CoFix, a decentralized change (DEX) centered on fixing the pricing points within the DeFi ecosystem, has obtained funding of $500,000 from distinguished crypto corporations, together with Huobi, Dragonfly Capital, and Coinbase.
The venture, based in March by a China domiciled workforce, is about to launch tomorrow because it seems to be to disrupt the DEX market with its decentralized oracle pricing answer. At present, Uniswap and peer competing DEX’s leverage exterior worth feeds, which in some instances is derived from Centralized Exchanges or different DEX’s. This has since introduced an arbitrage difficulty on the subject of pricing the DeFi market merchandise.
CoFix’s worth proposition is to resolve this shortcoming; the DEX derives its pricing mechanism type a decentralized pricing oracle dubbed ‘NEST.’ It additionally leverages an underlying threat mannequin to reinforce the DeFi market effectivity additional. The NEST protocol introduces varied monetary parameters for worth data and a mathematical mannequin to account for the related threat, therefore an on-chain computable finance ecosystem.
In keeping with an earlier press launch by CoFix, its newly designed strategy for pricing DeFi, basically reduces related dangers and arbitrage alternatives. This provides merchants a greater alternative to take part within the DeFi market, given the pricing harmonization. CoFix CEO, Sharlyn Wu, stated that,
“CoFiX is trailblazing a brand new path in DeFi with an modern answer that may actually appeal to institutional merchants and market makers to the area,” stated Chief Funding Officer Sharlyn Wu … It leads DeFi into a brand new chapter of ‘Computable Finance.”
CoFix can be set to launch a liquidity mining initiative later within the month, the place the agency will distribute 90% of its native token $COFI to the platform customers. Founding members of this DEX embrace devs from the Alpha Pockets DeFi venture and the SECBIT blockchain safety workforce.