Rubic x Syscoin: The Best of Bitcoin and Ethereum
Rubic is excited to announce the integration of the Syscoin Network, a multi-layered blockchain network that combines the best of Bitcoin’s security and Ethereum’s smart contract capabilities. With Syscoin, Rubic expands to 24 integrated networks!
What is the Syscoin Network?
Fast and Secure: let’s see how Syscoin unites the best of crypto!
Syscoin is a dual-layer blockchain that combines the strongest features of Bitcoin and Ethereum. It is secured by Bitcoin’s Proof of Work (PoW) consensus mechanism. At the same time, it offers high scalability and smart contract capabilities through a modified version of the Ethereum Virtual Machine (EVM). Users can create highly scalable Web3 decentralized applications (dApps) with nearly 0 fees on Syscoin.
It’s the blockchain platform for real money, assets, and blazing-fast token payments that scale. The Syscoin Platform provides trustless interoperability with Ethereum ERC-20, asset & token microtransactions, and Bitcoin-core-compliant security.
Learn more about Syscoin Network in this Binance Academy article: What Is Syscoin (SYS)?
Syscoin on Rubic.exchange
The Syscoin Network was integrated into Rubic.exchange through Multichain as a provider. A DEX conducting swaps from and to Syscoin is Pegasys, the first DEX and AMM on Syscoin NEVM. Have a look at this article about Pegasys’ integration into Syscoin.
Now, users can swap agEUR, BIFI, BNB, BUSD, LUXY, MAI, QI, and WSYS (depending on the chain) across 17 other blockchains: Ethereum, BSC, Polygon, Avalanche, Fantom, Telos, Moonriver, Moonbeam, Cronos, Kava, Boba, Oasis, Gnosis, Optimism, Arbitrum, Fuse, and Celo.
Let’s explore the Syscoin Network in numbers:
Market Cap: $75M
Average block time: 2.0 minutes
Total transactions: Over 1M
Wallet addresses: Over 17,000
You can check out the Syscoin explorer here.
Syscoin presents a combination of both Bitcoin and Ethereum, with intuitions built on top to achieve a more efficient financial computing platform that leverages coordination to achieve consensus, using Crypto Economic rationale and incentives.
Syscoin proposes a four-layer tech stack using Syscoin as the base (host) layer, which provides low gas costs per transaction. Some of the main advantages include scalable, decentralized enabling applications and a decentralized cost model around Ethereum gas fees. This new model proposes state-less parallelized execution and verification models while taking advantage of the security offered by the Bitcoin protocol.
Find more of Syscoin’s advantages in their Whitepaper.
How does it work?
Let’s explore the duality of Syscoin and expound on the opportunities of its architecture.
Syscoin’s dual-chain Layer 1 enables users with the most cutting-edge tools of both primary blockchain paradigms (UTXO and EVM) and elevates them to true scalability through Layer 2 solutions.
- Dual-Chain Layer 1
A modular, Dual-Chain Layer 1 built to solve blockchain’s hardest issues: Security, decentralization, and scalability.
- NEVM Chain (EVM)
NEVM supports the kind of smart contracts and interoperability necessary to bring forth metaverse, smart cities, and the next evolution of the internet of value. It remains low-cost, secure, decentralized, and scalable via Rollux, a Layer 2 rollups suite.
- Native Chain (UTXO)
Syscoin’s native chain features Z-DAG innovation that provides near-instant probabilistic security on top of a low-cost PoW settlement for assets. Opt-in compliance rulesets make it ideal for minting and transacting stablecoins or CBDC. This chain also provides Schnorr/Taproot.
- Rollux Layer-2 Suite
An EVM-based rollup suite for scaling smart contracts and financial computations to meet real-world demands.
Syscoin’s Rollux is the leading edge of scaling technology for solidity-based EVM smart contracts. Rollux will initially consist of optimistic rollups followed by ZK. Both will be enhanced by PoDA and supported by the unmatched security of settlement on Syscoin’s Layer 1.
Thereby, the UTXO / EVM architecture contributes to a cohesive and intricate design that leverages both BTC and EVM gold standards with some interesting token economic features.
Learn more about the architecture of Syscoin at https://syscoin.org/innovation#solving-the-trilemma.
What is SYS?
This integration also brings the SYS token to the Rubic Platform. Syscoin (SYS) is the native token of Syscoin. Its tokenomics are based on Ethereum’s EIP-1559 proposal without a capped maximum supply. Prior to the NEVM mainnet release and the introduction of EIP-1559, SYS had a maximum supply of 888 million tokens.
One of the unique features of SYS is that it has both UTXO and account-based representations of tokens. Depending on the network it’s on, SYS can exist as Syscoin Platform Tokens (SPTs) and ERC tokens.
SYS holders can burn their SYS to mint SYSX as SPTs to enjoy the high transaction throughput offered by Z-DAG. They can also use the SYSX to mint an ERC-20 version of SYS via the SYSX Bridge. This ERC-20 SYS will allow users to utilize all the functionalities of NEVM, such as using smart contracts.
SYS is used for paying transaction fees within the Syscoin network, including the minting and transferring of SPTs. Typically, it only takes 1 SYS to fund thousands of SPT transfers. SYS holders with 100,000 SYS can also host masternodes to participate in the governance of the network and provide services for the blockchain to earn extra SYS rewards.
SYS Price Chart (1 week period):
Overall, the coin’s price has peaked three times. First in January 2018, when SYS hit 98 cents, then in May 2021, when it reached 76 cents — and finally in January 2022, when SYS achieved its all-time high of $1.31.
Syscoin unites thousands of apps, including various Metaverses, Bridges, dApps, Launchpads, and more. You can find the full list of apps and integrations here: https://syscoin.org/ecosystem
Rubic is a One-Click Cross-Chain Aggregator which allows users to swap any of 15,500+ tokens, across 24 blockchains and receive the best rates from all leading trading providers. Rubic includes On-Chain & Cross-Chain swaps for Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Gnosis, Fuse, Celo, Optimism, Moonbeam, OKC, Boba, Tron, Moonriver, Cronos, and Bitcoin; with seamless fiat on-ramps and more!
Rubic provides the tools for crypto projects to become fully interoperable between blockchains, with an easy-to-install widget and a fully-customizable SDK. Rubic is already servicing more than 130 projects! Installation of Rubic’s SDK or Widget unlocks DeFi for any project, with access to over 15,500+ tokens across 24 blockchains, all available right on your website or inside your app.
Our social media channels: