ChangeX – The App that Turns Traditional Bank Customers into DeFi Participants

Iulian Lesanu

@Iulian

CHANGEChangeXDeFiHydraChain

ChangeX is an innovative app bridging the fiat and crypto worlds to create a hybrid system of CeFi and DeFi elements. Its goal is to make it easier for everyone to access the benefits of cryptocurrencies and traditional banking from a single, user-friendly mobile point.

A team of industry veterans has been building the app since late 2021. Now, the project is reaching one of its biggest milestones – the DEX Liquidity Event for its native $CHANGE token, which will be held on the HYDRA DEX starting July 19. Early adopters have an excellent opportunity to join and access numerous perks, including staking of $CHANGE tokens soon available on the app.

This ChangeX review looks closely at the app’s progress and upcoming developments. Read on to discover its features, tokenomics, and roadmap!

What is ChangeX?

ChangeX is a high-performance mobile app using cutting-edge technology to provide advanced wealth management solutions to everyone. People can use it for all their crypto, DeFi, and banking needs, on a secure and easy-to-navigate platform. The project’s philosophy combines elements of centralized and decentralized finance to provide an uncomplicated way of accessing the best of both worlds.

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The ChangeX platform currently focuses on the HydraChain network – a proof-of-stake (PoS) blockchain. Here, anyone can become a full node in a few clicks and stake HYDRA tokens to help maintain the network. ChangeX, however, works to become a multi-chain solution.

ChangeX’s primary goal is to make crypto use more accessible to the everyday user without taking away their deep-rooted use of fiat and banking services. For instance, with ChangeX, people should be able to pay for crypto with their traditional credit cards thanks to instant fiat-crypto conversion. Additionally, they could pay their restaurant bill with crypto at the touch of a button by using the ChangeX Debit Card (coming Q4 2022).

The platform also provides advanced crypto services to expert users, such as locked, flexible, and first-ever Leveraged Staking, stablecoin lending, and liquidity mining.

The team developed ChangeX as “a mobile-first experience app with a sound purpose.” To this end, it aims to:

•       Remove the entry barriers for traditional bank customers to become crypto holders.
•       Clear all entry obstacles for crypto holders to become “true” DeFi participants.
•       Offer a seamless experience unlocking the power of DeFi within a few clicks.

ChangeX proposes several DeFi and CeFi products to reach these ambitious goals. Ultimately, its users should access the crypto world, regardless of their knowledge or competence.

ChangeX Products and Features

ChangeX employs the DeFi Composability concept, the ability for applications and protocols to interact with one another in a permissionless way. App users will access non-custodial, industry-leading products, including cross-chain bridges, staking, lending, DAOs, and collateralized staking in Lego-like combinations.

Here are some of the ChangeX products and features users can access for better wealth management.

Leveraged Staking

This feature enables margin positions for long-term staking, providing increased APR by a factor of 1.2-2x. The team specifically designed it for Proof-of-Stake inflationary assets, allowing users to harness the power of collateralized staking pools.

ChangeX’s product is among the world’s first to make staking with leverage accessible to everyday users. The design of margin positions will leverage the base staked asset. The latter will be used as collateral while keeping it staked uninterruptedly. The tool will be bridged to the stablecoin lending economy in the app and the protocol block rewards, resulting in a complex ecosystem with a simple interface.

Fiat-to-Crypto Conversion and back

This product will allow users to convert top fiat currencies, like EUR and USD, to crypto and back. The ChangeX app uses a conversion mechanism for direct purchases on virtual pairs through DeFi liquidity pools.

The app will make it easy for users to automatically take advantage of the highest liquidity on the market with the lowest possible slippage. This way, they won’t have to waste time opening exchange accounts and searching for the best possible rates.

ChangeX’s use of cross-chain bridges will provide quick crypto-to-crypto conversions for users with a diverse portfolio. This will be possible by combining DeFi and CeFi liquidities in a process simple to use even by the least experienced crypto users.

Personal IBANS for SEPA Banking

ChangeX will apply for an Electronic Money Institution (EMI) license for EUR banking capability. This will allow users to control all of their assets, including fiat and crypto, from a single interface. Users will have at their disposal a personal IBAN which will serve as a traditional bank account right there in their non-custodial wallet.

Universal Crypto Debit Card

ChangeX’s Crypto Debit card will allow users to spend all of their in-app assets – fiat, crypto, even staking rewards – on anything and anywhere. Spending staking rewards will be possible without interrupting the staking process and harming APR. This means users can always access and use their funds while remaining staked in the ChangeX DeFi ecosystem. 

Other tools in the ChangeX suite include:

•       Flexible Staking Pools
•       DeFi Wallet
•       NFT Wallet
•       Crypto-to-Crypto Trading
•       Stablecoin Lending Market
•       An “Earn” Product enabling fixed APR for stablecoins

Note that some of these products and features are still in development while others depend on the project reaching its future milestones. More information about them is available in the ChangeX whitepaper.

ChangeX App User Benefits

According to the platform’s website, using ChangeX could provide you with these benefits:

•       Complete control over your assets, keys, and coins on multiple blockchains.
•       Swapping tokens in-app at the best rates.
•       Earn high APR on PoS assets and track your earnings.
•       Leveraged staking with up to 2x on base APR.
•       Store all your ERC 721 and ERC 1155 standard NFTs inside the ChangeX app.
•       Use the ChangeX debit card to pay with your digital assets.
•       Multiple app-supported payment methods available for the easiest access to your crypto
•       A bridge between the app and your traditional bank account.
•       Easy access to fiat and crypto assets from the same dashboard.

The $CHANGE Token

CHANGE is a deflationary HRC-20 token that doubles as the governance token of the ChangeX app. It runs on both HydraChain and Ethereum and offers high APR to holders while bridging staked inflationary assets in the app. Users earn rewards in CHANGE staking their PoS assets in the app.

ChangeX uses 30% of all crypto-crypto and fiat-crypto trading fees to power a burn mechanism. This way, it aims to reduce total supply, thus driving the token’s price upwards.

Holding $CHANGE will also provide governance rights to users, allowing them to vote on new additions to the ecosystem. The $CHANGE ICO token sale closed on June 1 with 1.8x oversubscription. Here is a breakdown of the token allocation:

•       Public Sale ($2.4M) – 35.3% or 150,000,000 CHANGE
•       Treasury – 22.9% or 97,500,000 CHANGE
•       Tier 1 Institutions – 11.8% or 50,000,000 CHANGE
•       Launchpads & IEO – 11.8% or 50,000,000 CHANGE
•       Liquidity – 7.1% or 30,000,000 CHANGE
•       Founders & Team – 5.3% or 22,500,000 CHANGE
•       Staking Pool for the first 9 months – 4.7% or 20,000,000 CHANGE
•       Airdrop – 1.2% or 5,000,000 CHANGE

The Project’s Roadmap

A team of industry experts, primarily from Bulgaria, started working on ChangeX in Q4 of 2021. They elaborated the project for significant releases in 2022, including:

•       Start the process for obtaining a crypto license in Lithuania in Q2
•       Sign agreement for AML Services with Tier 1 Partner in Q2
•       Conduct Private and Public Sales in Q2
•       The official release of the ChangeX v1 wallet in June
•       HydraDEX Launch in July
•       Staking on CHANGE Begins in July
•       Launchpad Events in July
•       Delegated Staking on HYDRA in Q3
•       ChangeX Crypto Visa Card Launch in Q4 2022

For 2023 and beyond, the team plans to launch the app’s remaining products, including fiat trading, leveraged staking, and SEPA IBAN functionality.

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Final Thoughts

ChangeX is a new project seeking to provide a mobile-first experience bridging CeFi and DeFi through innovative products and features. Its users will be able to use various DeFi tools, including staking and lending, regardless of their technological background. Furthermore, users will have access to a universal crypto debit card and personal IBANS. Above all, the app will enable them to control all their assets and accounts, both fiat and crypto, from one user-friendly interface.

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The most important upcoming event on the ChangeX agenda is its upcoming HYDRA DEX Launch for CHANGE, due to start on July 19. The much-anticipated event will reward early adopters with multiple perks in the long run. Meanwhile, you can find out more about ChangeX at the following links: Website | Twitter | Facebook| Telegram| LinkedIn

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