AscendEX, a virtual currency exchange, has announced a strategic collaboration with Conflux Network, an L1 protocol.
AscendEX is a decentralized exchange with a full range of products, including wallet offerings, derivatives, leveraged, and spot trading, and staking support for multiple protocols.
On the other hand, Conflux is known for merging POS (proof-of-stake) and POW (proof-of-work) consensus algorithms, which enables it to provide rapid processing speed, low gas fees, and strong security. It is recognized as China’s top regulatory-compliant public blockchain network.
AscendEX Feeds Into Conflux’s EVM
The core of this partnership is based on advancing a mutually beneficial relationship between the two firms. First, AscendEX will launch more Conflux-focused tokens on its decentralized trading platform and provide advanced trading pairs with Conflux’s native token, CFX.
Secondly, this collaboration means that the exchange will integrate Conflux’s EVM interoperability. This integration will allow the exchange to enable its users to efficiently interact with DApps running on top of the Conflux chain. This will also facilitate wallet connections and other offerings that enable users of the exchange to seamlessly move coins to and from Conflux.
Also, with its staking offerings, AsendEX is set to bring staking opportunities for CFX, enabling its users to contribute to Conflux’s platform’s security and gain rewards.
Lastly, AscendEX will leverage Conflux’s ‘ShutterFlow’ multi-cross bridge to allow more seamless asset movement between various blockchains, improving user experience and liquidity on the exchange.
Unlocking DeFi with Decentralized Applications
The collaboration of AscendEX and Conflux is paramount for DeFi’s growth.
This alliance is part of Conflux’s strategic move to bridge eastern and western markets. Conflux’s prime position as a legally authorized public blockchain in China, integrated with AscendEX’s international presence, can help connect DeFi economies between Asia and the rest of the globe. This is paramount for promoting broader Web3 adoption.
Besides that move, Conflux’s Tree-Graph consensus algorithm addresses the common blockchain problems of scalability and high gas fees. AscendEx feeding its network into such a high-performance infrastructure can provide its users with more cost-effective and rapid transactions, a prominent catalyst for mass Web3 adoption.
Lastly, by bridging into Conflux’s ecosystem, AscendEX allows its users to access new and advanced DApps and DeFi protocols, widening offering options for its users and contributing to the broader growth of the DeFi space.
