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CoFiX

CoFiX (COFI) is the most efficient Decentralized Exchange (DEX) on the  platform. It is an advanced automated market-making protocol. It uses the equilibrium price (market price) from the Decentralized price oracle and has a comprehensive risk quantification and control.
Traders using the platform always get the smallest spread. Trading in Cofix allows users to earn Cofi, which represents the governance and dividend rights in the CoFiX protocol.[3]

Overview

CoFiX is a community-driven DeFi project that was founded in March 2020. It is described to be a computable trading system that is using the NEST oracle to provide an entirely new DEX ( Decentralized Exchange), CoFiX, that brings reliable prices and a computable risk factor for traders and market makers.

It is claimed that it would solve the problem faced by many DeFi projects that they cannot calculate and manage risk because they are not using an oracle with controllable and computable risk. It is described that the NEST oracle solves this problem by providing a reliable price feed with a computable risk factor that does not rely on centralized infrastructure.

The main idea of the Cofix economic model is to reshape the balanced relationship between market makers and traders through Cofi tokens instead of fees, so that they have self-reinforcing attributes, thereby locking in value and depositing Decentralized assets on the chain[4].

Advantages

  • Risk-free market-making (no permanent or impermanent loss, but need to do hedging to maintain your asset proportion).
  • Simple hedging.
  • No permission required
  • High capital efficiency
  • Suitable for any trading pairs, including mean-reverting pairs, correlated pairs, uncorrelated pairs, and inversely correlated pairs
  • Trading with the lowest price spread.

$CoFi Token

The Cofi Token is a Cryptocurrency that operates on the Ethereum Platform. CoFiX protocol reward users with $COFI tokens, the native Token of the CoFiX Protocol. Users can earn CoFi by providing liquidity or trading on the CoFiX interface. Per the token mining incentive system of CoFiX, the protocol will distribute 90% of total CoFi tokens to users through liquidity mining and trading mining. The CoFi token represents the governance and dividend rights in CoFiX protocol.
The total supply of $COFI is 13,457,552 and it is currently being traded on Gate.io and MEXC Global[5].

CoFix DApp

CoFiX DApp supports USDT-ETH and HBTC-ETH pools and has asset swaps for ETH, USDT, and HBTC. The CoFiX protocol is permissionless. Users can activate a trading pool in the Smart contract as long as there is a NEST Oracle price quote. The first two pools to join the mining are USDT-ETH and HBTC-ETH, as the can provide stable price feeds for these assets.

Updates and Upgrades

The CoFiX's ecosystem has taken the announcement on its page about a protocol upgrade. This upgrade, named CofiX 3.0, introduces a newly upgraded fund pool contract. For this DeFi-oriented platform, after the upgrade, market makers will no longer receive mining rewards. The CoFiX 2.1 fund pool needs to be manually migrated to CoFiX 3.0 version.
Users who got funds left in its old version fund pool are strongly advised to withdraw their funds from its old version[1] as soon as possible.[2]

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CoFiX

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Edited On

October 12, 2022

Reason for edit:

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