Chainge Finance: Your Personal Digital Bank
Chainge Finance is a decentralized project with its own ecosystem, operating primarily in the Asian market since 2021. Enabling fast and low-cost cryptocurrency transactions across 55 blockchains without the use of bridges or complex wrapping procedures, this platform is indispensable for any DeFi services.
The Chainge Finance Team
Chainge Finance CEO Dejun Qian (DJ Qian) brings a wealth of blockchain industry experience. He co-founded projects like VeChain and Qtum and founded Fusion, a platform for creating financial crypto apps.
Chainge Finance СЕО Dejun Qian. Source: Тechround
The platform’s co-founder is crypto investor Dr. Najam Kidwai, owner of C1 Fund, which specializes in venture investing in digital asset projects.
Michael Lempres, another co-founder, holds a Doctor of Law and has worked as the chief legal and risk officer at Coinbase, executive in residence at Andreessen Horowitz (A16Z), and legal advisor at crypto-focused Silvergate Bank. He is renowned for his extensive connections within regulatory bodies.
Currently, the Chainge Finance team is relatively small, comprising 17 members including developers, but it is poised for expansion as the company progresses.
Chainge Finance Features
Chainge Finance is a robust liquidity aggregator with access to asset pools totaling over $70 billion, offering minimal transaction fees.
The platform supports a diverse array of cryptocurrencies (nearly 1,400 tickers), including both EVM-compatible and non-EVM chains. It also provides a range of DeFi services such as lending, deposits, and staking, enabling users to earn passive income and diversify their risk exposures.
For qualified users, DEX futures and options trading are available.
Additional advantages for Chainge users include:
- A proprietary virtual credit card, enabling cryptocurrency spending on goods and services with a fee of 1% plus 18% annual interest on overdue payments.
- A wallet app for self-custody of cryptocurrencies that operates on both smartphones and desktops, compatible with MetaMask, and allows direct trading on its own DEX exchange.
- A crypto vault that encrypts the seed phrase with a QR code and allows setup via phone number or an X (Twitter) account.
- User balance data is stored using Decentralized Control Rights Management (DCRM) technology on the Fusion blockchain.
Using the Chainge wallet is optional, allowing users to integrate their own storage solutions into the platform.
About DCRM
DCRM technology enables distributed management of control rights, integrating various blockchains to facilitate their interoperability. DCRM is used for storing data on crypto wallet balances and facilitating asset transfers without relying on third-party bridges.
This technology operates by allowing multiple nodes to collaboratively compute a cryptographic signature without any node having access to the private key. These nodes adhere to a set of protocols that issue tokens on the target blockchain once the corresponding amount of tokens has been locked on the source blockchain.
Additionally, DCRM uses a multisig system for transactions, providing extra security against unauthorized access and ensuring safe interactions between different blockchains.
The XCHNG Token
As of December 2023, Chainge Finance's native token was named CHNG. Following its acquisition by venture fund Coded Fi Ltd for $47 million, in February 2024, the CHNG token was rebranded to XCHNG, and all existing CHNG tokens were burnt.
XCHNG Stats:
- Total supply: 1.2 billion
- Circulating supply: 474 million
- Market cap: $44 million
- 24-hour trading volume: $2.5 million
XCHNG Price Dynamics. Source: coinmarketcap
At launch, the distribution of XCHNG was as follows:
- 61% among existing CHNG users
- 5% for ecosystem development and partnerships
- 15% to the team and advisors
- 5% for public blockchain collaborations
- 14% for future investments from institutional partners and for listings on regulated CEXs
Currently, the token is available on MEXC, Gate.io, and SushiSwap.
Chainge Finance Roadmap
The team has released the Chainge Focus Map, outlining the project's development milestones for 2024:
- Launch of the new Web App Trading UX 2.0.
- Implementation of limit orders.
- Enabling trading with fiat currency pairs.
- AI integration.
- Launch of a full-fledged DAO to decentralize the system, allowing for voting using the internal token XCHNG.
- Access to a referral program.
Chainge Reodmap. Source: Мedium
The project's current priority is to secure additional funding to develop new features, conduct marketing activities in European markets, and facilitate token listings on leading cryptocurrency exchanges.
What features does Chainge Finance offer as your personal digital bank?
Chainge Finance offers several features that make it a comprehensive personal digital bank. First, it provides users with the convenience of decentralized finance, meaning you have full control over your assets without needing traditional banking intermediaries. Chainge Finance supports multiple types of digital currencies, including cryptocurrencies and stablecoins, ensuring versatile transaction options. Additionally, it allows peer-to-peer exchanges and swaps directly within the app, making transfers quick and efficient. Security is a top priority, with robust encryption methods safeguarding your digital assets. Financial management tools such as budgeting, automated savings, and detailed transaction histories further enhance your financial literacy and control. With 24/7 customer support, you can access assistance anytime you need. Thus, Chainge Finance serves as a reliable, secure, and versatile digital bank for managing your finances efficiently.
