KoinDx Is Live!

almost 2 years ago

So just the other day I talked about KoinDx

And exactly a day after the post, KoinDx went live. I didn't have any insider info, but the team was teasing the community with "soon" posts. The DEX is the first built on the relatively new chain that is called Koinos. The team is largely from the Steem blockchain and decided to build a new chain that is modular (no hardforks) after the Justin Sun fiasco. It's now almost a year in mainnet and has so far proved stable and reliable. However there are only a handful of dapps on the chain. The Dex is now the latest addition and mainly hosts the VHP/KOIN trading pair.

VHP stands for "virtual hash power" and is received when one burns KOIN. One can then use this VHP to mine more KOIN. The current APR is around 6% and around 50% of all KOIN is targeted to be burned. This pool then allows a user to convert VHP<>KOIN at the market rate which is much faster than waiting 1 year to receive all of the KOIN from burning VHP (the payout is continuous).

The team has already stated that the UI will greatly improve in the coming weeks and that this is only the first version which is kept very simple (which has it's pros as well).

Wen Bridge?

The most obvious feature currently lacking on the dex is a bridge to other chains. With the addition of a KOIN/stablecoin pool this would allow users to buy Koin in the defi space. This would likely result in an inflow of capital since many do not want or are not able (US ban) to buy Koin currently. I would expect the price of Koin to rise in the following weeks and months. Generally a price increase has been rather explosive for Koin, so I wouldn't be surprised to see the $1 mark tackled relatively soon.

More Dapps needed

Like every other chain out there, it lacks devs. There are simply very few devs out there that are actively developing good dapps, which is why it is taking quite long for the ecosystem to grow. Nevertheless, the chain already has a few really good one like an NFT marketplace which offers a fee-less user experience (like Hive). You can find an overview here: