MEXC Launches $20m Ecosystem Fund in Strategic Partnership to Support Rollups on Bitcoin Through Syscoin’s Rollux OPv1
SINGAPORE–(BUSINESS WIRE)–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.” – 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). These bring similar effects as those Ethereum plans to achieve in the future. 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 with quality. 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.”
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 NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.
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.
Founded in April 2018, MEXC is a cryptocurrency trading platform ranked top 10 globally and top 3 in Asia, with more than 7 million users. Currently, it supports spot trading of more than 1,500 types of cryptocurrencies, futures trading of more than 120 types of cryptocurrencies, and ETF trading of more than 300 types of cryptocurrencies.
The projects listed cover all sectors, such as public chain, cross-chain, L2, DeFi, NFT, GameFi, and DAO, and MEXC is called by users the first stop for high-quality project launch. It is the trading platform with the most tradable crypto assets and the fastest launch speed for high-quality projects on the Internet.
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.
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