仅仅半年间，DeFi质押资产即蓬勃发展至20倍，触及100亿美元。在大家在见证“区块链速度”之时，DeFi产品的问题也越发凸显，诸如DeFi产品坑越来越多，没人帮你排雷；去中心化交易所门槛太高，手续费太高，小白用户很难操作；CeFi产品一一上线，唇枪舌战之下到底哪家才有真实力和新亮点。带着这些问题看，币扑邀请到了FBG，创世资本，JC Capital等多家机构投资的衍生品交易CCFOX交易所CEO Joseph King进行深度对话，解读DeFi战役后半场，CeFi还有哪些机会，以及正式揭秘一次质押，三份收益的高收益理财产品到底怎么玩？以下是本次采访内容整理。

嘉宾简介：Joseph King，CCFOX CEO，资深传统金融从业者。

主持人: 从您的角度来看，您能否向我们的社区成员介绍CCFOX，它是如何工作的，CCFOX的意愿和使命是什么？From your perspective, could you introduce the CCFOX to our community members, how it works, what are the will and mission of CCFOX?

Joseph King：CCFOX was established late last year to bring cryptocurrency trading services to anyone and everyone. The team at CCFOX has passion, vision, skill, and enough knowledge to know how to offer our exchange and trading platform to traders successfully. We are confident that we will grow to take significant market share.

CCFOX成立于去年年底，旨在为所有人提供数字资产交易服务。 CCFOX的团队具有热情，远见，技巧和足够的知识，以了解如何成功地向交易者提供我们的交易和交易平台。我们有信心我们将成长为占据重要的市场份额的平台。

Our technology is fully redundant and scalable. Our matching engines, order messaging systems, and risk management systems are all world-class. They will not fall over during extreme volatility periods; your orders will not be rejected; you will be able to operate our platform normally in almost all conditions.我们的技术是完全冗余且可扩展的。我们的匹配引擎，订单消息传递系统和风险管理系统都是世界一流的。它们不会在极端波动时期跌落；您的订单将不会被拒绝；您几乎可以在所有条件下正常运行我们的平台。

The core team has been well known to each other for many years, and we have much experience running various types of businesses in the financial markets. We bring experience in trading, exchange establishment, management and development, HFT, designated market making, discretionary market-making, blockchain, cryptocurrency, start-ups, VCs, asset management, provision of exchange services, provision of end-user trading platforms, incubation, and many other aspects across the digital economy。

核心团队已经互相熟知了很多年，我们在金融市场上经营各种类型的业务方面拥有丰富的经验。我们在交易所搭建、管理和开发，高频交易，指定做市，区块链，数字资产，初创企业，风险投资，资产管理，提供最终用户交易平台，项目孵化以及整个数字经济中的许多其他方面。

Over the last few years, we have all watched the growth of trading in cryptocurrency, especially around the perpetual swaps and now DeFi, and have all participated in trading these instruments many times. We have all felt the pain of order rejections, forced cascading liquidations, and heard the constant rumors of manipulated markets. We really know how to trade, we have learned about losing money in the market, but we do not like to be cheated, and sometimes in the past, we just felt cheated.

在过去的几年中，我们都目睹了数字资产交易的增长，尤其是在永续合约到现在的DeFi周围，并且都多次参与了这些金融产品的交易。我们都感到订单被拒绝，被迫执行梯级强平的痛苦，并听到不断有人操纵市场的谣言。我们确实知道如何交易，我们了解了在市场上亏损的情况，但我们不喜欢被骗，有时在过去，我们只是被骗了。

So, we decided to combine all our experiences and set up our exchange to challenge the status quo by bringing a more reliable exchange, with better infrastructure to the market. We know we can provide something much better, something that will meet the actual needs of traders and not just a printing press for the owners. So, this is why CCFOX was established.We bring together the world of cryptocurrency and the world of traditional financial markets. We are out there in the market like a beacon of hope to all traders that cannot find their way, and we hope that traders find us before they experience the darker side of the cryptocurrency revolution.

因此，我们决定结合我们的所有经验并建立一个交易平台，通过提供更可靠的交易平台和更好的市场基础结构来挑战现状。我们知道我们可以提供更好的产品，这些产品将满足交易用户的实际需求，而不仅仅是业主的印刷机。因此，这就是CCFOX成立的原因。

我们将数字资产世界和传统金融市场世界融合在一起。我们在市场上像所有无法找到自己的交易者的希望灯塔一样，希望着，我们希望交易者在经历数字资产革命的阴暗面之前找到我们。

主持人: CCFOX现在提供的产品主要以合约交易为主，产品的主要特色是什么？在这激烈的市场竞争中你们的竞争力以及品牌差异化是什么？Now the main business of CCFOX is offering the contract trading, what is the feature of it, how would you apply your competitiveness in the market and the difference between yours and other brands.

Joseph King：The primary business focus of CCFOX is the derivatives market. There are five distinct advantages of our products。目前，我们的产品主要聚焦于衍生品领域。 我们的产品优势主要体现在5个维度。1: Professional level technology stack2: Powerful matching engine3: Multi-dimensional security protection4: Easy to use, user-friendly trading mechanism5: High-quality liquidity provision services.1.专业的技术架构、2.强大的撮合引擎、3.多维的安全防护、4.友好的交易机制、5.顶级流动性与服务。

We accessed the problems facing participants in the market, and we saw that, due to the high volatility, many traders had suffered from cascading liquidation events when trading, we knew this was a critical point that would harm our customers. So, we decided to solve this problem, we use the lowest margin rate across the whole industry, in turn, that reduces the chance of liquidation. Then we use a primary 3rd party spot index to improve the fairness and price-quality, which leads to a better trading environment. Additionally, we innovated with technology so that in an extreme liquidation event, our mechanism returns up to 50% of the margin. This is an immensely popular feature with our traders.

根据我们对市场的长期研究，发现合约市场上很多人可能都经历过爆仓，因而会伤害到许多用户，针对这个痛点，我们提出了解决方案------采用了业内最低的维持保证金率，从而使得用户强平风险更低；在指数价格方面，我们使用第三方Chainext现货指数，不会去操纵价格，让用户交易更公平、也更放心；同时，我们首创“剩余维持保证金”返还机制，最高可达50%，这对用户而言非常友好，也受到了广大用户的一致好评。

主持人：你们有现货以及其他衍生品的产品计划吗？在添加一些新产品或者上线新币种的时候你们主要的判断的标准是什么？Do you have any plan for spot trading and other derivatives? What is the standard to make the decision when launching a new product or new cryptocurrency?

Joseph King：We are continuously researching and developing more products to meet the demands of market participants. This continuous research and development process ensures we can provide a better customer experience. For example, there is a high demand for DeFi derivatives, Yield Curve mining and products related to the hashpower market. We are developing products for all the "digital asset-related" field for the best trading experience for all our customers.

我们持续的在对市场进行研究，并且开发更多的产品去匹配用户及行业需求。我们对于市场动态的持续研究和分析会让我们为用户提供更好的服务和体验，比如说，现在市场及用户对Defi衍生品，流动性挖矿产品和算力及算力有关产品有较高的需求，于是我们决定开发一个数字资产相关全覆盖的产品，从而为我们的用户提供最好的交易体验。

We are in the process of deploying spot trading products that are related to various DeFi products. Also, we will be deploying products associated with Dot and other popular projects and chains; the official announcement will be soon. The new products consider both safety and popularity of products and tokens. Within the trend of Defi, currently, many exchanges are releasing their projects and tokens without passing the code security audit. Although following the trend is necessary, the safety of a project is the only key to be successful. We do not take risks when we launch new products; everything is thoroughly audited and tested internally before we launch anything as the safety of our customers is paramount.我们正在进行和许多Defi产品有关的现货交易产品的开发，同时，我们也会在将来开发与DOT和其他热门项目和公链的产品，正式的官方公告会随后发布。新产品会同时考虑目标项目的安全性和热度。在Defi的大潮流影响下，许多交易所都发布了他们的Defi项目和平台币，但大部分都忽略项目的安全性，没有进行代码审计。 我们会确保发布项目的时候，项目自身没有任何关于风险，确保安全性。项目内所有的事项在发布前都是经过仔细的内部测试和审计,这也是我们一贯的风格，将用户的安全放在第一位。

主持人：我看到你们也即将上线 DeFi 流动性挖矿，能否透露下这个 DeFi 流动性挖矿的一些情况？We notice that CCFOX is going to publish a new DeFi liquidity mining project, could you show us some detail or information about your DeFi project.

Joseph King：We have several DeFi projects in the pipeline; these are all aimed at simplifying DeFi participation for all our current customers and new customers. Our first product, CCFOX Finance (CFI), is innovative and unique. Currently, there are no similar products in the market, and we will be launching it shortly. The CFI is a professional Yield Farming pool based on Hedge Fund and Mutual Fund principals, and anyone can join with minimum customer interaction and straight from our web platform and APP.

在我们的计划中已经有数个Defi项目在酝酿了，这些defi项目都是着眼于简化现有及潜在新用户参与defi的过程和难度。我们的初始项目CFI是行业内创新的且独一无二的。现在，市场上仍未有任何与我们的CFI相似的产品，并且我们决定将会在短期内正式发布。CFI是一个专业的流动性矿池，基于对冲基金和共同基金原则，任何人只需要通过我们的平台和app，用最少的交互流程去参与CFI项目。

The total supply of first CFI yield farming financial product at 5 million USDT, the minimum quota for a single customer is 100 USDT, the maximum is 50,000 USDT. CFI aims to solve many problems associated with DeFi Yield Mining, such as the need to understand complex financial instruments, the high cost of participation through Gas and contract fees, while gaining maximum returns on capital. We only allocate capital to the most reliable and safest products that give stable high returns. Our CFI product is easy to participate in and brings incredible experience to the customers.

第一次CFI流动性挖矿理财产品的总量是五百万USDT，单个用户最小的份额是100USDT，参与上限是5万USDT。CFI是为了解决许多在参与Defi流动性挖矿中产生的问题而提出的解决方案，这些问题包括传统的Defi项目需要理解复杂的金融机制，为了获得最大回报产生的高昂的手续费所带来的高成本。我们的目标是将所获的的融资分布到最可靠和安全的产品，为用户获取丰富的回报。我们的CFI产品是方便用户参与，同时为用户提供前所未有的体验。

主持人：现在很多交易所也开启DeFi挖矿，你们的DeFi产品和其他交易所相比有什么竞争性优势？Now many exchanges are open their DeFi mining business, what is your advantage comparing with other exchange?

Joseph King：CCFOX Finance has been established after a comprehensive investigation of the DeFi market and has various advantages compared with other DeFi products. By establishing an innovative DeFi product, we create a unique experience for our customers.

CCFOXFinance是基于针对现有defi深度调研之后得出的产物，相比其他平台的defi产品在不同维度下都具有的优势。我们通过建立一个革命性的defi产品，为用户创造了一个独一无二的体验。

Many exchanges have started to participate in the DeFi mining business, some by listing DeFi spot contracts and others have launched DeFi yield mining platforms. Most of these DeFi yield mining platforms are usually just forks; there is no innovation there, only a copy and paste of already popular products.

许多交易所开始参与defi挖矿，有些上线了defi现货合约，其他的则是发布了defi流动性挖矿平台， 这些里面大多数都只是对原来项目的分叉，并没有针对原有基础上作出任何转变与变革，只是单纯的复制粘贴/山寨现有的热门产品。

At CCFOX, we innovate. We launch our first DeFi product, CFI, and it is a complete solution, easy to join in and easy to exit, combining "stake to mining" and "trade to mining" features, meaning that customers can both Stake and trade to receive returns.

CCFOX乐于创造革新。我们发布了我们第一个Defi产品CFI，这是一个完整的Defi解决方案，易于参与及退出，融合了“质押挖矿”和“交易挖矿”的特点的多维度产品，这意味着用户可以同时参与质押和交易去获取丰厚回报。

For the Stake to mining of CFI, customers can purchase some quota and receive the CFI yield farming rewards and platform token rewards. Customers who stake CFI can exchange CCFOX USDT margin by a proportion of 1:1 rate to trade derivatives, thus participating in the 'trade to mining' and would then be applicable to gain rewards such as FOX token airdropsCFI质押挖矿体现于用户可以购买CFI份额从而获取流动性挖矿收益和平台币奖励。参与质押CFI的用户可以兑换等值ccfoxUSDT保证金，即1比1兑换，去进行衍生品合约交易，这便是“交易挖矿“，这些参与交易的用户会获得平台币空投的奖励。

So, staking can return up to 3 benefits for each customer, Due to the limitation of the quantity of CFI, people who do not purchase CFI would still be able to 'Trade to Mining FOX tokens. For further details, please visit our website and check the announcement.

因此，每个用户都可以通过一份质押，获取三分收益，机会平等。即使CFI的份额有限，那些没有能够购买CFI的用户仍有机会通过“交易挖矿”的机制去获取平台币FOX，具体细节请关注CCFOX官网的公告

主持人：作为普通用户，大家现在可以如何进行参与呢？As an individual, how could we participate in the CCFOX DeFi mining project?

Joseph King：It is a simple process; all anyone must do is download the CCFOX app or visit the website, purchase CFI from the spot trading contracts then start staking. Once they are staking CFI, they will automatically begin to receive profits from yield farming by holding CFI, as well as automatically apply for other benefits such as airdrops of the FOX platform token.

这非常简单，任何人只需要下载CCFOX app去现货交易页面购买CFI份额，然后质押CFI。质押CFI后，相对应的流动性挖矿收益即会自动发放到用户的账户，同时其他的收益如平台币FOX也会通过例如空投的形式发放到用户的账户中。

After staking the CFI, profits get distributed in USDT margin, which can be used in derivatives trading if the customer wishes. Those customers that also trade derivatives on CCFOCX will also be awarded a FOX token airdrop.

在质押CFI后，对应份额的USDT保证金也会发放到账户，这些保证金根据用户的意愿可以用于衍生品合约交易。那些质押了CFI且在CCFOX进行了衍生品合约交易的用户会获得额外的平台币FOX的空投奖励。

The lock-up period for CFI is 30 days, though if any of customer wants to exit the CFI position, they can trade their CFI in the real-time CCFOX spot trading contract and realize their capital and profits. Therefore, CFI is so customer friendly; we make it as easy as possible for the customer to participate or exit whenever they want.

CFI锁仓周期是30天，如果期间有用户想提前退出，他们可以在CCFOX的现货交易中去交易他们的CFI，从而提前回笼资金和获取收益。这也是为什么CFI是一个对用户友好的项目，我们尽量简化了用户在参与CFI时所需要的操作和流程。

If anything is unclear, then anyone can contact our WeChat customer services team and join our Defi farming group to receive the latest news of our project. If there are any suggestions and advice, we are happy to hear it which is essential for us to and would help us to improve.

如果有任何不清楚或者疑惑的地方，我们欢迎任何人联系我们的微信客服团队，CCFOX团队会竭尽全力为您服务，同时我们也欢迎大家加入我们的CFI大家庭，我们有专门的微信群去给大家进行讨论CFI及咨询，同时会发布我们产品的最新消息。如果有任何意见及建议，我们很高兴去倾听您的声音，请务必告诉我们您的看法，因为您的宝贵意见是我们的保持进步的关键动力。

主持人：CCFOX 得到了很多优秀资本机构的青睐，并建立了优秀的合作网络，这是怎么实现的？你们是如何互相吸引到对方的？

CCFOX has invested by many famous investing capitals and establish an excellent cooperation network, how would you have such great achievements, and how do you attract each other to cooperate with?

Joseph King：Through our good reputation and our long-established relationships with key entities and people throughout the traditional financial industry and cryptocurrency/blockchain industry, our investment partners include leading industry names such as FBG Capital, Genesis Capital, JC Capital, Honglian Capital and Conifers Capital.

通过我们良好的名声，长期建立的友好合作伙伴及关系，我们自身的优点特点和来自于传统金融领域及区块链领域的专业人士及团队， 我们的投资伙伴选择相信并助力我们的梦想，这些可靠的伙伴包括FBG资本，创世资本，JC资本，红链资本，智臻资本等。

CCFOX was established in 2019, withing 8 months, the total traded volume of CCFOX put us into the top 10 list of cryptocurrency exchanges. Every day we serve a significant number of customers across the globe. Additionally, we also provide white label and cloud exchange services to more than 18 global exchanges, who all rely on our high-performance infrastructure to manage countless customers and run profitable exchange operations.

CCFOX创立于2019年，在最初的8个月里，我们的总交易量就达到了前10的位置，我们每天都有可观数量的来自全球各地的交易者在CCFOX进行交易。此外，我们也为十几家全球化交易所提供白名单和合约云系统，他们的选择是基于我们高性能的基础系统构造，同时我们也为他们提供了一个可靠的系统去管理他们的客户并产生可观的交易量。

Most importantly, CCFOX is built on the excellent reputation of the partners who are all well-known and experts in different aspects of the financial trading business, all of us stand behind our good reputation and invest that into the operation of CCFOX. We all believe that the customer, any customer, is the single most crucial aspect of our business and strive to ensure that all our customers are satisfied.

最重要的是，CCFOX是在由世界顶级证券交易平台以及量化对冲等机构人士打造的专业高效的交易平台，业内外都有较好的名声。我们相信我们的客户，哦不，任何客户都是我们至高无上的，是我们行动的出发点和落脚点，我们一直会提升服务质量并保持用户群体在一个较高的满意度。

主持人：请问CCFOX是否有平台币的计划？如果有能不能透露一些细节？Does CCFOX have any plan for platform token? If so, what is the difference in the design structure between the CCFOX Platform token and other mainstream platform tokens? If it does not, why?

Joseph King：In line with our DeFi product launch, CCFOX is now launching our platform token, FOX, with the total supply of one billion, at an initial price of 0.1 USDT with a total token value of 100 million USDT. FOX token is the only platform token of CCFOX and is an essential part of the CCFOX ecosystem

在发布CCFOXdefi产品的同时，我们也发布了我们的平台币FOX，总量为10亿，初始流通价为0.1usdt, 初始总市值为1亿USDT。FOX是我们CCFOX唯一的平台币，也是CCFOX生态中重要的一部分。

We will reward 10 million FOX tokens to the customers who participate in the CFI. We will also reward tokens to any customer that participates on our spot exchange, in our new hashpower products, in various futures and options, our DEX and any other products that in the planed CCFOX development strategy. Customers that own the FOX token will benefit from fee discounts, the priority to purchase any new value-seeking fund products that we launch, and many more rights in the future. FOX token will also be supplied to the customers of our cloud exchange partners too.

我们会奖励总计1000万fox给参与CFI的用户。同时也会奖励FOX给任何参与我们现货交易，全新的算力产品，期权交易，DEX以及未来在CCFOX计划中待发布的新产品的用户。用户持有Fox会获得手续费优惠、产品优先认购权和未来CCFOX发展中的各项权益。同时，我们的合约云合作伙伴也会获得FOX奖励。

CCFOX will use 30% of income monthly to buyback the FOX tokens and burn them. The launch period of FOX token is in Q42020. Please check our website or social media for further announcements.CCFOX将拿出30%收入按月回购并销毁FOX，使FOX保持通缩状态。FOX将在今年第四季度发行，用户可以实时关注我们的公告和社交媒体，了解更多信息。