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OneSwap Upgrade: Mining of Multiple Cryptos & Collaboration with CSC-powered Projects

2022-03-04 12:36:46

OneSwap is a universal one-stop transaction service platform, and also a fully decentralized transaction protocol based on smart contracts. It does not require permission to list tokens, supports automated market-making (AMM) and the order book, and improves user interaction through the built-in OneSwap Wallet that provides a one-stop transaction experience. The platform supports the traditional order book based on fast exchanges, offering more flexible trading methods, as well as enhanced security and transparency.

In addition to Ethereum and Tron, OneSwap also started to support CoinEx Smart Chain (CSC) last year, which expands its application ecosystem.

Multi-project ecosystem development: merged mining will be a future trend

As the number of CSC-based projects continues to rise, a growing number of project teams in the ecosystem plan to engage in liquidity mining. OneSwap will upgrade the liquidity mining function on February 18, 2022 to better meet the demands of CSC users. After this update, the platform will enable merged mining between more CSC-powered projects and projects on OneSwap. In addition, you’ll be able to mine other cryptos in a pool (excluding ONES), and different types of tokens can be mined in one pool.

The upgrade is limited to the OneSwap liquidity mining module. As the name suggests, liquidity mining refers to a process where users provide liquidity for both lenders and borrowers in the DeFi market to receive rewards apart from the normal returns. The previous CET/USDT liquidity mining campaign on OneSwap featured a 7-day APY of 138.87%, and that of ONES/USDT liquidity mining also reached 105.01%. Furthermore, the TVL during the campaign also soared, going from $330,000 to $2 million at the peak.

Compared with peers at centralized exchanges, liquidity providers on OneSwap do not have to entrust their assets to an institution or individual. Instead, the assets are entrusted in smart contracts. Although such an approach brings smart-contract-related security risks or systemic risks, at least there will be audit institutions to mitigate the security risks. More importantly, no one can misappropriate users’ assets, which is the advantage of liquidity mining on OneSwap.

Following this update, OneSwap will launch merged mining campaigns in collaboration with CSC-based projects to break the restriction on token types. In addition to ONES, CET, and USDT, the platform will also support liquidity mining of trading pairs that feature multiple tokens by working with projects on CSC.

Official mining website: https://www.oneswap.net/cet/

Master liquidity & Meet new challenges

Joy Santoro once said: “Liquidity is one of the two most important resources in this new world, and whoever controls liquidity controls DeFi.”

One of the features of DeFi is composability, meaning that different protocols can be combined or nested together. Tapping into this unique advantage, OneSwap will also work with other projects to launch merged mining campaigns in the future, which will offer higher returns to the participants. Users can also profit from multiple protocols by investing in certain designated liquidity pools. The platform provides token rewards for the actual protocol users by combining CSC-based projects with liquidity mining, which will encourage more users to engage in this process. In addition, given that one of the functions of tokens is enabling holders to participate in project governance, this will help the project move towards perfection, thereby building a sound inner cycle of project tokens within the ecosystem.

Just as the public chain category is ushering into a multi-chain era, at the end of the day, the DeFi market will not be dominated by one winner. On the contrary, the DeFi world will witness multiple merged projects that compete with each other. Merged liquidity mining on OneSwap will bring massive liquidity to CSC-based projects, which will generate synergy and make all projects prosper in the CSC ecosystem.

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