Coinversation Comprehensive Upgrade: Defining DEFI2.0 and NFT Protocol
On October 21th, 2021, Coinversation officially announced a comprehensive upgrade. Coinversation has been upgraded from a single synthetic asset protocol to a derivative and NFT ecosystem with parachains, synthetic asset protocol, DEX and various NFT protocols. At the same time, Coinversation officially takes the first step in Polkadot auction.
Coinversation has been preparing for this upgrade for a long time. Before the official announcement, Coinversation has completed the deployment of the first Dapp Kaco on BSC and Kusama, which has attracted tens of millions of dollars in Polkadot ecological assets. In addition, the asset cross-chain from BSC to Kusama has also been completed.
What has Coinversation achieved?
The team of Coinversation protocol has been established for more than one year. During this year, the team members have worked together to complete the synthetic asset protocol, determine the data source of synthetic assets and establish a whitelist mechanism, complete the oracle function, and launch the first Dapp Kaco Finance, which has deployed Dex and NFT fragmentation protocols on Kusama and BSC. Next, Coinversation will continue to make efforts in the direction of NFT+DEFI.
At present, Coinversation and Kaco’s partners are distributed in many fields. Insurance: Tidal, PolkaCover; NFT: Project GALAXY, Treasureland; Smart contracts: Astar, Patract, Shiden, Clover, Phala; Decentralized cloud storage: Crust, Stratos; Oracles: Chainlink, DIA; DAO: DoraFactory, CryptoGeek; Wallet : Math Wallet, Bull Finance; Cross-chain bridge: Anyswap, etc. We have reached in-depth cooperation with the above-mentioned partners, laying a solid foundation for the next development of Coinversation.
What is upgraded Coinversation ?
The upgraded Coinversation is a platform for financial derivatives and NFT protocol. In the future, Coinversation will not only have Defi 1.0 products such as synthetic assets and Dex, but will also carry many Defi 2.0 applications. On the NFT protocol platform, Coinversation has launched a fragmentation protocol and an auction protocol, and will later launch NFT index funds, NFT lending and NFT mortgage loans. The new Coinversation will include the following modules:
Coinversation has reserved 22.5% of the tokens for the Polkadot Parachain auction. This parachain will be used for the NFT and financial derivatives ecology, a scalable NFT protocol and financial derivatives platform based on Substrate.
Its core functions mainly include the AMM (automated market maker) of decentralized trading platform, staking and farming, which adoptes the AMM model. Users can trade Polkadot native tokens on Coinversation, or add liquidity to get rewards. By flushing funds into the liquidity pool, users can obtain LP Tokens, and use these LP tokens to exchange capital shares and earn transaction fees.
It is not only a synthetic asset issuance platform, but also a decentralized contract trading platform. The user mortgages the $CTO or $DOT to generate synthetic assets in the collateral pool. The main functional modules of the entire system include: using collateral to cast synthetic assets, decentralized contract exchanges, collateral pools, fee pools, and oracles.
Constructing the NFT meta-component of the Polkadot ecology: It is an NFT that displays game assets in the form of text, any individual and project can create on this basis. It does not carry any multimedia content such as pictures, but only simple text. With the openness of the blockchain, anyone can create a virtual content experience with the help of NFT assets issued by coinversation.
NFT Fragmentation Protocol:
It is a protocol that can merge, divide, and trade NFTs, which converts NFT into liquid tradable assets. In this protocol, users can fragment the NFT issued by the project into NFT100 tokens, which can buy and sell NFT100 tokens on Coinversation, and can also establish liquidity to obtain liquidity rewards.
Regarding Dutch auctions: Dutch auctions initially bid at prices that exceeded the seller’s expected income. The price is gradually reduced until a bidder accepts the current price. The bidder wins the auction and pays the price to purchase the NFT. Everyone can see the NFT being sold and can enjoy the artwork without participating. The bidders will be very excited about the rare NFT and look forward to the NFT bid launched, and will think about their auction strategy in advance.
Next, Coinversation will successively release detailed content such as economic white papers and parachain auction rules.
About Coinversation Protocol
Coinversation are financial derivatives and NFT protocol. Coinversation’s evm version dapp has deployed Dex and NFT fragmentation protocol on Kusama and BSC. Coinversation will continue to make efforts in the direction of NFT+DEFI. Next, we will construct the NFT element components of the Polkadot ecology, such as defining the data format and calculation methods of the Polkadot ecology NFT. On this basis, Coinversation attempts to set standards for future NFT.
Kaco Finance is the evm version of DEX issued by Polkadot decentralized exchange and synthetic asset protocol Coinversation. Kaco Finance is a cross-chain decentralized trading platform based on Binance Smart Chain and Kusama parachain. Kaco Finance initially aims to provide liquidity AMM and yield farm for the Polkadot ecological project and is committed to realizing the asset bridging function between Kusama and BSC.