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Unleashing the Potential of Conflux Network: Top Ecosystem Projects to Watch in 2023
Conflux network is a Layer 1 blockchain. As the only regulatory-compliant public blockchain in China, Conflux has gained attention for collaborating with well-known brands and government entities. It is a great time to explore the top projects in the Conflux ecosystem before the hype catches on
Conflux network is a Layer 1 blockchain. As the only regulatory-compliant public blockchain in China, Conflux has gained attention for collaborating with well-known brands and government entities, such as Shanghai, McDonald's China, and Oreo, and expanding into Hong Kong's growing blockchain-friendly environment.
The potential of Conflux Network
The potential for the Conflux Network lies in its technical structure, which is secure, scalable, and decentralized. Conflux is capable of 3,000-6,000 transactions per second (tps), significantly higher than Ethereum's 13-15 tps. This scalability results in lower fees, making it an attractive platform for developers to build decentralized applications in areas such as finance, gaming, and the Internet of Things.
If you are new to the Conflux Network you can read this Conflux (CFX) crypto deep dive first.
As Conflux has been gaining a lot of traction in the last few weeks due to their recent partnerships and has recently integrated with Binance Mainnet to support withdrawals and deposits to the Conflux Network. It is a great time to explore the top projects in the Conflux ecosystem before the hype catches on. In this article, we will go through the leading projects.
Top Projects in Conflux Ecosystem
Co-Mint is a bridge solution developed by Multichain in partnership with the Conflux Network. It aims to unify blockchain bridges, promote decentralization, and enable efficient use of liquidity. Co-Mint allows multiple bridges to mint the same assets, making one bridge truly compatible with other bridges.
The goal of the Co-Mint bridge is to act as the mediator to unify between multiple bridges and better promote the blockchain network and ecosystem. Multichain has always followed the path of openness and decentralization. And to embrace this better, Multichain has launched Co-Mint with Conflux.
With Co-Mint, every bridge will mint the same asset. Thus, liquidity fragmentations will be eliminated. When DEXs will access one common liquidity pool, it will definitely boost capital efficiency, price stability, and a better user experience.
Swappi is the first decentralized exchange (DEX) to launch on Conflux eSpace, an Ethereum Virtual Machine (EVM)-compatible smart contract execution environment that allows developers to deploy and execute Ethereum-native decentralized apps (DApps) and smart contracts within the Conflux ecosystem. As an automated market maker (AMM)-based DEX, Swappi enables users to trade in a fully decentralized environment without having to register or create an account.
Swappi offers three main features: Swap, Stake & Earn, and Win. With the launch of Swappi, Conflux users have a new DEX to swap, stake, and earn yields on their crypto assets, and the platform has already reached $26 million in total value locked (TVL). Swappi aims to build the most robust decentralized finance (DeFi) ecosystem on Conflux. It plans to expand its offerings, allowing users more opportunities to earn.
Goledo is a cross-chain lending and borrowing protocol based on Aave, operating within the Conflux Network ecosystem. Depositors can earn passive income by depositing their digital assets into the algorithmic liquidity market, while borrowers can access both overcollateralized and undercollateralized loans.
By leveraging the Conflux Network's high throughput and low fees, Goledo aims to provide a seamless and efficient lending and borrowing experience for users in the DeFi space. Goledo has attracted over $2 Million in TVL. The integration of Goledo into the Conflux Network ecosystem further expands the range of DeFi services available to users, promoting the growth of decentralized applications and financial services on the Conflux platform.
Neko is an NFT project on the Conflux Network called Maneki-Meow. It aims to tokenize digital art provenance, intellectual rights, and create a greater collection experience. Neko.Exchange is the platform where users can interact with Maneki-Meow NFTs. The NFT tokens are built using the CRC-721 standard, and the technology stack includes Solidity, OpenZeppelin, and Vue.js.
Maneki-Meow benefits the Conflux Network's ecosystem by utilizing its high throughput nature, which is suitable for handling a high volume of NFT transactions during demanding periods. Additionally, the project uses CFX as the Maneki payout, potentially increasing the usage of CFX tokens. Maneki-Neko ($NEKO) is also a token associated with the project, and it can be traded on the Swappi decentralized exchange
ABC Pool is a community-organized Conflux PoS mining pool that allows CFX holders to stake their tokens and earn rewards without running a node. To use ABC Pool, follow these steps:
- Visit the ABC Pool website at https://confluxpos.cn/.
- Connect your wallet to the platform.
- Enter the amount of CFX you want to stake (the amount must be a multiple of 1000).
- Click "Stake" to pledge your CFX tokens.
After staking your CFX tokens, you will start earning rewards based on the PoS system. The Conflux mainnet has been upgraded to v2.0, introducing the PoW+PoS mechanism, which makes the network more secure and stable. The staking rewards in the PoS system are expected to be around 10%. ABC Pool is designed to be a stable, safe, decentralized, and easy-to-use Conflux PoS Pool. Note that there is no server cost and no need to maintain nodes, but you will need to pay a small fee for using the pool.
Dragon Cult is a project on the Conflux Network inspired by Olympus and Safemoon. It aims to build XYZ, a wrapped treasury token soft pegged to a stablecoin with a growth mechanism to counter inflation. The goal of Dragon Cult is to create an ever-growing treasury asset value.
As an ordinary user, you can buy and hold $XYZ tokens in your wallet, and their value will grow alongside the cult treasury. To join the cult, you can stake 1000 CFX to mint a Dragon Cult Membership NFT and receive 1000 CFX back when you leave the cult. Members can participate in voting to decide future parameters and utility.
The inflation rate of the XYZ token is up to 14% annually, with the current distribution being 7% to Dragon Cult Membership NFT holders for free claims (10% in alpha test). Dragon Cult XYZ tokens can be traded on the Conflux Swappi decentralized exchange.
MoonSwap is a next-generation DEX protocol that offers high-speed transactions and zero gas fees. It is an AMM DEX running on Ethereum Layer 2 and supported by the Conflux Network. MoonSwap aims to provide a seamless and efficient trading experience for users while reducing the costs associated with traditional Ethereum-based DEXs.
By leveraging the Conflux Network's scalability and compatibility, MoonSwap can offer faster transaction times and lower fees compared to other DEXs operating on Ethereum. Users can trade various tokens, provide liquidity, and participate in yield farming opportunities on the platform. MoonSwap's integration with Conflux Network helps expand the DeFi ecosystem and offers users a more accessible and cost-effective way to engage in decentralized trading and finance.
Nitfee (website) is an NFT marketplace based on the Conflux eSpace mainnet chain. It allows users to buy and sell their favorite NFT collections with low transaction fees and earn CFX tokens. Nitfee integrates AI into its platform to provide a smarter and more efficient NFT buying and selling experience.
To use Nitfee, users need to connect their Metamask wallet to the Conflux network, purchase NFTs using CFX tokens, and create collections for more convenient collecting. Nitfee supports Conflux eSpace mainnet blockchain and offers a complete solution for NFT trading, including buying, selling, and making offers on favorite NFT collections.
Nucleon Space (website) is a liquid staking solution for the Conflux Proof of Stake system. It allows users to stake their CFX tokens without locking assets or maintaining infrastructure, providing liquidity while remaining secure and earning interest. Nucleon is backed by industry-leading staking providers and aims to solve problems associated with Conflux PoS staking, such as illiquidity, immovability, and accessibility. Users can participate with any amount of CFX, improving the security of the Conflux network. Nucleon has a two-token model: xCFX and NUT. xCFX is an interest-bearing ERC20 token representing staked CFX and its accrued interest over time, with an uncapped supply determined algorithmically.
Users can trade xCFX, enjoying liquidity while remaining secure, earning interest, and accessing the broader DeFi ecosystem. NUT is the native token of the Nucleon ecosystem, with a total supply of 300,000 released over a four-year period. Nucleon was incubated by the Conflux Foundation
In conclusion, the Conflux Network is positioning itself as a leading player in the blockchain space, both in terms of technical capabilities and strategic partnerships. The variety of projects on Conflux, from decentralized exchanges like Swappi to lending protocols like Goledo and NFT platforms like Neko, speak volumes about the versatility and potential of the Conflux Network.
These projects not only cater to a wide spectrum of blockchain users but also demonstrate the network's capacity for high-speed transactions, low fees, and robust security. As the Conflux Network continues to grow and establish new partnerships, it's worth keeping an eye on its evolving ecosystem.
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