges, such as Multichain (formerly Anyswap) and cBridge, these products can only swap asset X on chain A to asset X on chain B. If a cross-chain application could turn asset X on chain A into asset X on chain B, it would be able to significantly improve the efficiency of on-chain transactions, as well as user experiences.

To address this dilemma, today we will compare projects that focus on cross-chain swap and find out the potential candidates that may provide the ultimate cross-chain swap.

Before discussing the specific projects, we should first determine the criteria for a mature cross-chain swap. To begin with, safety is the No.1 priority. Recently, cross-chain hacking has been frequent, involving a huge amount of assets. For instance, in 2021, system vulnerabilities of O3 and THORSwap led to the hacking of assets worth hundreds of millions of dollars. As such, a mature cross-chain swap should be able to use technologies such as multi-signature and smart contracts to lock assets or drive up the cost of hacking through a series of designs so that hackers could not make any profit, thereby eliminating the possibility of attacks.

Secondly, considering that the more public chains and assets a swap service supports, the lower the friction cost will be, a well-established cross-chain swap should be compatible with EVM and non-EVM cross-chain transfers. Additionally, fast cross-chain transfers are also a major consideration because smooth transactions improve the user experience. Finally, an ideal swap service should feature low cross-chain costs, which could reduce the transaction slippage or simplify the conversion process.

After going through 34 existing cross-chain solutions, we found seven projects that support cross-chain swap. Depending on the technologies they use, these projects are divided into two categories: 1) cross-chain swap aggregators and 2) AMM cross-chain swap.

I. Cross-chain Swap Aggregators
Cross-chain swap aggregators bring together different cross-chain bridges, which are automatically matched to different needs, to provide the best paths for users to choose from.

1. Li.Finance
Li.Finance brings together different cross-chain bridges and their liquidity with DEXes or DEX aggregators on different chains to achieve the swap of any token on any blockchain. In Figure 1, you can find a simple illustration of the cross-chain rationale of Li.Finance.

From Figure 2, we can tell that when swapping Matic on Polygon to USDT on BSC, Li.Finance provides four clearly-illustrated paths, as well as the corresponding fees for comparison. Users could choose a path according to their needs.

In addition, Li.Finance also offers personalized options that allow users to determine the specific slippage, cross-chain bridges, and DEXes (as shown in Figure 3).

Right now, the Beta version of Li.Finance supports Layer 1 public chains including ETH, BSC, AVAX, FTM, and Moonriver, as well as Layer 2 public chains such as Arbitrum, Optimism, and Xdai, while aggregating 1inch, Paraswap, Quickswap, Pancakeswap, Honeyswap, etc. In terms of cross-chain bridges, Li.Finance now offers Nxtp Protocol (Connext) and Hop Protocol and is testing the use of Anyswap, cBridge, and Horizon.
In terms of the user experience, Li.Finance features an intuitive interface for transactions and supports personalized services. On average, Li.Finance completes a transaction in about 3 to 4 minutes. As shown in the figure below, the conversion of USDT on BSC to USDC on Polygon is completed in 3 minutes and 13 seconds, with a transaction fee of $0.47. It is noteworthy that the page cannot be closed during conversion. Moreover, users must confirm the transaction in their wallet according to the transaction steps.

Summary
The advantage of cross-chain swap aggregators is that they could make up for the lack of liquidity or the excessive slippage of a single liquidity protocol while improving user experiences. Meanwhile, their disadvantages are also clear. At their core, such aggregators are designed to connect cross-chain bridges and DEXes, thereby allowing users to engage in cross-chain operations through simple and clear UIs. As such, there are few technical barriers or moats.

II. AMM Cross-chain Swap
AMM is now the most prevailing cross-chain approach. For example, Hop, Anyswap, and O3 all use AMM for cross-chain operations. AMM aggregates the liquidity of different chains to build a cross-chain transaction pool. Here, we will focus on THORSwap, XY Finance, and Symbiosis. Other AMM projects will not be discussed because they use similar rationales for cross-chain swaps.

1. THORSwap
As a multi-chain DEX aggregator based on THORChain’s cross-chain liquidity protocol, THORSwap now supports the non-custodial swapping between six native chains (BTC, ETH, BSC, BCH, LTC, and THORChain), covering more than 20 assets. 50% of its liquidity is provided by RUNE, while the other 50% is by crypto assets (e.g. BTC), and liquidity providers can receive RUNE tokens as the incentive. THORSwap uses RUNE as the middle layer. For example, when swapping BTC to ETH, the path will be BTC→RUNE→ETH.

In terms of the user experience, THORSwap offers non-EVM conversion of native assets such as BTC, LTC, and BCH, which filled the gap in the cross-chain transfer of such native assets. The time required for conversion is subject to the network conditions of different blockchains. Generally speaking, it takes about 5–10 minutes to swap assets across different chains on THORSwap. Additionally, users must pay conversion fees in two networks. However, we also noticed that THORSwap still suffers from high slippage concerning pools with insufficient liquidity.
Speaking of security, THORSwap relies on multi-node verification, and a node must overcollateralize RUNE to become a validator. Such a design eliminates the possibility of mischievous nodes. However, during the testnet stage, THORChain had lost thousands of dollars due to hacking. Although the team made up for the loss using its own funds, the security of THORSwap remains doubtful, and the launch of its mainnet was also postponed as a result. Recently, THORSwap has gradually reactivated the swap of its cross-chain pools and announced the issuance of THOR, its governance token, in November 2021.

2. XY Finance
XY Finance, a decentralized cross-chain swap that integrates the liquidity of DEXes, not only supports the cross-chain transfer of assets but also the swapping of NFT and GameFi. XY Finance’s swap is powered by X Swap and Y Pool. The former aggregates DEX liquidity to generate the best path for cross-chain transfers, whereas the latter obtains liquidity through the incentives of XY governance tokens. During the cross-chain process, Y Pool enables the conversion of intermediate stablecoins. Right now, only USDT on different chains is supported. Liquidity providers can deposit USDT on a blockchain into the Pool to obtain XY token incentives.

Figure 5: The cross-chain rationale of XY Finance

Figure 6: The cross-chain interface of XY Finance
From Figure 6, which shows the interface of XY Finance, we can see that when the swapping ETH on the ETH chain to BNB on the BSC chain, the left side of the interface shows the worth of tokens received, the recipient address, and the transaction fee; the right side tells us the best path for the cross-chain transfer: Swap ETH to USDT on ETH through sushiswap/uniswap, then to USDT on BSC through Y Pool, and finally to BNB through Pancakeswap. We noticed that there is a minimum conversion limit on ETH, and the fee is ultimately determined by DAO depending on different chains.
In terms of the user experience, XY Finance features a clear, concise UI that allows you to choose the recipient address and shows the transaction fee. In particular, XY Finance is not limited to the cross-chain swap of assets but is also working on the swapping of NFT and GameFi across chains. Its disadvantage is that there is a minimum limit when the transfer involves ETH, and the default best path may not be altered. Apart from this, XY Finance also suffers from insufficient liquidity and high slippage when it comes to long-tail assets.
Regarding security, the project has not released any document to specify how it will ensure its security. We’ll need to wait and see.

3. Symbiosis Finance
Symbiosis Finance is a decentralized multi-chain liquidity protocol that allows users to transfer assets across all EVM and non-EVM compatible blockchains at a low slippage while remaining the sole owner of the funds (non-custodial). The protocol supports ETH, BSC, Polygon, AVAX, HECO, and WASM solutions (Solana and Terra).
Symbiosis uses sealed stablecoins sToken (sUSDT, SUSDC, sBUSD, etc.) as the intermediate token, and each sToken will be locked in the smart contract and 1:1 pegged to the original asset. There is a stablecoin on each chain. Symbiosis provides a liquidity pool (stablecoin<>sToken) for each blockchain pair that supports cross-chain swapping. In terms of the cross-chain routing, sTokens on each blockchain are traded at the lowest gas fee.
When swapping assets from a blockchain with high gas fees to a blockchain with low gas fees, for instance, when swapping UNI ERC20 on Ethereum to CAKE BEP20 on BSC, the path is as follows:

Right now, Symbiosis only supports testnet tokens for experiments. From the perspective of user experiences, Symbiosis comes with a clear interface that allows you to choose the recipient address and enables smooth operations. On Symbiosis, it normally takes about 1 to 2 minutes to complete a transaction, which may have to do with the testnet. Its disadvantage is that certain liquidity pools do not have enough liquidity, which may lead to 100% slippage and failure to conduct transactions.

When it comes to security, Symbiosis also uses multi-node verification, which means that a node must stake a certain amount of SIS in order to become a relay node. Additionally, a swap through bridges can only proceed after confirmation by two-thirds of the relay nodes. From a technical perspective, the security of the relay network is ensured by cross-chain multi-party computing (MPC), threshold signature scheme (TSS) protocol, and deposits. However, considering the mechanism of DPOS, the Symbiosis nodes may not be fully decentralized in the initial stage and might be vulnerable to attacks. Therefore, the project team has not launched its mainnet. Perhaps, they are waiting for Symbiosis to develop sufficient token liquidity and more decentralized validators.

Summary

The rationales of AMM cross-chain swap projects are all similar: They achieve cross-chain swaps by aggregating the liquidity of DEX and AMM on different chains. At their core, these protocols aim to build liquid AMM pools. Although both XY Finance and Symbiosis use stablecoins on different chains to build liquidity pools, the former encourages users to provide liquidity by offering XY token rewards, while the latter has not started yield farming, and the token can only be used to become a validator via staking. THORSwap, on the other hand, builds liquidity pools for RUNE and the corresponding tokens.
The risk of such projects is that the self-built AMM pools are vulnerable to hacking and may suffer the loss of liquidity due to the insufficient security of their underlying network or the protocol itself. For example, in 2021, both O3 and THORChain were attacked many times. Secondly, the lack of AMM liquidity in self-built pools will lead to high slippage and make it difficult to conduct transactions. This is a common problem for many early-stage AMM cross-chain swap projects.

One of the solutions is to start yield farming and use the protocol’s native tokens to incentivize the provision of more liquidity. Finally, due to the adoption of multi-node verification, these projects suffer from insufficient decentralization in the early stage, and mischievous validators are also a potential risk. However, this problem is not insurmountable. For instance, on THORSwap, a node must overcollateralize RUNE to become a validator, which eliminates the possibility of mischievous nodes.

Overall, there isn’t any real leader in the category of cross-chain swaps, and the segment is also struggling with the impossible triangle of security, scalability, and interoperability. As the most popular cross-chain swap project, Li.Finance aggregates many DEXs and cross-chain bridges.
Although doing so adds more external risks, the approach also eliminates the risk of fund loss within the protocol itself. Moreover, Li.Finance shows terrific performance in many respects, covering operation, speed, and the number of chains supported. On the other hand, the other AMM cross-chain swap projects have also made trade-offs in terms of security and speed. Additionally, they also face the challenge of insufficient liquidity.

Development
Looking back on 2021, as public chains achieved rapid growth, the ecosystem of BSC, Sol, Avax, and Terra had also been expanding. In search of the optimal capital utilization rate, funds on Ethereum gradually flowed into other blockchains. Against such a background, cross-chain swapping represents a pressing need. Over recent years, the discussion of interoperability and scalability has given rise to many solutions. Polkadot and Cosmos have been exploring these topics for a long time, but so far, they failed to deliver any product.

On the other hand, REN protocol built a lightweight cross-chain bridge, which opened up more cross-chain possibilities. Cross-chain applications do not require a secure, massive underlying structure. Instead, a simple cross-chain bridge connects different public chains. At the moment, cross-chain projects have been moving towards the goal of enhanced security, fast transfers, and low costs.

In the future, we could see more possibilities in the cross-chain category. Cross-chain swap is, by no means, limited to assets only. It could also cover NFTs and in-game assets. For instance, there is strong demand for the cross-chain swap of NFTs. At the moment, the cost of NFT transactions on Ethereum is extremely high, and the swapping of Ethereum-based NFTs to other chains for transactions would significantly promote the development of NFTs while enabling more people to participate in NFT trades. Moreover, the interoperability of assets like avatars and items in different blockchain games would also be very appealing, which would offer improved gaming experiences. In this regard, projects like XY Finance and Mosaic are the pioneers.

The user experience of cross-chain swap could also use a lot of improvement. For example, cross-chain applications can be deployed within crypto wallets, and cross-chain operations will be automatically triggered when a cross-chain payment is requested, thus eliminating the need to find a suitable cross-chain bridge. Although there are already wallets that integrate cross-chain functions, they still suffer from problems such as poor security, slow transfers, high costs, and the availability of public chains.
Regarding the liquidity issue, a multi-chain protocol with capital reserves might be the right solution. For example, protocols like Curve, AAVE, and Compound are powered by sufficient multi-chain assets, and if a cross-chain bridge is built within these protocols, not only can it address the liquidity concern, but it can also fully leverage the unutilized funds of the protocol for the cross-chain swap of the native assets while allowing liquidity providers to make more profits.
Although none of the existing projects can perfectly meet all the different demands, the sector of cross-chain swap is moving closer to this vision, and the ultimate cross-chain swap may not be so far away from us.

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Crypto Discussion / CoinEx Institution | S&P 500 and BTC, Friend or Foe?

« on: January 05, 2022, 03:56:37 PM »

Scipy computed Pearson r: 0.8998546848871993 and p-value: 0.0

However, the signal is dynamic. In order to find more details in the change, a window can be added to roll-over the calculation. Then we can collect the data from all the windows to compare the relationship to find out which one leads the change. We equally separate the data into 20 windows. The red color means the variable that may lead the change. For example, in the first row, most of the red is on the left, so BTC will lead.In the second row, most of the red is on the right, so S&P will lead.

Generally, most red blocks are on the right, so we can conclude that for most of the time in those samples, S&P will lead the change. However, there is some time when BTC leads. But the offset is changing over time, so we cannot find out exactly for how much time one asset will lead another.

Reference
- https://www.bloomberg.com/news/articles/2021-11-23/bitcoin-morphs-back-into-risk-asset-as-stock-correlation-climbs
- https://guardian.ng/business-services/capital-market/stocks-and-bitcoin-is-there-a-correlation/
- https://www.commpro.biz/why-does-bitcoin-have-such-a-big-influence-on-other-cryptocurrencies/
- https://www.investopedia.com/ask/answers/041015/what-history-sp-500.asp
- https://jinhyuncheong.com/jekyll/update/2019/05/16/Four_ways_to_qunatify_synchrony.html
- https://online.stat.psu.edu/stat510/lesson/8/8.2

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Crypto Discussion / CoinEx Generously Shares Nearly 20 Million CET with Millions of Users

« on: January 04, 2022, 05:32:04 AM »

CoinEx | As the 4th Anniversary Celebration Event Comes to An End, CoinEx Generously Shares Nearly 20 Million CET with Millions of Users

On December 29, 2021, with the end of “Together 4Ever: 10,000,000 CET & Bonus For Everyone” event on CoinEx’s official website, the CoinEx fourth anniversary celebration events, which lasted for nearly a month, also come to the closing stage. According to official data, nearly 1 million users have participated in the fourth-anniversary events, and during this period, CoinEx has generously given back to its users with nearly 20 million CET, sharing both the joy and benefits of the era with the 3 million users across the globe on this occasion.

As early as December 1, 2021, CoinEx hosted a themed event of “CoinEx 4th Anniversary · Together 4Ever”. In the first event, “My Story with CoinEx”, which was held in multiple language regions around the world, CoinEx collected texts, pictures, and videos related to CoinEx from global users, and rewarded them with many rewards such as iPhones, USDT and CET. This event has attracted numerous users all over the world, and many crypto users’ creative works were published on CoinEx official SNS platforms. This event has allowed users to make their voice heard, and reinforced the ties between CoinEx and its users.

The second event with the “10 million CET for all & additional surprises” on the official website was open to old and new CoinEx users without any threshold. By checking the exclusive bill, users can enjoy fourth-anniversary airdrops and surprise packages including CET and higher VIP levels. It is reported that on the first day of this carnival, nearly 300,000 users took part and received gift packages such as CET.

It is worth mentioning that CoinEx sent a special thank-you letter to every user in the world via email on the fourth anniversary on December 24, 2021. In this letter, CoinEx reviewed the past four years since its establishment and the important breakthroughs it has made in 2021, and expressed gratitude to all users for choosing and trusting CoinEx. This letter has also struck a responsive chord in the hearts of many crypto users: for all these years, CoinEx has witnessed the ups and downs in the crypto industry along with old users, and also provides a trustworthy trading platform for countless crypto beginners.

CoinEx has developed into a well-known international crypto trading platform, providing safe, stable, and convenient crypto trading services for 3 million users in more than 200 countries and regions around the world. Many of those old users who have been with CoinEx all these years have enjoyed the benefits of this era and realized their grand vision in the crypto world.

It is fair to say that the CoinEx fourth anniversary events have built a bridge linking the platform with its users and also provided a golden opportunity to involve the general crypto fans in the joint efforts with CoinEx to develop this industry. Together with each other, CoinEx and its users bid farewell to the past, embrace the coming future, and grow together, exploring more possibilities in the crypto space.

As the applications in the ecosystem and the product system keep improving themselves, CoinEx has created a well-rounded crypto ecosystem incorporating multiple products. Though the fourth-anniversary events have come to an end, CoinEx will never cease its steps forward. In the future, CoinEx will go on with its globalization journey to bring users from more countries and regions to the crypto space. Just as stated in the thank-you letter, “We will embrace countless breakthroughs awaiting us in the next four years. CoinEx will be there for you beyond the past four years. As our story moves to new chapters, we will be Together 4ever.”

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