Conflux Network Weekly Update | May 7-13
How Conflux is poised to take DeFi global; Conflux sponsors Open DeFi Hackathon; Diving into the $CFX tokeneconomics.
Latest From Conflux
How Conflux Network is Poised to Fulfill the Global Promise of DeFi
As DeFi becomes increasingly attractive to people and institutions across the investment landscape, it is also becoming more complex. With this in mind, the Conflux team has designed a unique protocol for decentralized transactions that promotes cross-border, multi-chain collaboration. This focus on multi-chain interoperability, combined with the team’s unique international perspective and approach to risk management, positions Conflux to transform the DeFi space.
The Role of the CFX token in the Conflux network
Conflux is a high-throughput blockchain network created by Turing Award recipient Dr. Andrew Yao. The network uses the Tree-Graph, a novel consensus mechanism that optimizes security and scalability without sacrificing decentralization. To support the growth of the ecosystem, Conflux uses a token, CFX, to provide several economic incentives. The unique token economics of CFX is designed to promote participation in the Conflux Network at every level, incentivizing behaviors that contribute to the optimal functionality of the ecosystem.
Progress Report - April 2021
⭐️ Highlights ⭐️
We have released our April 2021 progress report which covers development, ecosystem, partnership and community progress.
Math wallet browser extension now supports Conflux.
Announced a partnership with Magic Labs. Magic is solving identity and key management pain points for developers end end-users through password-less authentication.
🎉 Reached 30,000 followers on our official Twitter account! Thank you to the community for all your support.
We have updated our developer documentation including organizing the docs to make them easier to follow and we also added new guides and tutorials. View updated documentation here.
Community & Events
📣 Conflux Sponsors Open DeFi Hackathon / May 3-23 📣
💰 Now OVER $150,000k in rewards! 💰
🔗 Hackathon Details: http://bit.ly/2PRDP2T
Open DeFi is hosting its first hackathon, bringing together developer communities from our extensive member network to connect and grow the DeFi ecosystem. The event will run for 3 weeks.
⚒️ Bounty: Conflux-Native Crypto-Backed Stablecoin
🤑 Conflux Prize: $5,000 USD in $CFX
Conflux is sponsoring the hackathon with a $5,000 USD reward. The challenge of this bounty is for builders to create a solution that enables a user to stake CFX or other cTokens as collateral in a vault that allows users to borrow a USD-pegged stablecoin against it while taking into consideration the maximum loan-to-value ratio or utilization ratio. Developers can use an open-source DeFi protocol as inspiration such as MUSD from the mStable team or DAI from the MakerDAO team.
👨💻 Register & find a team here 👉 HAPPY HACKING!
To provide the community more transparency, our Founder Fan Long has been taking part in live AMAs to provide progress updates, share upcoming developments and answer community questions.
On Wednesday, May 5th, Fan spoke with the English speaking community and shared details about the upcoming hardfork, what projects we are working on in China, receiving government support through research grants, and more.
In case you missed it, you can watch the replay by clicking the button below.
Industry News
How the Open DeFi DAO works
Central to the Open DeFi DAO is the Open DeFi governance token, a multi-chain asset that will empower our community of founders, builders, and strategists to govern the direction of both short-term opportunities such as yield strategies in their vaults and treasury, and more long-term opportunities such as incubation and liquidity bootstrapping for early-stage DeFi protocols. The vision for this DAO is to manage the most diverse and profitable balance sheet of cross-chain assets. In order to accomplish this, they have designed a new permissionless, chain-agnostic, and upgradeable governance architecture that utilizes several new components that we will soon leave in the hands of the DeFi community to take reins over. Source
A first-hand look at China’s new digital yuan wallet
The Industrial and Commercial Bank of China (ICBC) recently started allowing some of its regular customers to activate China's central bank digital currency wallet inside its mobile app. Source
Looking at the Metaverse landscape
When we were talking about the difference between Crypto and Blockchain gaming, we had drawn a table between the market leaders and their challengers. Among the “Metaverse” classification. Source
Chinas increasingly positive perspective on crypto
They were only two seemingly innocuous words: “investment alternatives.” But when applied to Bitcoin — the seminal cryptocurrency — by an official from the People’s Bank of China in a recent panel discussion, they reverberated like a firecracker. Source
Crypto is rapidly moving from exchanges to on-chain wallets
PoW mining is greener than you think
Argo Blockchain, a U.K.-listed cryptocurrency mining company, has purchased two data centers in the Canadian province of Quebec to support its “green mining vision.” The data centers, with a combined 20 megawatts, are powered almost entirely by hydroelectric energy, Argo said Thursday. Source