Our team is thrilled to announce our platform’s integration with ChainX, a project developed on Polkadot’s substrate aiming to enhance Bitcoin’s layer 2 network while also serving as a portal for digital assets and Polkadot’s second-layer relay chain. ChainX acts as the facilitator connecting external assets via its multi-chain interoperability feature, while also offering financial derivative capabilities for these tokens.
Through our partnership, Common Protocol’s open-source platform and features will provide ChainX with a new way to coordinate fruitful discussions and collaborations regarding project advancements and other related matters. We’re uniting and helping build the ChainX community in a streamlined and organized way, while giving them access to critical on-chain features.
“Common Protocol allows us to better connect with our community and discuss with them the pressing matters in a formal setting,” said Guanghua Guo, CEO of ChainX regarding this partnership. “Together with the direct connection to our governance system, we now have a professional environment to build ChainX. Being able to shape an idea together and elevate it to a referendum without complicated coding makes the process natural and enjoyable for all parties involved.”
ChainX released its version 2.0 in November 2020 with a full mainnet upgrade, adding additional functionalities such as native smart contracts, on-chain governance, and more. This will enable the project to not only have increased functionalities and applications, but also create a stronger mechanism to facilitate transfers across the different supported chains
Through its Dapp wallet, users can participate in governance through voting, access the DEX for trading, and staking. The DEX is an extremely efficient way for community members to execute transactions for assets cross-chain, giving the microscopic transaction fees and its high bandwidth. $PCX is the native token for ChainX, which can be used for staking, transacting, paying fees, governance, and more.
We’re very excited to be working with ChainX to help them recognize their long-term vision. Dillon Chen, CEO of Common Protocol said, “ChainX and its community are building avenues to bring Bitcoin and other key assets onto the revolutionary Polkadot ecosystem, marking the beginning of a new era of cross-chain functionality. We’re confident that our platform and solutions will allow their community to fully thrive and coordinate the best mechanisms to advance the project to its maximum potential.”
The ChainX forum on Commonwealth will be launching on September 1st with key discussions that the ChainX team wants to have with the community. Stay up to date with this forum launch on their Twitter which is listed below.
To learn more about ChainX, follow them via their social media channels: