CoinEx Smart Chain
CoinEx Smart Chain (CSC) is a smart contract public blockchain designed to ease the process of building DApps (decentralized applications). Launched in 2021 by CoinEx, a reputable global crypto exchange, it aims to create an efficient and decentralized financial ecosystem.
Several features enable CoinEx to stand out.
• EVM compatibility: Ethereum Virtual Machine (EVM) compatibility allows developers to use better development tools and easily adapt DApp to CSC. The feature also allows seamless migration of DApps from Ethereum.
• High throughput and low transactions: the blockchain uses the proof of stake consensus mechanism to achieve block generation in seconds. It supports high TPS (transactions per second), up to 1,000, which helps maintain low transaction fees.
• A high degree of decentralization: CSC supports up to 101 nodes or validators ranked by the amount of CET they staked. The higher the amount of CET staked, the higher the ranking. Anyone can become a validator by staking CET tokens.
CoinEx also features a cross-chain bridge that provides assets bridging services between CSC and other chains. It features great security, considering it was built by the CoinEx team, a crypto exchange that continues to maintain a zero accident record.
CoinEx token (CET)
CET is the native token of the platform. Issued in 2018, it used to be based on the Ethereum ERC20 protocol before migrating to CSC after its mainnet went live.
The token can be used to pay gas and transaction fees for deploying smart contracts. They can also be delegated to selected validators.
As of writing, according to Coinmarketcap, each CET is worth $0.05245. It is ranked the 446th largest cryptocurrency with a live market cap of $37,127,097. It has a max supply cap of 10 billion coins and there are currently 708,633,582 in public circulation.
Some of the projects that have been successfully launched on the platform include:
• OneSwap: a multi-chain decentralized exchange with smart contract functionality. It supports four public chains, CSC, BSC, TRX, and ETH.
• IFP Pool: an open-source staking protocol that allows users to earn from CET staking. Staking CET on IFP Pool allows participants to obtain iCET tokens and unlock the liquidity of staked tokens.
• WaterLoan: a decentralized lending and borrowing protocol. It features two types of borrowing stable borrowing, which has higher interest rates, and variable borrowing.
Other projects launched on the platform include IFSwap, GemGard Finance, Dyor Audit, Via wallet, and Smart Cash, a payment tool that allows users to transfer CET anonymously.
The platform has also ventured into the NFT ecosystem, launching projects like Mini Utopia, an NFT marketplace, Omega Club, an NFT card game, and CoinEx Gem, another marketplace. Besides the projects already launched, many are still in development, which will eventually boost its growth.
The blockchain continues to grow its ecosystem, covering projects focused on a wide range of fields, including DeFi, Web3, NFT, gaming, and social media.
CSC is still considered a fairly young DeFi platform. However, considering what it has achieved, it is worth admiring. Many of its achievements are due to its great support plan, CSC pioneers, and hackathon grants.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.