CoFiX, a community-led decentralized exchange, received $500k in financing from investors such as Huobi DeFi Laboratories, Dragonfly Money, and Coinbase Ventures, among other DeFi angels, as per a release sent to AMBCrypto today.
The latest DeFi protocol decided to use the funding to carry out protocol audits and to cover early implementation expenses. Like other DeFi networks, such as UniSwap, which gather data from centralized markets through oracles, CoFiX also uses the NEST price oracle to access external market pricing from other DEXs.
All tokens in the NEST environment are created by mining, and these miners offer price quotes and pay commissions to earn NEST ERC-20 token rewards. In the event that there is a discrepancy between mining quotations and market prices, those appointed as group verifiers can receive revenue from the discrepancy.Â
In addition, CoFIX argued that this decentralized market oracle NEST would have a type of payment parameters that would allow the Protocol to check prices and produce market feeds free of arbitration. It also ensures that traders and market makers on the CoFiX network will be able to view their risks and quantify those risks mathematically and sell at a cheaper price.
The launch date of CoFiX is set for early October and there will also be a liquidity mining scheme to disperse 90% of the $COFI tokens to consumers.