Interfaces of Echo DeFi on a purple background

Echo DeFi

Cutting-edge DeFi solution with a unique approach to decentralization and token distribution

Innovative and fully decentralized platform providing top liquidity alongside fair token distribution via two stages right from the network launch

Team

  • Blockchain developer4
  • Solidity developer2
  • Full-stack developer2
  • DevSecOps
  • Business analyst2
  • Delivery manager
  • UX/UI designer2
  • QA engineer3

Echo DeFi’s goals

  • Create a novel initial DeFi distribution mechanism with the maximum level of decentralization1
  • Manifest the potential of the entire Echo ecosystem as well as the Ethereum sidechain2
  • Provide ample liquidity opportunities via Uniswap and SushiSwap right from the first day of the platform launch3
  • Draw more users and developers to the Echo community via various interaction mechanisms, including DeFi airdrop, liquidity mining, and staking with native assets4

Work done

  • Creation of the Echo generalized smart contract protocol and ecosystem with a unified development environment
  • Development of ECHO — the protocol’s native token
  • Ethereum and Bitcoin sidechains allowing for the network interoperability
  • Inter-blockchain communication protocol allowing users to smoothly transfer their ETH, BTC, and ERC-20 tokens to the Echo network
  • Elaborate initial DeFi distribution strategy providing liquidity to individuals who lock their crypto assets in a smart contract
  • Creation of the mobile and desktop ECHO wallets that allow users to transfer their funds between the Ethereum/Bitcoin and Echo blockchains
  • Multiple developer tools, including libraries, code examples, and open-source wallets
  • Blockchain explorer presenting the platform’s information to users in a convenient format
  • Browser extension (Bridge) allowing users to sign transactions within the Echo network
Interface of a mobile version of Echo DeFi

About the solution

Having proved to be an experienced player in the blockchain domain with 60+ successfully delivered blockchain projects, PixelPlex has decided to go big and develop its own trailblazing DeFi solution — Echo DeFi — a nonpareil platform for the Echo project that aims to provide individuals across the globe with the freedom to self-organize, interact, and transact with no hitches.

Echo DeFi is a groundbreaking solution in terms of its approach to decentralization and token distribution.

The PixelPlex team has given due consideration to the frequent pain points that protocols of the common type normally face, and has produced a viable and advanced solution that is able to:

  • Ensure a complete decentralization of the protocol
  • Guarantee fair and optimized token distribution right from the launch of the network
  • Provide additional liquidity opportunities to those users who participate in the initial ECHO token distribution and allow them to become part of the protocol’s governance
The scheme illustrating the working model of the solution

What makes Echo DeFi special?

The scheme illustrating Proof of Weighted Randomness consensus of Echo DeFi

Proof of Weighted Randomness (PoWR) consensus

Thanks to the PoWR consensus, Echo creates an entirely new layer of network communication enabling high-speed asset transfers. It runs smart contracts to interact with existing cryptocurrencies like Bitcoin and Ethereum.

  • Advanced Echo protocol

    Echo DeFi has been developed on the advanced Echo protocol that creates a totally new level of communication and enables efficient decentralized applications for Bitcoin and Ethereum with advanced functionality, flexibility, and usability.

    Learn about Echo Protocol

  • Open and democratic governance

    The protocol provides open and democratic governance — hence all members have the right to propose upgrades and improvements to the platform and vote on their approval.

    The screenshot of the Proposal page

  • Built-in contract support

    Echo has built-in contract support that makes it possible to monitor smart contracts in external networks

  • Sophisticated sidechain mechanism

    Thanks to its sophisticated decentralized sidechain mechanism, Echo enables its users to effortlessly deposit and withdraw assets and tokens from the Echo protocol for further scaling and staking

  • ECHO token

    As well as this, the platform uses its own DeFi ECHO token to create an ecosystem of valued services such as stablecoins, derivatives, collateral, asset tokenization, and decentralized identities.

Got an idea? Let’s work together

Sidechain mechanism

Echo supports BTC, ETH, and ERC-20 standard Ethereum assets and allows them to be smoothly transferred on and off Echo through the exquisite Bitcoin and Ethereum sidechain mechanisms that lie at the core of the protocol.

The two sidechains make it possible for Echo users to exchange their BTC, ETH, or ERC-20 tokens with the corresponding eBTC and eETH assets or tokens on the Echo network.

Special smart contracts are deployed into the Bitcoin and Ethereum networks by members of the committee which controls the deposited funds and tokens and offers an interface to manage them.

The scheme illustrating the sidechain mechanism of Echo DeFi

What the process looks like

1

Initial Distribution

  • During the first two months, the network protocol will distribute 2% of the ECHO total supply to those users who have locked their ETH in the Ethereum smart contract.
  • At this stage, users can:

  • Participate in the initial token distribution

    Engage in the token distribution and receive rewards in a wrapped ERC-20 token ECHO (wECHO) for every distribution epoch which lasts 8 hours. The amount of wECHO that the user can gain is proportional to their percentage of the total amount of ETH locked during a distribution epoch.

    The screenshot of Locked and Reward functionality

  • Benefit from the ecosystem of services

    Use the Echo protocol to transfer wECHO into ECHO and benefit from the DeFi ecosystem of services, run a node, and get a chance to participate in voting and Echo’s governance

    The screenshot of a wallet page
2

Liquidity Pool Farm

  • The second stage — LP Farm — will last for 360 days, during which 30% of the ECHO total supply will be distributed.

  • Provide liquidity

    Those users who provide liquidity to the protocol via Uniswap will be rewarded with UNI-V2 tokens. They can also lock those tokens to receive rewards in wECHO for every distribution epoch which will last 24 hours.

    Afterwards, it’ll be possible to trade wECHO for ECHO and multiply wealth to be among the leaders of the decentralized economy.

    The screenshot of a page illustrating user statistics

Take advantage of multiple opportunities

From the outset, those users who have received wECHO during the two stages can transfer these tokens to the Echo protocol via the sidechain mechanism.

In this way, users will be able to take advantage of several opportunities, namely: acquire the corresponding amount of the ECHO core asset, run their own node, embark on staking, participate in the consensus, and get rewards.

Enjoy maximum security

Also noteworthy is that users’ funds are absolutely safe. They are kept securely on the Ethereum smart contract. No one, even the members of the Echo development team, can access them.

In addition, if or when users decide to get their ETH back, they can easily withdraw the full amount and suspend their participation in the distribution procedure.

Project features

  • A blue icon of a gear
    Novel mechanism of the network launch through the initial DeFi distribution
  • A blue icon of C++
    Solidity and C++ smart contract support
  • A blue icon of web3
    Complete web3 compatibility
  • A blue icon of two piles of coins
    Rewards for providing liquidity to the platform
  • A blue icon of a shield with a lock
    Top security guaranteed by EchoRand
  • A blue icon of an eye
    Increased transparency of all processes executed on the platform
  • A blue icon of three paths
    Flexibility to take part in the chosen distribution procedures
  • A blue icon of a document and a checkmark
    No appointed committee of validators
  • A blue icon of three layers
    Modular interoperability
  • A blue icon of an upward-pointing arrow and a chart
    Upgraded asset performance
  • A blue icon of four interdependent blocks
    Sophisticated sidechain mechanism
  • A blue icon of a lightning strike
    Supersonic consensus
quotes
  • Our team is extremely happy to introduce Echo DeFi — a project created within the Echo ecosystem. To bring it to fruition, we have put together our extensive expertise in the blockchain domain and a strong desire to create a trailblazing DeFi solution.
  • The most outstanding feature of Echo DeFi is manifested right at the initial DeFi distribution stage. This is the opportunity to smoothly re-deploy even the most complex Ethereum-based smart contracts without having to alter the initial code. Plus, the advanced bridge system enables high-end interoperability between those contracts. Also noteworthy is that Echo operates both as an integral and fully decentralized protocol on our side and as a layer-2 protocol functioning as an extension of other protocols.
  • It makes me proud to admit that the PixelPlex team standing behind Echo DeFi has managed to deliver a fully transparent and decentralized solution that will allow users to establish full control of their assets.
The photo of Alexei Dulub, the CEO of PixelPlex

Alexei Dulub

CEO & Founder of PixelPlex

Technologies used:

  • Echo logo
  • Ethereum logo
  • JavaScript logo
  • Next.js logo
  • React logo
  • Redux logo
  • TypeScript logo
  • Solidity logo

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