Conflux Network Weekly Update | May 14 - May 20
China’s new crypto ban shouldn’t stoke fear; Open DeFi hackathon ends May 23rd; Crypto mining continues to grow in North America
Latest From Conflux
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.
China’s new crypto ban shouldn’t stoke fear, says Conflux Network’s Fan Long
Fan Long, Founder of Conflux Network told Forkast News in an exclusive interview that the source of yesterday’s announcement forbidding the use of crypto by banks and other businesses was all-important, noting that it had come from three finance industry associations, which he characterized as representative of Beijing’s will, but nevertheless “semi-government.”
Fan said, “The Chinese government is just saying its consistent message…that they are not very happy about the highly speculative nature of this cryptocurrency or crypto market, and they are worried about the financial system risk associated with it, so they want to cool down this speculative heat.”
Community & Events
📣 Conflux Sponsors Open DeFi Hackathon / May 3-23 📣
🚨 Hackathon ends May 23rd | 💰 Now OVER $200,000 in rewards!
🔗 Hackathon Details: http://bit.ly/2PRDP2T
Open DeFi is hosting their 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.
👨💻 Submit your bounties here 👉 HAPPY HACKING!
Industry News
DeFi attacks: the general picture
As a result of DeFi attacks, at least $370M was stolen in a year and a half. The BSC’s success has led to a new outbreak of attacks due to unqualified developers and an auditors’ shortage. Most often, DeFi is exploited during the weekend. Source
Open DeFi unravels first incubated project OptyFi
The OptyFi Protocol is a Yield Optimizer capable of evaluating and executing thousands of yield strategies in real time across liquidity pools, protocols and blockchains. Assets deposited into OptyFi vaults are automatically placed into the most optimal current strategy matching users’ risk tolerance. Source
Crypto mining continues to grow in North America
The firm that runs the BTC.com bitcoin mining pool is seeking out mining real estate in Texas. BIT Mining plans to invest $25.74 million in the 57-megawatt facility, which it will operate alongside Dory Creek. The company claims that 85% of its power is “generated by clean and low-carbon energy.” Source
A look at the global activity of blockchain projects
The rise of DeFi has enabled projects to launch, build teams, and attract capital from anywhere in the world. Targeted strategies for specific geographies can ultimately have a significant effect on the international makeup of protocol users. 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, Decentraland was unmistakably the market leader and its biggest competitor at that time was CryptoVoxel. Source