Conflux Bringing DeFi to China
- Conflux’s cross-chain solutions enables interoperability with Ethereum, BSC, Huobi ECO Chain, and OKEx Chain.
- Its risk mitigation and compliance solution will enable easier entrance to the Chinese DeFi market.
Shutterstock
In a press release published on 17 May, blockchain platform Conflux said it was uniquely positioned to answer the growing needs of the DeFi space. With its deep connections to the Chinese blockchain community and ongoing relationships with government entities, it wants to offer developers tools to build compliant DeFi technologies.
The company’s key product is ShuttleFlow, a multi-chain asset solution that enables interoperability between the Conflux Network, Ethereum, Binance Smart Chain, Huobi ECO Chain, and OKEx Chain. This will increase the liquidity of all these networks and speed up the exchange of digital assets, the company explained.
Conflux will not only provide projects with a cross-chain solution, but also help them mitigate risks by ensuring a secure network design. The platform uses a unique Proof-of-Work algorithm and Staking Contract that incentivizes miners to keep the network secure.
Additionally, Conflux can work with projects to ensure they get regulatory approval from governing authorities not just in China, but in the entire Asian region.
“From expanding global opportunities to revolutionizing traditional financial systems through cross-chain, cross-border, decentralized finance, Conflux is poised to help drive DeFi on a global scale, across protocols and borders,” Conflux explained in the release.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- Decentralized finance (DeFi) has become one of the hottest trends in the crypto world as it’s more transparent and decentralized than traditional finance.
- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.