AMA Recap: DMEX with Nabox
On Thursday, March 11, DMEX’s CTO Rufus Jiang joined the Nabox community for a live AMA. If you missed this AMA, don’t worry. This blog post includes a complete recap of the live AMA session. Are you eager to learn about DMEX’s newest updates? Here we go :)
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Host: The AMA will start now, let’s welcome our guest, DMEX’s CTO Rufus to the Nabox community! Hello Rufus, please introduce yourself first!
Rufus: Hi everyone, I’m Rufus Jiang, the CTO of DMEX (dmex.finance), the Decentralized Crypto Mining Platform. As the CTO, I’m responsible for developing the functional modules of DMEX. I have international cloud technology developing experience for I’ve worked at P&G, Microsoft, and Amazon, I’ve built and led large engineering teams, I have in-depth research experience on blockchain, cloud web development toolchain, distributed computing architecture, cloud computing, and so on. Today I’m very glad to join the Channels community to share with you the latest progress of our DMEX project.
Host: Please tell us more about the DMEX project, what kind of project is it? What specific problems can it solve? And what does the team hope to build the project into in the future?
Rufus: DMEX (dmex.finance) is the first decentralized crypto mining financial service platform in the industry. Combined with a rich variety of DeFi protocols, not only can DMEX users purchase mining power NFT to obtain mining income, but also can they participate in various DeFi activities on the platform such as mining power marketplace for mining power NFT’s transfer and resale, collateral loan, as well as liquidity mining and joint mining.
We hope to build DMEX into a comprehensive financial service platform linking miners and users, bridging mining power providers with every crypto user, and allocating a solid value-added asset for everyone who is interested in starting their first crypto investment.
Host: How many public chains do the DMEX platform currently support? What does this partnership with Nabox mean for DMEX in terms of platform ecosystem?
Rufus: Currently, the DMEX platform supports three public chain networks across chains, namely, ETH1.0, Heco, and BSC. DMEX users are free to choose the chain where their crypto assets are located. The collaboration with Nabox, the Web3.0 digital identity DeFi application wallet, I think has the following three main significance.
First, it promotes technology integration and community sharing between the two parties. Nabox, as a DID wallet for Web3.0 applications, uses the same on-chain digital identity corresponding to assets from multiple networks for management and signature, integrating six blockchain networks such as Ethereum, BSC, Heco, OKExChain, and NULS. In terms of cross-chain integration, DMEX and Nabox can start an in-depth exchange in the later stage of our collaboration.
Secondly, Nabox has significant advantages in the field of cross-chain exchange. With Nabox’s help, the DMEX platform can greatly enhance the efficiency of cross-chain asset exchange and circulation for our users. DMEX’s platform token DMC will be able to flow freely and efficiently between the Heco chain and the BSC chain, this lays a solid cross-chain foundation for DMEX to build a full ecosystem transaction protocol based on our mining power NFT product lines.
Finally, this collaboration can promote the cross-platform integration of the overall DeFi landscape. Cross-chain exchange accelerates the liquid movement of assets, information interoperability, and application synergy between DMEX and other blockchain platforms. The cross-chain DMEX ecosystem will gradually improve information deficiency and construct a more open and secure collaboration platform for the entire blockchain sector, benefit not only the developers within the DMEX ecosystem but also third party developers and miners in the entire mining sector. DMEX is expected to play a more important role in accelerating the implementation of DeFi ecosystem expansion.
Host: Recently, there have also been some incidents of cross-chain protocols being hacked, what do you think about this? What do you think the DMEX platform is doing to avoid these hacking risks when implementing cross-chain protocols?
Rufus: Yes, crypto-assets cross-chain operations have always been a high-risk action. It is very susceptible to technical vulnerabilities, hence naturally it has become a prime target of hackers. I think there are two main reasons that contribute to this situation.
Firstly, attacking cross-chain protocol is lucrative. As there are often large amounts of digital assets being moved in cross-chain bridges, they become the highly sought-after prize in the attackers’ eyes. Once the hackers successfully get their hands on these assets, it is very difficult for the victim platform to retrieve the lost fund due to various technical difficulties.
Secondly, the processes of cross-chain bridges are complex, involving the interaction between multiple chains and multiple contracts. These security risks need to be monitored by doing an overall security assessment and analysis of the cross-chain bridge. The audit and analysis of one single module do not completely cover the security risks of the entire chain, thus constant monitoring and updates are needed.
For DMEX, at this stage, we are mainly focusing on providing compatibility and support for mainstream public chains. Our first consideration is security, followed by stability. Therefore, we are also very cautious in the application of cross-chain protocols and we will subject our cross-chain exchange protocol to repeated technical validation and testing.
Host: Cross-chain and cross-chain flash swap is a monumental task, where do you foresee DMEX’s collaboration with Nabox will land next?
Rufus: The current mainstream cross-chain approach is bridging, where assets need to be mapped or deposited. In my opinion, the native asset approach is the best for user experience, this approach allows users to directly trade native assets on different chains with a simple one-click command. This is the goal that we want to achieve at this stage of cross-chain and cross-chain flash swap.
Regarding this, DMEX and Nabox share a common development goal. Our central agenda is to help users move their native assets fastly and efficiently on multiple chains in a decentralized way. In summary, Nabox is an important infrastructure builder for Web 3.0, Nabox combines many features such as multi-chain wallet, cross-chain flash swap transactions, cross-chain portal, PoS pledge, and DAO community governance. DMEX, on the other hand, is based on mining power NFT products and we provide many mining-related DeFi applications such as mining power collateral loan, joint mining, and DAO governance in multi-chain scenarios. DMEX had many business intersections with Nabox in the past, and we will continue to cooperate in cross-chain applications, DeFi loan product lines, and community DAO governance to jointly promote the prosperity and development of the DeFi ecosystem.
Host: What kind of mining power NFT and mining relevant products does DMEX sell? Can you give us some brief information about them?
Rufus: DMEX currently has two types of mining power NFT products on sale, i.e. BTC mining power NFT and IPFS/Fliecoin mining power NFT. Our hash power providers are all industry-leading top-quality miners. All of our mining power products are tokenized into NFT and ready to generate mining income for any buyer right away. The BTC mining power is supported by the latest Bitmain ant mining machine S19 (88.5T), with a mining contract term of 1080 days, priced at 106 USDT/T. Our IPFS mining power product has two contract terms of 540 days/1080 days, with a cumulative FIL total lockup value of over 280,000 in both BSC and HECO chains. The annualized yields can reach over 60%. In 2021 alone our total FIL mining power volume has exceeded 30 PiB.
We have also launched FIL/USDT/DMC joint mining products, where users can deposit and withdraw their funds to the joint mining pool as they wish. The mining returns are settled daily, with annualized yields above 20%; DMEX also provides a DeFi collateral loan business built around mining power NFT, where users can pledge their mining power NFT as the collateral to lend out a fund for further investments. The pledged mining power NFT can still generate mining income for the borrower throughout the term of the loan. With reinvestments, the annualized yields of DMEX’s mining power collateral loan product can reach over 200%. Currently, DMEX has more than 300,000 users worldwide.
Host: I see that DMEX is trying to build a mining metaverse financial ecosystem based on mining power NFT, what do you think are the advantages of DMEX compared to other projects that are proposing the same idea?
Rufus: The metaverse is a virtual space on the blockchain parallel to the real world, it is an immersive virtual world providing a similar experience to the existing world, it is also a free and open cyber world of the future. For DMEX, metaverse has a great potential for further mining applications.
DMEX offers a wide range of mining power assets such as BTC, ETH, and IPFS/Filecoin based on the Erc721 protocol. By linking mining power providers and users, DMEX maps real-world crypto mining hash power to the virtual world on the blockchain, hence giving NFT real production values and solving many problems with the traditional mining industry such as non-transparency and poor liquidity.
At the same time, DMEX is also building an open metaverse financial ecosystem, which can access many application scenarios such as DeFi/GameFi/VR/AR, and even operate and transfer these assets, thereby forming a cross-platform, cross-scenario, and cross-protocol circulation of mining power NFT assets, allowing users to obtain a variety of aggregated interests and incomes including crypto mining income and mining power NFT DeFi income.
DMEX’s most important feature is our mining power NFT model, which can be widely developed in cooperation with other platforms. The goal is to create a mining metaverse where everyone owns mining power NFT, so as to form an active metaverse crypto-economy. The DMEX platform recognizes that mining power NFT is only the start of valuable mining asset management in the metaverse, more people should start enjoying the benefit of crypto mining in the metaverse world.
Host: With more and more mining platforms emerging, how is DMEX leveraging its strengths across various chains to remain competitive in the industry?
Rufus: DMEX’s platform TVL has reached up to 50 million USDT, DMEX is now at a leading position in the mining industry. To maintain our industry leadership in the long run, DMEX is determined to adapt to any change and answer any challenge in a timely manner. We have a clear development path set in mind for DMEX, we will follow our plan to develop and move forward steadily.
With more similar mining products in the market and increasingly fierce competition, we will also be more cautious and keep providing the most reliable service to our customers in return for their trust. In terms of DMEX’s unique strengths, I think there are two most important points: (1) DMEX is highly user-oriented, we always insist on product innovation. For example, in order to solve the inconvenience users often experience when withdrawing FIL to DMEX from eternal exchanges, DMEX will soon launch the cross-chain FIL exchange function to meet users’ demand for multi-chain exchange of main net FIL, BSC chain FIL and HECO chain FIL. (2) DMEX has a strict vetting standard for our third-party miner partners: DMEX only works with the industry’s leading brands and institutions, we provide the most reliable mining product on the market to ensure that our users can enjoy a stable passive income with an absolute peace of mind.
Host: DMEX combines NFT, DeFi and DAO, how do they each function in the DMEX architecture? How do they collaborate with each other?
Rufus: Mining power NFT is the underlying asset of DMEX. The NFT technology connects physical mining power assets and blockchain applications. Each of DMEX’s mining power NFT corresponds to actual mining machine assets in the real world. By tokenizing mining power assets into NFT, DMEX further lowered the entry barrier for users to participate in crypto mining, DMEX has made the distribution of crypto mining revenue much more open and transparent.
DeFi is an important blockchain income amplifier of a valuable extension of financial scenarios. After the tokenization of mining power, aka. hash power, users can transfer their mining power NFT at any time on the DMEX platform. They are also free to pledge their mining power NFT as collateral to borrow a low-interest loan, or participate in a series of DeFi mining pools to earn an extra income. Users can achieve multiple compounded earnings by participating in DMEX’s DeFi products.
The DAO is the governance structure of the DMEX platform. All DMC holders are entitled to participate in the governance of the DMEX platform, everyone can join the decision-making process on major platform events. DMEX users work together and rely on each other to form a thriving user community and a stable ecosystem for the continuous development of the DMEX platform.
Host: What are the next steps for DMEX? Will you reveal it to us?
Rufus: In the coming months of 2022, DMEX will mainly focus on the following three aspects.
First, we will further expand our DeFi product line. We are planning on launching a brand new mining power auction system to provide our users with more earning options.
Secondly, we will continue to integrate and launch new mining power NFT products on various public chains. At present, we are mainly operating on the BSC chain and the HECO chain. With the fast development of Ethernet Layer 2, we will expand DMEX’s product line there to better serve the powerful user group on Ethereum.
Thirdly, we will continue to empower our platform token DMC. Through the continuous improvement and innovation of our mining power NFT business, DMC will become the key token of the DMEX ecosystem.
Fourth, we will launch more application scenarios to expand our metaverse ecosystem. The hot concept of metaverse can provide a brand new application scenario for mining power NFT, and metaverse applications is the next step of DMEX’s plan.
Finally, we will also continue to introduce more quality mining projects on DMEX. The crypto industry has always been iterating at a very fast pace, we will launch new mining power NFT products for more new tokens after careful research and thorough assessments.
These are my visions for DMEX and I believe our community is definitely going to benefit from our plan.
Official website: https://dmex.finance
Dapp: bsc.dmex.im / ht.dmex.im