Chainflip protocol is a soon-to-be-launched multichain DEX. Their goal is to create a similar cross-chain experience to centralized exchanges but on-chain.
This recording was done a few hours before (what appears to be) the collapse of the once-popular crypto exchange FTX.
We were unaware whether or not Binance would come in and save the day.
Chainflip Protocol Episode 1 Audio
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Who is Simon Harman?
Simon Harman is a tech entrepreneur and the founder of Chainflip (and other tech projects like Session and Oxen). Simon’s goal when it comes to Chainflip is to move people away from centralized crypto exchanges and make token trading happen on-chain.
What is Chainflip Protocol?
Chainflip aims to take the user experience of the centralized exchange and bring it into an onchain DEX.
A very basic summary of the tech is that Chainflip uses their own proof of stake blockchain to relay run a set of Just in Time (JIT) Automated Market Makers that can relay coins and messages across various other chains.
This is different than something like Uniswap, which runs on smart contracts within the Ethereum Ecosystem. The idea is to be able to trade any token, for any token, natively – no matter the underlying chain.
Further Reading: Dydx Exchange – How To Trade Crypto Perpetuals
Chainflip Token – $FLIP
As of the time of this video, Chainflip has not released their flip token.
However, there are plans to release a native token. The token will be used to secure the proof of stake Chainflip blockchain, and have an interesting burn mechanism so that everyone can take part in the success of the multichain Chainflip Dex.
Chainflip Podcast Conclusion
It was great to talk to Simon. He is sharp and incredibly knowledgable about crypto and the web3 industry.
It will be interesting to watch Chainflip as we move into the new era of on-chain trading in 2023.