GoldFox, an aggregated lending system, provides one-stop lending services

The rapid growth of decentralized finance (DeFi) demonstrates the ability of decentralized networks to impact the investment world. Decentralized platforms have begun to provide new possibilities for realizing the promise of blockchain and the digital assets it supports. According to relevant data, more than $1 billion worth of cryptocurrencies have been locked in DeFi applications at this stage.

We can say that DeFi has experienced explosive growth. From stablecoins to lending, and then to DEX platforms, the traditional financial model is mapped to the blockchain platform, gradually completing the construction of infrastructure and forming a different picture from traditional finance. Lending is a key link in the entire DeFi ecosystem. It allows project parties to easily enter the huge stablecoin market by relying on its functions; on the other hand, derivative transactions can also be realized by long and shorting the borrowed assets.

Although the current DeFi lending market share is mainly occupied by MakerDAO, Compound, and Aave, there are also emerging lending platforms. Today, we are honored to invite James, co-founder of GoldFox, to be a guest on the Interstellar Vision Web3 Carnival Lab column to lead us into this special lending system. Let's see how GoldFox provides one-stop lending services for ecosystem participants? How is the open community operation model adopted by GoldFox different from the traditional operation model?

The following is the text of this event:

Interstellar Vision IPFSNEWS Gege: We all know that the main purpose of aggregate trading is to provide DEFI users with preferential trading prices, which also puts a certain amount of pressure on centralized exchanges. How do you view this challenge of DEX to centralized exchanges? Can the two form a certain coexistence and complementary relationship in the future?

James, co-founder of GoldFox: DEX is definitely the future of the blockchain world, there is no doubt about that. The entire DeFi system has gone from less than 1 billion US dollars locked last year to nearly 100 billion US dollars this year, proving that everyone is optimistic about the future of DeFi. Uniswap has also jumped from being unknown to a giant in DEX in more than a year, and its daily trading volume even exceeds that of Binance, the largest centralized exchange, which was unimaginable before. At the same time, we also see the fierce competition between DEX and CEX.

All major exchanges are competing to launch their own public chains to cope with the impact of DEX. This is the inevitable path for the development of blockchain. The evolution from centralization to decentralization is the natural result of technological evolution. And I also think that DEX still has a long way to go. AMM alone is not enough to compare with centralized exchanges like Binance.

DEX currently has a high threshold and many shortcomings. If there is a problem, there will be no customer service to help, and all operations depend on the user's cognition. Therefore, for a long time, the two must complement each other, and there is no one that must replace the other. Centralized exchanges provide users with simpler operating procedures and trading methods, and at the same time, they also drive a large number of people into the DeFi world. DEX can provide users with higher cognition with more profit opportunities and safer fund management methods. As long as it is helpful to users, it has value.

Interstellar Vision IPFSNEWS Gege: The development of Ethereum L2 has become the focus of many people's attention, but the Ethereum transaction fees are still relatively high. If Uniswap and more Ethereum DEFI projects are launched on L2 in the future, does GoldFox plan to follow up on the DEFI layout on L2 and incorporate these liquidity markets into GoldFox?

James, co-founder of GoldFox: This decision will be made based on the development of subsequent projects. At present, the existing technology can already meet the needs of our users.

At present, the three most popular expansion solutions in the Ethereum community are: Optimism, Arbitrum and Matic. Matic is the fastest growing and fastest, followed by Arbitrum, and the remaining Optimism is still under development and has not been fully used. However, the current L2 has a disadvantage that the trade-off of these heterogeneous expansion solutions is that there is no single global state to support composable smart contracts. Currently, most users rely on a simple single system Layer 1. Layer 2 expansion requires major changes in user behavior, wallets, oracles, and DApps. This means that cross-Layer 2 transmission is not seamless or requires bridging side chains. We also learned that some top development teams either take all or choose the L2 solution that they work with the most and are most closely connected to. But from the user's perspective, the complexity of cross-chain is relatively large. At present, the existing technology can meet the needs of our users. We will make decisions based on the development of subsequent projects.

Interstellar Vision IPFSNEWS Gege: For some miners with faith, they may not be able to accept the risk of liquidation due to falling coin prices. In this regard, do you have any good suggestions and strategies to avoid this risk?

James, co-founder of GoldFox: Generally speaking, returns and risks coexist. We cannot use 100% of the funds. I suggest that you pay more attention to the market sentiment. When the market is at a high level, you should try to reduce your capital lending rate as much as possible, such as borrowing 30% when the capital is 50%. At the same time, qualified miners can store stablecoins or mainstream currencies as the main ones, which will not fluctuate too much. On the lending platform, you should try to reduce your capital lending rate as much as possible, such as borrowing 30% when the capital is 50%, to minimize the risk of being liquidated, and guarantee both the return and the principal.

Interstellar Vision IPFSNEWS Gege: The security of DEFI has received a lot of attention recently. Can you introduce the current security audit of GoldFox code, and whether there are plans to introduce several more auditing agencies to conduct code audits?

GoldFox co-founder James: Considering the financial security of platform users, the project team conducted two rounds of code audits.

The first round was a contract audit by Lingshi Technology, which is the security audit partner of the Mdex platform and has experience in auditing large lending platforms.

Audit report address:

https://goldfox.cash/GoldFox%20Smart%20Contract%20Security%20Audit%20Report.pdf

The second round of audit is by CertiK, one of the leading auditing companies, with its official website at https://www.certik.org/. The audit report is currently being generated and will be released soon.

Interstellar Vision IPFSNEWS Gege: The current market activity in the cryptocurrency circle has declined compared to previous months, and market confidence is somewhat insufficient. So does GFC have rules such as token destruction or repurchase to ensure the stability of currency prices? For DEFI participants, what benefits can holding GFC bring on the platform?

James, co-founder of GoldFox: The entire platform has made a detailed economic incentive model for GFC. The total amount of GFC we issue is capped at 10 million, so we first determined the rarity of GFC. Holding GFC can enjoy the highest liquidity mining rate on the platform. In the future, we will open a series of measures such as community governance, handling fee dividends and treasury rewards to ensure the value of GFC. There is a great demand for lending in the storage track in the market. When we enable lending, we must first hold a certain amount of GFC. In the process of lending, we destroy GFC to achieve the effect of deflation. At the same time, the project will cooperate with multiple parties to launch high-quality airdrops for GFC holders. The role of GFC in GoldFox is equivalent to that of BNB in ​​Binance.

Interstellar Vision IPFSNEWS Gege: Please give a brief introduction to the current development progress of GoldFox. What are the plans and goals for the GoldFox market and development progress in the future?

James, co-founder of GoldFox: The first phase of development has been completed and the Beta version is now available. We will launch the product at an appropriate time. Next, we will open the BSC chain and OK chain, and connect new currencies based on market conditions.

We will invest part of the investors' assets in the market as marketing expenses. In the current circle, we are well aware that technology without good marketing is not conducive to the long-term development of products. We will vigorously cooperate with various well-known communities to promote our products, and will also use part of the funds to attract good external developers and talented people to help us optimize the platform.

We will also continue to update the test version, and when the development opportunity is fully mature, we will transplant GoldFox to a better chain. Until we establish our leading position in the distributed storage track and completely hand over the project to the community, decentralized governance, and realize the original intention of blockchain, true decentralization.

Community friends: How does GoldFox generate profits/revenue to support your project? What is its revenue model? How can you make it a win-win situation for investors and your project?

James, co-founder of GoldFox: Our profits mainly come from mining fees and lending fees. Miners consume GFC through lending to support the price of the currency, allowing users holding GFC to gain income. 60% of our platform's income will be recovered by users' GFC.

About James

James has 10 years of experience in Internet software development. He focuses on DeFi application innovation projects and has participated in multiple smart contract platforms. He has many years of experience in blockchain technology research and is a well-known community open source contributor. He is also a senior blockchain technology lecturer.

About GoldFox

GoldFox is the world's leading multi-chain aggregation lending DeFi application, providing one-stop on-chain lending services. Our main focus is lending in the blockchain storage field. We were founded in the first quarter of 2021. The entire team has been committed to the research and development and innovation of distributed storage track facilities and DeFi applications. GoldFox focuses on solving the problems of insufficient capital utilization between miners and coin holders in the distributed storage track, miners running empty blocks, and inefficient server resource utilization. In the future, as the platform and users grow and develop, major mainstream public chains and L2 layer protocols will be integrated.

GoldFox's core Token GFC has been deployed and started liquidity mining, with a total of 10 million. GFC plays a very important incentive role in the entire aggregated lending system. GFC is the fuel for DeFI applications. The higher the network usage rate of the platform, the stronger the platform's capabilities will be, and the higher the security of the network will be. The value we give to GFC includes but is not limited to repurchase, destruction, governance dividends, high-quality airdrops, etc. The higher the value of GFC also means that the GoldFox application can carry a higher level of market scale, thereby forming a positive cycle for the entire ecosystem.

GoldFox's vision is to build a multi-chain distributed storage financial infrastructure and a decentralized financial comprehensive lending service platform, to bring enough users to distributed storage finance, to promote the early implementation of distributed storage applications, and to establish a leading distributed storage aggregation service platform with GoldFox as the bridge.

Official website: https://goldfox.cash

Telegram group: https://t.me/GoldFoxGFC

Official Twitter: @masterbarber5

Github: https://github.com/goldFox-finance/

Documentation: https://docs.goldfox.cash/