Japan Open Chain Token is now multi-chain compatible──New ERC-20 compliant token "JOCX" released | CoinDesk JAPAN

G.U.Group, which provides stablecoin issuance and management systems as well as blockchain infrastructure, announced on August 7 that a new DeFi (Decentralized Finance) compatible ERC-20 token "JOCX" linked to the native token "JOC Coin" of the public blockchain "Japan Open Chain" jointly operated by Japanese companies has been released. As a result, JOC Coin will also be usable on multiple blockchains, including Ethereum.

JOCX is an ERC-20 token that is pegged 1:1 to JOC Coin and allows for Minting and Burning. Utilizing LayerZero's cross-chain technology, by depositing JOC Coin on the Japan Open Chain into a dedicated smart contract, JOCX tokens are minted on other blockchains such as Ethereum, Base, Avalanche, and Arbitrum. The total supply of JOCX and JOC Coin is limited to a maximum of 1 billion tokens.

Additionally, JOCX is characterized by its ability to freely move between multiple supported networks through the LayerZero protocol. By burning on the target network, it is also possible to receive JOC coins directly on the original Japan Open Chain.

This design ensures that the value of JOCX is inherently linked to JOC Coin at all times. Since JOCX is issued against JOC Coin as collateral, the total supply of both tokens will not increase, but by enabling direct exchange with assets like Ether (ETH), accessibility to JOC Coin is improved. It is claimed that the direct token exchange through the DeFi (Decentralized Finance) market will significantly enhance the liquidity and usage environment of JOC Coin.

The JOC coin was simultaneously listed on six cryptocurrency exchanges worldwide in December last year, expanding its number of holders. With the release of JOCX, it is expected that the value and use cases of the JOC coin, which had been confined to the Japan Open Chain, will be extended to other blockchains.

Related article: Japan Open Chain's native Token "JOC Token" to be listed simultaneously on 6 exchanges worldwide on December 23.

According to G.U.Group, JOCX is already available on major DeFi platforms on Ethereum such as Uniswap, and an environment is being established where DeFi users and cryptocurrency investors around the world can more easily access JOC coins and the Japan Open Chain ecosystem.