Function X launched EVM Chain to scale its DeFi ecosystem

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With $20 million of Ecosystem Genesis Fund offered to developers deploying dApps on the new EVM-enabled chain.

Nicosia, Cyprus, July 18, 2022 /PRNewswire/ — The Function X blockchain project is proud to celebrate its final milestone: the launch of the EVM-enabled chain (FXEVM) on the Function X mainnet and has completed its upgrade to a block height of 5,713 000.

This upgrade allows developers to instantly migrate their decentralized applications (dApps) to Function X and provides the infrastructure to ensure dApps run smoothly, with low fees, and on a secure network. Function X is one of the first projects to integrate an EVM-enabled chain onto a chain based on the Cosmos network.

The EVM-enabled chain is crucial to Function X’s goal of becoming a decentralized finance (DeFi) blockchain platform that strengthens the DeFi ecosystem and encourages developers to use Function X to help advance DeFi and of blockchain technology.

More new use cases will be built on the ecosystem. For example, the launch of FXEVM follows the successful deployment of a retail payment solution (Chain Pundi X) and perpetual derivatives trading platform (MargeX). Function X also allows developers to customize the chain according to their needs using the Subnet solution while inheriting the speed and security of Function X.

After upgrading FXEVM, users can link their $FX and other tokens (such as FX, PUNDIX, PURSE, USDT, etc.) from Ethereum to FXEVM using FX Bridge. f(x)Swap will be one of the first dApps available on FXEVM. It is a decentralized exchange where users can trade different cryptocurrencies through MetaMask or any other decentralized wallet that supports WalletConnect, for example f(x)Wallet.

Apart from the exchange, there will also be liquidity pools, where anyone can become a liquidity provider for a pool and earn rewards in the form of trading fees when users trade in these pools.

Deploying dApps on Function X EVM

Function X invites all developers to come rely on the FXEVM. The dApps that developers will be able to create include not only DEXs, but also liquidity protocols, yield aggregators, NFT marketplaces and many more. To top it off, the Foundation allocates $20 million of his Ecosystem Genesis Fund to attract developers and foster the development of the Function X ecosystem.

The Genesis Ecosystem Fund is transparent and accessible to all developers through governance proposals. This fund is allocated to encourage and help accelerate the development of Function X and FXEVM.

With the recent upgrade of FXEVM and new investments in the Ecosystem Genesis Fund, the Function X network is poised for impressive growth and exciting times ahead.

Watch FXEVM on https://youtu.be/F2VHnHd2-bs

About the Function X Foundation

Function X Foundation is an independent, non-profit organization that supports the growth of Function X Ecosystem, a next-generation internet services framework built entirely on and for blockchain. It is a whole new ecosystem providing a new service framework by improving existing internet and blockchain architectures, combining the advantages of both and using the most commonly used technical solutions. The Foundation was created to manage the use of the Ecosystem Genesis Fund, which aims to motivate, encourage and facilitate service providers to join and take root in the Function X ecosystem.

For more information on the X function, visit https://www.functionx.io

SOURCE Function X Foundation

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