On 6-9 October 2022, SIX Network attended Thailand’s Crypto Expo at the Queen Sirikit National Convention Centre, which was our
Definix Q2-3 Updates : What We’ve Done, Fund Management, and What to Come
Table of Contents
It’s been a little while since the beginning of the year 2021 have thrown us through ups and downs which led SIX Network to successfully launch the DeFi platform, Definix , with a position to be a multi-chain fund investment protocol. SIX Network decided to slowly introduce to the new market about what is DeFi and how to make the most out of it by allowing the money to work for you passively receiving income.
Our year started with the launch of SIX Bridge and immediately followed by the platform Definix on Binance Smart Chain (BSC). Along the way we’ve added multiple farms and major updates to make Definix become a better place to invest with a visionary to help you reciprocate much more in the long term.
Although it’s been half a year and June is coming to an end which means that it’s almost the end of the 2nd quarter too. It might take a whole while that we are trying to accomplish from where we left. Some of the roadmap was achievable, but some features weren’t accomplished due to many concerns such as security, test function, and different infrastructure.
We conceptualized the roadmap stated on Definix.com, accordingly, in the second quarter consisting of three important things: (1) SIX Bridge to another blockchain network, (2) crypto fund investment, and (3) paper trade on chain (fund manager recruitment).
Q2 The Foundation Built
During the past couple of months SIX Network have been putting efforts to build the most solid foundation in preparation to versify the expansion of the new coming feature Definix have promised of fund investment protocol.
Expectations of investors who stick around with Definix long enough seem to have interest with the fund management protocol yearning to experience the function as soon as possible. Partnership is helping with the formulating foundation to enhance Definix reliability and the ability to develop the progression in this tower of skyscrapers.
Audited smart contracts from CertiK and TechRate will boost the trustworthiness of the platform with CertiK Skynet, an algorithm protector of potential danger up on service 24/7. Nonetheless to say, Definix is covered up with Soteria Mutual Insurance and CertiKShield which is on the highest level to acquire.
Definix on Klaytn
This is a big move for Definix in this quarter. We’ve launched Definix on Klaytn blockchain. The expansion to Klaytn is a strategic move that helps Definix to make investors in South Korea more convenient to invest in the platform. Also, with the well performances of Klaytn, it empowers Definix to be able to scale to the larger market easily. This is also the preparation for Klaytn fund management protocol that will come very soon.
FSN Aisa – SIX Network signed MOU officially with Ozys on the 8th of June this year. Ozys, as a blockchain provider, will comprehend SIX Network with the opening of the market to South Korea.
Ozys have experience developing a DeFi protocol under Klaytn Ecosystem which is KLAYswap and have their own bridge system known as Orbit Bridge.
Predominantly, SIX Bridge is the channel that transmits and converts essential assets SIX token to Binance Smart Chain and an addition to the opening to be able to use Definix Klaytn-based the upgrade was made to allow transferring FINIX from BSC to Klaytn Blockchain in this quarter. New farms and pools are added to Definix on Klaytn together with the airdrop period.
Q3 Decentralized Fund Investment
The expansion of Definix to Klaytn Ecosystem is one of the aspects in building up a bedrock of the platform of being the “decentralized multi-chain fund investment protocol”.
Since the large scale of both networks BSC and Klaytn blockchain by Ground X, subsidies of Kakao internet giant in South Korea, are different in their architecture and security concerns, we’ve decided to separately launch Crypto Fund Investment as Definix’s main feature into 4 phases.
• Pre-Phase: Internal Fund System Test
Period: Processing period during last week of June to second week of July
Internal fund or in-house fund as we insist are about to be open for. During this time SIX Network development team are in the process of testing out the full functionality, pre-setting the funds that will be available and other security details on the smart contract that has to be tested.
• Phase 1: Definix Rebalancing Fund on Klaytn
Period: Second week of July
Definix investment fund will be launched with various themes. All funds are managed by experienced traders using rebalancing strategies to start with. The new tool on Definix is the rebalancing interface that will help sort the adjustment of the investment portfolio to return to balance at a preset interval.
Introducing the fund system to professional traders during this phase. Fund themes that might have an appearance are altcoin, governance token, high cap, etc. for instance.
• Phase 2: Fund Management Protocol on Klaytn
Period: Within Q3
The main feature of fund management protocol will be officially open in this phase. Interested investors and professional traders are welcome to open their own fund managing pool of their crypto funds utilizing crypto assets on Klaytn blockchain.
• Phase 3: Fund Management Protocol on Binance Smart Chain
Period: Within Q3
As the main reason concerning security and infrastructure on both blockchain, we decided to manipulate the fund management protocol on BSC after launching it on Klaytn network. When everything has settled down, expansions are needed on both networks resulting in more options for fund managers to settle in.
Paper Trade On Chain
According to the roadmap set from the beginning of the development, SIX Network has given interest to create a paper trade on chain that will be the criteria examining professional traders known as the FINIX Challenge.
And by passing this test users will be recommended to a fund manager on the Definix platform. Along the way of development with numerous papers studied, we’ve found a better system to examine the trading history which is through smart contracts examination.
Therefore, this has been discovered during the “Definx Trading Tournament” in May where we start creating and testing the new inspection system at the backend which turns out to become a better choice and fast facility.
Continuously, SIX Network Developer and Management Team have decided together to improve the system and use our new Finix Examiner instead of the old paper trading system.
Since fund management is coming, Finix that you’ve got from the platform will be useful for activities that will happen on the platform. Because we separate fund management protocol launch process into phases, the use of Finix will be introduced one by one in each phase. At this moment, we’ll explain to you the big picture first.
Overview of Utilities of FINIX
✔ The first thing you’ll see at the early stage of the fund management protocol launch is the use for Definix Rebalancing Fund. Users will get a discount on withdrawal fee if the fund manager puts FINIX as a part of the portfolio. That will make the fund that uses FINIX become more attractive for investors to invest.
✔ For general users, FINIX will be able to be used as a discount when invest in certain funds. That means less fees and more profits on investment.
✔ For fund managers who want to be qualified fund manager by Definix, they have to apply for the FINIX Challenge to test their abilities. FINIX will be required here as challenge fees. When they pass, they will become a qualified fund manager and have a chance to get further supports from the platform.
✔ FINIX will be used as a fee for using Definix’s financial product that will be release to help users reduce risk and get more profits such as price insurance and more to come in the future.
The various uses of FINIX is very important to Definix ecosystem since it can lead to the process of supply shortage and create a positive impact to the price in the long term. We’re going to have a dedicated article to explain more about each use one by one at the time we introduce the related feature.
The more the time has passed the more SIX Network gain knowledge and experience to make Definix platform shape and shift to a better version such as Token Swap, DEX, Pools and Farms. Now comes the Fund Management Protocol in process to be available in this coming quarter of the year in hope to provide the optimal solution for DeFi enthusiasts.
Finally, Definix main focus on investing in DeFi is not just Yield Farming, but the team intends to keep all digital asset investments under a transparent system, can be recheck, and assets that are blooming can be gained by investing in the Fund Management Protocol feature with strategies like the Rebalancing Strategy. No conditions apply whether you have experience in any form of investment or not. All the funds will be taken care by a team of experts.
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