Proposal to add eCFX/ETH to the Gauge Controller

Gauge Proposals
#1

Proposal to add eCFX/ETH to the Gauge Controller

Summary:

This proposal is to add the eCFX/ETH pool to the Gauge Controller.

References/Useful links:

Protocol Description:

Conflux Network is a blockchain without barriers that enables creators, communities, and markets to connect across borders and protocols. Conflux Network’s mainnet was launched in Oct. 2020, and its on-chain activity has been growing since. With more than 700 PoW- and 250 PoS-nodes, the network’s PoW-PoS hybrid consensus follows the spirit of the Nakamoto Consensus and adds finality to enhance its on-chain security.

Being the only regulatory-compliant permissionless blockchain network in China, it has established strong partnerships and integrations with Web2 giants that enhance the mass adoption of blockchain technology. In addition, the only regulatory-compliant off-shore CNY (CNH) called CNHC, is issued on Conflux Network.

Additional Information:

The recent China / HK narrative helped Conflux gain exposure in the West. When taking a closer look at Conflux and its unique regulatory position in China, it also expands into Hong Kong. Hong Kong Monetary Authority (HKMA) is set to demand licensing for stablecoin issuers in Hong Kong, and with already a regulatory CNH stablecoin on Conflux Network, an HKD stablecoin to be issued on Conflux seems to be very likely once the regulation officially kicks in.

Conflux Network’s native token $CFX is used on both its network spaces: Core and eSpace. Core and eSpace are two distinct smart contract execution environments that both reside on Conflux’s ledger (more here). Core is currently our China market-focused environment with a distinct base 32 checksum address (cfx:aak….) according to our CIP37, and eSpace is the DeFi-focused environment that uses a mixed-case checksum hex address (0x123…) according to EIP55. Both have their blockchain explorer: Core and eSpace

Conflux Network is secured by its PoW + PoS Hybrid consensus. Currently, 753 PoW miners (link) and 266 accounts are participating in the PoS mining (link) to secure the network. Core and eSpace have accumulated usage of 24.5 million unique wallet addresses and processed over 176 million transactions since mainnet inception.

The first on-chain offshore China fiat (CNH) stablecoin by CNHC is issued on Conflux Network. CNHC raised $10MM from Kucoin Ventures and Circle (link). China’s Instagram XiaoHongShu has integrated the Conflux Network enabling its >200 million MAU to have access and be able to display NFTs minted on Conflux Network link.

Conflux’s CFX token is listed on Binance, Kucoin, OKX, and other CEX. Recently, its 24-hour trading volume has surpassed $1 Billion on several occasions, with average daily volumes larger than $300 million consistently since mid-February, as seen on Coinmarketcap

Asset description $eCFX:

eCFX is the cross-chained Ethereum ERC-20 version of Conflux Network’s native asset CFX. It can be cross-chained from Conflux Core via Shuttlleflow on link or in the upcoming days, from eSpace to Ethereum via Multichain.

Motivation:

  • Increase CFX’s visibility on Ethereum
  • Establish greater depth of CFX on Ethereum
  • Establish first contact with Conflux and Curve community
  • Possible future deployment of Curve.fi on Conflux Network once more Asian and global fiat-stablecoins are utilized on Conflux Network starting with CNHC.

Audit: Link

Conflux Links:

2 Likes
#2

An on-chain DAO vote has been submitted. The link to DAO Vote #379 can be found here:

https://dao.curve.fi/vote/ownership/312

#3

What is the end goal for conflux with this? I would like to see CNH stablecoin and HKD stablecoin pools on Ethereum and other public networks.

#4

Conflux Network wants to take a different approach to welcome Curve to deploy on Conflux. Instead of simply proposing a possible multichain-deployment on Conflux, Conflux also wants to increase its liquidity and exposure on ETH first and get users more familiar with Conflux, before proposing a deployment of Curve on Conflux Network.

#5

That makes alot of sense, CFX does appear to be picking up steam. So plan is too eventually add the conflux network to Curve. Will the CFX stables coins be minted on other chains as well or is the plan to keep them on Conflux?

#6

CFX is the mainnet token of Conflux Network. While it has been bridged to several networks (BNB Chain, KCC, OKX, ETH, etc.) besides the eCFX on Ethereal mainnet for Curve, there isn’t an immediate and long-term plan to further increase the liquidity on other chains.

As for the CNHC stablecoin, they’ll focus on 1-2 chains (Etheruem and Conflux) primarily, before possibly deployments on other chains. However, with the existing cross-chain infrastructure, we might see an faster adoption of CNHC in a multi-chain environment faster.