#FX Archives - Smart Liquidity Research

Function X partners with Axelar

Mische Martinete — Fri, 16 Feb 2024 07:37:46 +0000

Function X partners with Axelar to bring cross-chain interoperability to f(x)Core blockchain. With this integration, there are direct routes between both chains without going through the Cosmos Hub.

Axelar provides seamless integration across more than 50 blockchain networks, delivering decentralized security and unrestricted programmability. This platform has garnered acclaim from major corporations like Microsoft, establishing itself as a vital resource for integrating off-chain infrastructures with on-chain networks. Axelar’s innovative technologies have been instrumental in the advancement of composable USDC, a collaboration that merges Axelar’s General message-passing technology with Circle’s CCTP protocol.

Integration Functions

The collaboration between f(x)Core and Axelar marks a crucial achievement for Function X, enabling users to access a wider range of on-chain assets and liquidity. This integration not only streamlines cross-chain operations but also elevates user engagement with Function X and the wider blockchain network.

For the next step, Function X will bridge the wrapped assets from Axelar to f(x)Core and explore the possibilities of integration with applications on Axelar.

Axelar stands as the foremost Web3 interoperability platform, facilitating connectivity among more than 50 blockchains through a secure and programmable network. Positioned as the internet infrastructure for upcoming super applications worldwide, Axelar caters to a diverse array of partners, from Uniswap to Microsoft, empowering them with scalable cross-chain solutions. Users benefit from seamless interaction with various assets through a single click. Developers enjoy the flexibility of working across multiple blockchains as if they were developing on a unified platform, supported by a user-friendly API and an open ecosystem of tools and service providers. Noteworthy backers of Axelar include Binance, Coinbase, Dragonfly, Galaxy, and Polychain.

The Function X Foundation is an autonomous non-profit organization dedicated to fostering the expansion of the Function X Ecosystem. This innovative framework represents a cutting-edge internet service infrastructure designed exclusively for blockchain technology. By merging the strengths of conventional internet and blockchain structures while incorporating widely adopted technical solutions, the Function X Ecosystem introduces a pioneering service framework. The Foundation’s primary objective is to oversee the allocation of the Ecosystem Genesis Fund, aimed at incentivizing and supporting service providers in integrating and establishing themselves within the Function X Ecosystem.

Function X Support Chainlink

Mische Martinete — Wed, 14 Sep 2022 12:15:30 +0000

Function X support Chainlink and listed LINK token on its platform. LINK will be integrated into the EVM Chain (f(x)EVM) and once it’s deployed, developers and users can utilize the LINK token in dApps on f(x)EVM. It will be included in the upcoming XChange and people can access LINK at retail merchants.

Chainlink is a decentralized network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts via oracles. This process, along with extra secure hardware, eliminates the reliability issues that might occur if using only a single centralized source.

The Chainlink blockchain is powered by three types of smart contracts

Aggregating Contracts — Collect data from oracles and match the most accurate results with the smart contract that needs them.
Order-Matching Contract — Matches a smart contract’s service level agreement (SLA) with the best bidding oracles.
Reputation Contract — Verifies an oracle’s integrity by checking its track record. This includes factors such as the total number of completed requests, average response time, and amount of LINK cryptocurrency the oracle has staked.

In addition, contract holders use LINK to pay Chainlink node operators for their work. Moreover, prices are set by the Chainlink node operator based on demand for the data they can provide and the current market for that data.

Furthermore, Chainlink node operators also use LINK to stake in the network; node operators must deposit LINK with Chainlink to demonstrate their commitment to the network and incentivize good service.

LINK on f(x)EVM

Following this integration, Function X developers will be able to integrate LINK into their own dApps on f(x)EVM, and users can bridge over LINK from the Ethereum blockchain to f(x)EVM via f(x)Core Gravity Bridge.

In addition, LINK will be listed on f(x)Swap and users will be able to add liquidity to the pairs that utilize the token. This listing will also enable users to seamlessly convert cryptocurrencies like FX, PUNDIX, and USDT to LINK. Furthermore, f(x)Swap is the first AMM DEX on f(x)EVM and it allows users to trade and provide liquidity to cryptocurrencies in a decentralized way.

ABOUT Function X

Function X Foundation is a nonprofit, independent organization. Supports the growth of the Function X Ecosystem, a next-generation internet service framework built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures. Moreover, combining the benefits of both, and using the most commonly used technical solutions. The Foundation has been set up to manage the usage of the Ecosystem Genesis Fund. Aims to motivate, encourage and facilitate service providers to join and get rooted in the Function X Ecosystem.

Website | Twitter

ABOUT Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services. Needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API. Leverage secure off-chain computations for enabling feature-rich applications.

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Stablecoin DAI Landed on FunctionX

Mische Martinete — Fri, 09 Sep 2022 14:06:05 +0000

Stablecoin DAI landed on FunctionX as it was announced recently. Consumers and developers will be able to utilize the DAI token in dApps after DAI is fully deployed into the EVM Chain (f(x)EVM). DAI will be accessible at retail establishments and will also be included in the upcoming decentralized point-of-sale device called p(x)Change.

What is DAI?

Dai as a concept was introduced by the creators of MakerDAO, and the mechanism of DAI as a stablecoin cryptocurrency is to maintain its value as close to the United States dollar (USD) by overcollateralizing loans facilitated by MakerDAO’s smart contracts.

That means for every DAI in existence, there is excess collateral of value locked away in a Maker Vault. The collateral is then locked on-chain which means that the security of everyone’s assets is secured by utilizing blockchain technology and the decentralized contract system of MakerDAO.

Expanding Function X and DAI’s global reach

The applications on Function X are a collection of use-cases and innovators can further branch out into new areas with the introduction of a decentralized, collateral-backed stablecoin. More stablecoin variations will simplify the process for us to entice prospective people to the blockchain industry, particularly those who are not yet familiar with it.

It will be one of the gateways or entry points to an even superior, broader, and further expanded capability of Function X, which will drive more demand for both our products and services.

Reaching into untapped markets

By introducing DAI into Function X’s ecosystem, developers from all around the world can help to build state-of-the-art products on f(x)EVM while gaining access to the capabilities of Function X. There is so much untapped value that can be shared across all the different networks and use cases provided by Function X.

Users will be able to bridge over their DAI from the Ethereum blockchain to f(x)EVM via f(x)Core Gravity Bridge. The process has been simplified, so the average user won’t have to worry about it being complicated.

Furthermore, DAI will be one of the first digital assets to be listed on f(x)Swap. Users will have the privilege and honor to participate in liquidity mining. Get rewards through fees by adding liquidity to the pairs that utilize the DAI token.

Additionally, the introduction of DAI will allow users to have more options to convert cryptocurrencies like FX, PUNDIX, and USDT to another variant of the stablecoin.

The f(x)Swap is the first AMM DEX on f(x)EVM. It allows users to swap and/or provide liquidity to cryptocurrency pools in a decentralized manner.

About Function X Foundation

The Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem. A next-generation internet service framework built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures. Combining the benefits of both, and using the most commonly used technical solutions. The Foundation has been set up to manage the usage of the Ecosystem Genesis Fund. Aims to motivate, encourage, and facilitate service providers to join and get rooted in the Function X Ecosystem.

Website | Twitter