The most Decentralized Finance Projects are taking place on the Ethereum blockchain. DeFiChain is taking a different approach. It enables Decentralized Finance on Bitcoin.
Let me explain what DeFiChain is and who is behind it. We will look at the $DFI coin tokenomics, use-cases, and upcoming features. At the end of my post, I will also give you a short reminder on how to get $30 in $DFI for free.
The DeFiChain
DeFiChain is a decentralized blockchain platform dedicated to only enable decentralized financial services. Its op codes only allow run decentralized finance dapps. This ensures that only financial transactions are possible.
The point is that DeFiChain was created especially for DeFi Services and applications. At the same time, DeFiCain provides the optimal infrastructure for security, speed, and access.
It is not a general-purpose platform like Ethereum. It is designed for Decentralized Finance.
The clue is that DeFiChain is not built on Ethereum like many others. It is built on Bitcoin as a software fork. It is anchored to the Bitcoin blockchain.
Now honestly, who of you thought that Decentralization can also happen on Bitcoin?
A blockchain dedicated to fast, intelligent and transparent financial services, accessible by everyone.
DeFi Foundation
DeFiCain is developed by the DeFi Foundation. The DeFi Foundation is responsible for the issuance of tokens to users in order to speed up the adoption. Besides that, the Foundation is tasked with boosting the ecosystem and increasing the number of ecosystem partners.
The founding members of the DeFi Foundation are Dr. Julian Hosp, U-Zyn Chua, John Rost, and Kenneth Oh.
The DeFi Foundation will also airdrop $DFI Coins to hodlers, market makers, and other users of DeFiChain. The first airdrop is already taking place on CakeDeFi. At the end of my post, I`ll explain how you can receive juicy $30 in $DFI Coins for free.
$DFI Coin
From the maximum supply of 1.2 billion $DFI coins, 49% were in the initial supply, with the rest being issued to masternode holders over time.
It currently has a circulating supply of 384,224,633 $DFI coins.
$DFI already has a market capitalization of $491,049,463 and it is located on market cap rank #210.
$DFI is stakable. On CakeDeFi´s website, you can stake $DFI with an amazing 37% APY.
CakeDeFi is also one good option to hold your $DFI. You can also use the DeFiChain Wallet. $DFI is still a very young blockchain and, as far as I know, not supported by other non-custodial wallets yet.
$DFI Usecases
First of all, fees for transactions, smart contracts, and other DeFi activities are paid in $DFI.
Staking rewards are paid in $DFI.
Collaterals for loans of other crypto assets are funded with $DFI.
You can create new DeFi Custom Tokens. This will cost you 100 $DFI.
It also has a governance component as you can submit a community budget proposal for 500 DFI.
Trading $DFI
Right now, $DFI isn`t being tradable on many exchanges. Indoex is the current most active market trading $DFI. You can also buy and sell $DFI on Latoken, Bitrue, or HotBit.
I personally recommend Bittrex for buying and trading $DFI.
There are also some hints that $DFI is going to be listed on Binance in the near future.
Upcoming Features
Upcoming features of the DeFiChain include Decentralized Lending, Wrapping of Tokens, Pricing Oracles, Exchanges, Transferable Debts and Receivables, Non-Collateralized Debt, Asset Tokenization, Distribution of Dividends, and Yield Farming.
My Final Thoughts
I always believed that Decentralization is not only taking place on Ethereum. It is also taking place on other platforms like Polkadot but I have never thought that Decentralization can also happen on top of the Bitcoin blockchain.
DeFiChain is an innovative project in the DeFi space with an awesome team behind it. The project is still very young but already developing fast and very well. I believe that $DFI can become one of the TOP 50 cryptocurrencies in the near future.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of DeFiChain and my intention is not to replace your own research. However, it really reflects my own opinion.
So I hope that I could provide you with some interesting and useful information about DeFiChain.
Thank you guys for reading, liking, following, and tipping 👍
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You Can Get $30 In $DFI For Free!
At the moment, you can get a bonus of $30 in $DFI when you register on CakeDeFi´s website and fully verify your account (KYC).
Make your first deposit and you will receive a bonus of $20 worth of $DFI. There is no minimum deposit to receive your bonus, even one singleSatishi is enough.
Please note, that this bonus will be locked up and staked for 180 days. The good news is that the locked up bonus automatically yields staking returns during this time. These staking rewards will be added on top of the bonus and can be withdrawn after the lock-up period has ended.
If you use a referral code (528168) for signing up, you and your referrer will receive an extra $10 worth of $DFI, which will also be locked and staked. This makes a juicy bonus of $30 in $DFI in total.
