DeFi Llama data shows that the TVL of DeFi on Ethereum has exceeded 140 billion US dollars, and many public chains including CoinEx Smart Chain (CSC) have considerable funds. However, these chains are like islands, and the assets on them cannot be exchanged freely. As multi-chain ecosystems bloom, free distribution, and flow of assets become what all senior DeFi players need. The cross-chain bridge becomes the hub to circulate assets among multi-chain ecosystems.
To meet the asset transfer needs and optimize the user experience in the CSC ecosystem, CSC Bridge was launched officially on December 24. CSC Bridge independently developed and endorsed by CSC features unrivaled security and reliability.
CSC’s Leapfrog Growth in Six Months
Since the launch of its mainnet on June 30, CSC has been rocketing and obtained eye-catching results in the past six months.
This July, OneSwap went live on CSC and held its first mining event, with staking tokens exceeding 4 million US dollars.
To perfect the ecosystem, CSC initiated a $10 million support fund in August. The next month, a three-month global hackathon and a metaverse special fund were established. The generous support has made the fund viral, attracting over 100 applicants. A number of projects including WaterLoan and IFPool have been operating smoothly on CSC. More than 100 million CETs have been staked in the IFPool mining pool, and the CET deposits in WaterLoan have exceeded 1 million US dollars so far.
In November, CSC recruited pioneer ambassadors, including Community Sermon, Technology Enthusiast, and Project Ambassador. Thanks to a low threshold and a high return, along with CoinEx’s reputation, CSC has seen hundreds of users recommending themselves to be a pioneer and its ambassador team continuing to grow.
Seeing the popularity of DeFi and the potential of cross-chain business, CSC launched its own cross-chain bridge, CSC Bridge , to enable asset flow for users this December.
What is CSC Bridge?
A cross-chain bridge enables the transfer of tokens and assets between blockchains. Two chains may have different protocols, rules, and governance models, but a cross-chain bridge connects these disparate blockchains together by interoperating securely.
There are many types of cross-chain bridges. In terms of security, CSC Bridge is more trustworthy than third-party cross-chain applications as it is a native bridge endorsed by the CSC security team and CoinEx. That makes it the first choice for users when transferring assets between blockchains.
CSC Bridge supports such blockchains as Ethereum and BSC, and the first batches of cross-chain assets available include ETH, BNB, USDT, and USDC. Users can move their assets between CSC, BSC, and Ethereum conveniently through the bridge.
The minimum cross-chain amount for ETH is only 0.002 ETH
It is worth mentioning that there is zero commission for asset transfer through CSC Bridge and even no minimum amount required for cross-chain ETH Transfer. The transfer via CSC Bridge is estimated to complete in as short as 10 minutes.
The underlying implementation principle of CSC Bridge is to circulate the same asset on two blockchains. When cross-chain trading is initiated, new assets are issued on one blockchain, while the same tokens are locked on the other blockchain for cross-chain balance. Simple operation, low cost, and high efficiency allow a free asset flow experience for users.
Next, CSC Bridge will expand to cover more assets for free flow between blockchains, thereby bringing more energy to the blockchain ecosystem.
Create A Vibrant Ecosystem
Since its launch, CSC has soon attracted a large number of users and decentralized projects. The passion for yield farming and other DeFi (decentralized financial) activities was high back then, and public chain ecosystems built on CSC grew rapidly.
With the boom of NFT and GameFi, DeFi stopped to stand out alone in the public chain ecosystems. In response, CSC has also launched regular hackathon events and special support funds to perfect the public chain ecosystem and grasp every opportunity.
CSC’s goal for 2022 is to establish a cross-chain financial infrastructure, unlock crypto value, cultivate a strong developer community, incubate and accelerate excellent developer projects with original innovation, and build a diversified public chain ecosystem.