MEXC, a global top 10 digital asset trading platform, has entered into a strategic partnership to support the launch of a rollup solution that is secured by the Bitcoin network. Rollux OPv1 is Syscoin’s first in a series of planned rollup implementations secured by Bitcoin’s own PoW network. MEXC has allocated a $20m fund for kickstarting projects to utilize the new Syscoin layer-two which was recently released on a public testnet.
Syscoin is a modular blockchain that incentivizes Bitcoin’s miners and thereby inherits roughly 30% of Bitcoin’s hashrate today. Syscoin accomplishes this through a carbon-neutral process called merged-mining. By combining this extension of Bitcoin’s own security with a utility-focused economy, an EVM coupled with finality, and rollups, the project aims to serve Web3 at global scale to provide the opportunity for worldwide financial inclusivity. That is, actualization of a new concept some refer to as Web5.
“Our new collaboration with Syscoin is part of the MEXC commitment to empower solid and innovative projects that push the boundaries of blockchain to solve big problems. We’re excited to see where Syscoin can go, and how builders and users will take advantage of this novel design to help Bitcoin’s ecosystem rival that of Ethereum’s in the sphere of EVM-based technologies.” – Leo Zhao, investment manager of MEXC Ventures
As an alternative to post-Merge Ethereum, Syscoin offers decentralized finality by way of “multi-quorum chainlocks”, along with data availability on layer-one through an innovation called PoDA (Proof of Data Availability). Ethereum is the only other project publicly working on a data availability solution, which they hope to accomplish via proto-danksharding. However, their solution is at least a year away, while Syscoin’s PoDA solution is already on testnet. . Syscoin’s NEVM chain is also fully compatible with Ethereum smart contracts. In all, these make Syscoin the carbon-neutral Proof of Work alternative to Ethereum’s Proof of Stake approach. As philosophical debates continue between the two schools of thought, PoW adherents can now look toward Syscoin.
“It’s great that MEXC is demonstrating such a positive outlook on what Syscoin is doing. Their contributions and diligence will go a long way toward growing the ecosystem further by incentivizing the addition of quality projects. It’s also an ideal time for MEXC’s participation because Rollux OPv1 is getting closer to mainnet and launchpad solutions are nearing completion as well, meaning Syscoin is ready to onboard as many projects as possible who believe Bitcoin’s decentralization and censorship-resistance should not be sacrificed while scaling.” – Bradley Stephenson, Syscoin Foundation Board Member
After Rollux OPv1 reaches Syscoin’s mainnet, OPv2 and ZK rollups advancements will follow.
Syscoin is a decentralized and open-source project founded in 2014 whose modular blockchain combines the best of Bitcoin and Ethereum by running a UTXO-based and EVM-compliant “NEVM” chain in tandem..Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 10 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,600 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
MEXC Ventures is a comprehensive fund under the MEXC Group, committed to empowering innovations in the cryptocurrency field via strategic investment, M&A, FOF, and project incubation. MEXC Ventures upholds the concept of “discovering opportunities and growing together” by fully sharing fund resources and providing solid support for projects. The team spans the U.S., Singapore, and other regions of the world, with $100m+ AUM and 300+ portfolio investments.