Conflux working with OKExChain to help DeFi projects enter Chinese market

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Conflux working with OKExChain to help DeFi projects enter Chinese market

CryptoNinjas » Conflux working with OKExChain to help DeFi projects enter Chinese market

Conflux, a public blockchain network in China, today announced a strategic partnership with OKEx to make it easier for DeFi projects to enter China. The new partnership will enable interoperability between the Conflux blockchain and OKExChain, a set of open source public chain projects developed by OKEx, via a token bridge for on-chain assets. 

To begin, eight emerging DeFi projects will have their tokens wrapped with CFX, the native token of Conflux Network, making Conflux one of only a few Layer 1 chains to list multiple wrapped assets on a major centralized exchange (CEX). 

As the only public permissionless blockchain with regulatory compliance in China, Conflux aims to bridge the gap between the East and the West by facilitating an economic entry point into China. To further this mission, Conflux unveiled eight DeFi projects in the first cohort of its program; all of which will have their tokens wrapped with CFX so they can move freely between Conflux and OKExChain.

Conflux’s first OKExChain cohort includes:

  1. Autonio – a suite of liquidity and market-making tools, including a DEX and NIOX token.
  2. QCAD – a CAD stablecoin, or a stablecoin pegged 1:1 to the Canadian dollar.
  3. Mettalex – a decentralized commodities derivatives trading platform powered by technology.
  4. Set Protocol – indexes of tokens.
  5. The Oasis Protocol Foundation – privacy-preserving audits and fraud detection.
  6. Moonswap – L2 AMM built on the Conflux chain.
  7. SPICE DAO – which is a decentralized community that launches and governs tokenized investment funds like $SCIFI and $GB.
  8. 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’ wrapped tokens will be backed 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 multi-sig cross-chain protocol that will support the transfer of ERC20 assets between chains, strengthening the interoperability of assets and decentralized applications.

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.”

CryptoNinjas » Conflux working with OKExChain to help DeFi projects enter Chinese market