Conflux, a public blockchain network in China, today announced a strategic partnership with OKEx to help DeFi projects get started in China. The new partnership enables interoperability between the Conflux blockchain and OKExChain, a series of open source public chain projects developed by OKEx via a token bridge for on-chain assets.
At the beginning of eight new DeFi projects, the tokens will be packaged with CFX, the native token of Conflux Network. This makes Conflux one of the few Layer 1 chains with which several packaged assets are listed on a large central exchange (CEX).
Conflux is the only unpublished blockchain that ensures regulatory compliance in China. The aim is to close the gap between East and West by providing an economic entry point in China. To move this mission forward Conflux presented eight DeFi projects in the first cohort of its program. All tokens are wrapped in CFX so they can move freely between Conflux and OKExChain.
Conflux’s first OKExChain cohort includes:
- Autonio – A range of liquidity and market making tools including a DEX and a NIOX token.
- QCAD – a CAD stablecoin or a stablecoin pegged 1: 1 to the Canadian dollar.
- Mettalex – A decentralized trading platform for commodity derivatives based on Fetch.ai technology.
- Set protocol – Token indices.
- The Oasis Protocol Foundation – data protection audits and fraud detection.
- Moonswap – L2 AMM is based on the Conflux chain.
- SPICE DAO – This is a decentralized community that sets up and manages tokenized mutual funds such as SCIFI and GB.
- Ramp DeFi – A cross-chain DeFi solution to create new revenue strategies and stable coins backed by staked coins.
“Expanding our reach in Asia is becoming increasingly important as we scale our user base and community around the world, but the market is particularly difficult to pin down,” said Felix Feng, CEO of Set Protocol. “Support from Conflux will not only help us enter this market, but also open up new growth opportunities through their partners like OKEx.”
Cohort members’ wrapped tokens are secured by locking the collateral of the original ERC-20. Embedding it in Conflux promotes faster transactions and improves security by reducing the risk of counterfeit tokens, which is important for both user experience and crypto-exchange listings.
To promote the seamless transition of cross-chain assets to and from OKExChain and other chains, Conflux will also soon be rolling out a multi-sig cross-chain protocol that supports the transfer of ERC20 assets between chains and facilitates the interoperability of assets and strengthens decentralized applications.
In addition, Conflux and OKExChain will jointly invest in resources to develop technical talent, expand the developer base and provide one-stop application development services to promote healthy and sustainable growth in China. This includes creating a “smart contract development” course to drive technological, product and management innovations in both ecosystems.
“Building trust and transparency across borders is key to real interoperability and innovation in the blockchain space,” said Eden Dhaliwal, global managing director at Conflux Network. “Through our unique collaboration with OKExChain, we can access our shared resources to promote the well-being of the global blockchain ecosystem.”