ChainX Ecosystem Monthly Report #1

ChainX

ChainX network successfully completed Bitcoin Taproot upgrade

ChainX, as the layer 2 network of Bitcoin, has taken the lead in realizing the Bitcoin Taproot upgrade.

Taproot = MAST + Schnorr signature algorithm. Taproot is a huge improvement for Bitcoin custody businesses that require multi-signature. The first is security. Taproot makes a multi-signature look like an ordinary single-signature, thus greatly improving the privacy. Secondly, when the number of people participating in multi-signature is relatively large, the off-chain aggregation of Taproot private key fragments saves users a considerable amount of gas costs.

ChainX Bitcoin Custodians successfully re-elected

After the completion of the Bitcoin Taproot upgrade, the ChainX main network successfully carried out the change of the custodians.

Now the ChainX network custodians do not have to execute code to run the script when performing multi-signature, they initiate the transaction in ComingChat and complete the signature. Since the ComingChat encryption group is designed with Signal, an end-to-end encryption protocol, the security of user assets is further guaranteed.

Users should use wallets that support Taproot type addresses, such as ComingChat, when depositing bitcoin across the chain to the ChainX network.

Added ways for PCX and XBTC to earn profits

Previously, PCX holders could only vote for validators on the ChainX Wallet for staking mining to gain income,and the APR is around 30%. Now, PCX holders can choose to stake PCX in SoSwap’s Pools, or participate in SoSwap liquidity mining, with a yield of over 100%.

Now, in addition to mining PCX, XBTC can also be used to participate in SoSwap liquidity mining to obtain high returns.

ChainX announces strategic partnership with Encentive

ChainX announced the official cooperation with Encentive. The cooperation will revolve around community promotion, token staking, etc. ChainX users will be able to obtain corresponding Encentive tokens as income by staking PCX.

ChainX official website update

The ChainX official website has been updated recently. This update enables one-stop query of relevant information. Now, “Products” and “Tools” have been added to the navigation bar. Users can view the relevant descriptions of all products in the ChainX ecosystem.

SoSwap

SoSwap Liquidity Mining Launched

SoSwap liquidity mining has been launched. Users can stake the liquidity of designated trading pairs on SoSwap to earn SoSwap’s platform currency $SO. The output of SO is 72 per day, and the output is halved every four years. It is expected that users will be able to use SoSwap on their mobile phones in May.

SoSwap cross-chain bridge Launched

Now, users can directly use bridges in SoSwap to realize asset cross-chain between SherpaX and public chains such as Polkadot/Kusama/BSC/MINIX/ChainX.

SherpaX

SherpaX EVM blockchain explorer Launched

The swap operations performed by users during the use of SoSwap, or other operations that interact with SherpaX EVM, can be viewed through the SherpaX EVM blockchain explorer. In addition, users can also view the balance of various EVM assets on it.

You can click “Tools” in the navigation bar at the top of ChianX official website to enter the SherpaX EVM blockchain explorer.

ComingChat

ComingChat 3rd round of KSX mining Launched

SherpaX miner will issue a total of 10,000 KSX every day (UTC Time zone) to reward users who participate daily. The reward rules are as follows:

🔸4,000 KSX distributed to new and current users of ComingChat App;

🔹5,000 KSX distributed to Comfuture users;

🔸1,000 KSX distributed to ComingChat loyal users.

Added multi wallets feature

In the past, if users wanted to use another wallet account in ComingChat, they had to unbind the currently bound account. After this update, users can bind multiple wallet accounts at the same time, and can easily switch between multiple accounts.

Tokens in the wallet are displayed by network type

With this update, the arrangement of tokens in the wallet is no longer confusing. Users can view the quantity and balance of the corresponding tokens by selecting the network at the top right of the wallet.

The networks currently supported by the ComingChat wallet are: ChainX/SherpaX/Ethereum/Signet/MINIX/Bitcoin/BSC/Polkadot/Kusama

Optimized CID shown interface

When a user sends a message in a group chat, the user’s CID is now displayed above the message box. Among them, CIDs with 6 digits and less than 6 digits are displayed in yellow. The rest of the CIDs are shown in black.
Changed the CID display style of the personal home page.

Comfuture

  1. Add like feature
  2. Support CID preview
  3. Display reputation system

About ChainX
ChainX will become the largest Bitcoin Layer 2 Network in the world. Committed to realizing trustless and decentralized bridges for Bitcoin and other assets, it forms an inter-blockchain asset gateway, pathing the way for a truly interoperable network of blockchains.
Website | Github | Wallet | Twitter | Medium | Telegram | White paper

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ChainX

ChainX

ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.