How will ChainX survive the crypto winter?
Since 2022, the global economy has been in rapid decline. The U.S. stock market and crypto markets have also been hit hard. The word I hear most often from many of my friends in the community is “tough”.
Almost everyone’s income is declining, regardless of what industry they work in. We are in the middle of a global economic winter, and no one knows when spring will return.
The pessimists and impatient people chose to leave. It’s the Web3 team and investors who stay that are qualified to reap the success of the next bull market.
We haven’t communicated with ChainX community members for a long time, but that doesn’t mean we have forgotten our original intention. ChainX is the beginning of all stories. Although we now have an amazing new product, OmniBTC, what OmniBTC is doing is extremely important to ChainX investors.
Currently, the most important thing for OmniBTC and even our entire team is to develop the Bitcoin cross-chain bridge. Each of us is working on this every day, from morning to night. We are doing our best to cross-chain Bitcoin from ChainX to Aptos.
So, what does this mean for ChainX investors? It’s a major concern for everyone in the community.
Bitcoin is the most important component of the crypto market, and that doesn’t need any extra explanation from me. As a Layer 2 network for Bitcoin,we lost the market of Bitcoin on Ethereum at an early stage due to the use of Substrate to build the underlying infrastructure. Now, almost everyone knows about WBTC on Ethereum. We must admit that it was a success. But this time, the explosion of the Aptos public chain has shown us an opportunity. We are introducing XBTC to the Aptos network, and if we can successfully roll it out, then as Aptos grows, XBTC on Aptos will be more successful than WBTC on Ethereum.
There will be a lot of bitcoins deposited into the ChainX network,and each of us understands what that means — PCX will rise with the increase in XBTC.
Likewise, another core business of OmniBTC, bitcoin lending, is also under development, this is going to take a bit longer than the bitcoin cross-chain bridge, so please give us some time. Again, the bitcoin lending business will bring more bitcoins to the ChainX network.
That’s what we’re doing and how it affects ChainX investors. If you think this strategy is wrong, or if you have a better proposal for ChainX, we are certainly open to discussing it with you, because we are all about a better tomorrow for ChainX.