DeFiChain Coin (DFI)

Table of Contents

About

DeFiChain is the largest non-Turing complete blockchain and is based on Bitcoin.

The $DFI coin is an integral unit of account in DeFiChain. The DeFiChain Foundation issued roughly 600 million DFI on May 11th, 2020. The current circulating supply (with staking and liquidity mining) is available at DeFiChain Explorer.

Important: DeFi chain is a community project. There was/is no Initial Coin Offering, only free airdrops.

Reward token for Cake DeFi

DFI is the reward token for the Cake DeFi; a centralized DeFi platform based in Singapore. Most DeFi projects create their own tokens but Cake DeFi is unique in that the reward token is the gas token itself for the DeFiChain.

Marketing The Project

2022

Detailed plans on how to position the project and increase its adoption rate:

This slide from the above video captures the state of the DeFiChain project succinctly (as of Jan 2022)
This slide from the above video captures the state of the DeFiChain project succinctly (as of Jan 2022)

Project Milestones

  • launch of DeFiChain Bridge [Apr 2022]
    • a fully decentralized bridge connecting DeFiChain with Binance’s BNB Chain to facilitate fast, secure, and low-cost transfer of liquidity between the two chains.
    • entire process is decentralized and at no point does any one entity control the funds.
    • DeFiChain’s DFI will act as the bridge token
    • bridge’s cryptography relies on Binance’s Threshold Signature Scheme (TSS), which replaces all private key related commands with distributed computations. The libraries used have been certified and audited several times by Binance itself.
  • 2021 – A Year Full of Great Achievements

Decentralized Finance

Decentralized Finance includes all the financial applications you know from more traditional centralized finance (i.e., banks), with the key benefit being that there is no centralized institution you have to trust. Decentralized financial applications include lending, borrowing, trading, asset tokenization, distribution of dividends, and more.

DeFiChain Technical Details

Most DeFi projects are built on the Ethereum blockchain, where applications run on so-called virtual machines. Unlike native blockchains, blockchains like Ethereum offer greater flexibility for developers. This flexibility, however, makes them more risky for decentralized financial applications.

Performing DeFi transactions on Ethereum takes more than 3,000 distinct steps — each with its own potential attack surface. On DeFiChain, just a few lines of code are enough, making transactions much more robust against potential attacks, and DeFiChain’s #NativeDeFi approach, more secure.

DeFiChain (a Bitcoin fork) is a blockchain dedicated to Native Decentralized Finance for Bitcoin. Native Decentralized Finance or #NativeDeFi means that the DeFi applications on DeFiChain are built directly on the blockchain, ensuring the highest level of security standards and a greater resistance to hacks.

Though DeFiChain is a Bitcoin fork, the blockchain’s consensus is ensured through a hybrid of Proof of Stake and Bitcoin’s Proof of Work. This means that everyone can participate in securing the blockchain and earn block rewards!

Staking and Liquidity Mining

Two of DeFiChain’s most important applications are Staking and Liquidity Mining.

Proof of Stake (Staking) is DeFiChain’s consensus algorithm and is comparable to Bitcoin’s Proof of Work (Mining). The difference is that Staking enables anyone to participate even without expensive mining rigs and vast amounts of electricity, to earn new DFI block rewards like bitcoin miners earn new bitcoins.

Liquidity Mining is not part of DeFiChain’s consensus algorithm, but serves the purpose of providing liquidity for the decentralized exchange. In return, liquidity miners get block rewards, making it a very lucrative endeavour and a win-win for everyone involved.

DeFiChain’s Decentralized Exchange (DEX)

DeFiChain’s Decentralized Exchange (DEX) is the cornerstone of most decentralized financial applications in the DeFiChain ecosystem.

Being #NativeDeFi for Bitcoin, you can send actual bitcoins (BTC) to and from the Decentralized Exchange, and trade them for ETH, DFI, USDT, DOGE & many more digital tokens. This is a feature unheard of before in the crypto space.

Unlike most other decentralized exchanges, such as those built on Ethereum, DeFiChain’s DEX is not a website – which itself represents a centralized, vulnerable party – but rather an open-source, publicly available app that can be run by anyone. Because it’s decentralized, it also can’t be shut down by a centralized institution.

Roadmap

DeFiChain already has decentralized trading functionality live & working, with lending and borrowing, as well as asset tokenization coming in Q3 2021. Soon you’ll be able to buy Tesla, Apple & more directly on the blockchain in a decentralized way.

Decentralized stocks, loans, dividends and more will soon be introduced to DeFiChain, making the DFI coin a strong investment with a lot of upside potential that can serve as a reliable, high yielding coin in any well-diversified crypto portfolio.

Resources