What is Defichain? Defichain is a blockchain platform created to provide decentralized financial services to users such as Lending & Borrowing and profit-optimizing Staking.
To understand more about Defichain, people can read some of the articles below:
- What is Etherfi? Overview of Etherfi Cryptocurrency
- DeFi Panorama 101 | Episode 3: What is Lending & Borrowing? The Essential Puzzle Piece in DeFi
- What is Algofi (BANK)? Algofi Cryptocurrency Overview
What is Defichain?
Overview of Defichain
Defichain is a blockchain platform created to provide financial services in the decentralized space to users such as borrowing and lending as well as mortgaging assets to optimize profits. Similar to other projects, Defichain does not hold user assets or is completely controlled by any organization.
In addition, DeFiChain also operates based on a combination of both Proof of Work (POW) and Proof of Stake (POS) consensus mechanisms while taking advantage of security and the use of Non-Turing Complete to help transactions of users happen quickly with low gas fees, reducing the risk of smart contract errors.
Defichain’s operating mechanism
Defichain’s operating mechanism includes the following products:
- Decentralized Assets (Decentralized assets): is an important product of the DeFiChain blockchain called dTokens. Unlike other products and stocks, dTokens are not issued by any affiliated companies or projects but only exist on the Defichain platform to provide 1:1 exchange through lending to create dTokens. Conditions to create dTokens users need to mortgage their assets and lock them up (this action is called mint stablecoin), then receiving dTokens allows users to use to trade to earn profits through trading. form on Defichain.
- Decentralized Exchange: is a place that allows users to exchange Coin/Token assets through trading pairs, this product ensures users always have the best control over assets and do not need to rely on any third party to support user transactions. In addition, Decentralized Exchange also has a liquidity provision feature with Liquidity Mining and Staking that allows users to earn profits with rewards being the main token of the DFI system.
- Defichain Wallet: is DeFiChain’s wallet product with a friendly, easy-to-use interface and basic security features that allow users to easily manage assets and participate in swap trading activities or provide liquidity. with Liquidity Mining & Staking on Decentralized Exchange. Currently, DeFiChain Wallet is available for download on iOS, Android and Desktop devices.
- Masternodes: is a place that allows users to participate in the consensus protocol and receive staking rewards on Defichain. In particular, nodes have a role in allocating rewards and transaction fees as well as giving governance proposal rights to node participants in the DeFichain network.
- DefiScan: is a website that displays data about the DeFiChain network such as transaction information, blocks, wallet addresses, smart contracts and on-chain data similar to Etherscan, BSCscan…
Defichain’s difference
- Defichain uses the high security and privacy of Bitcoin but adds new features to help users transact faster and have full control over their assets.
- Defichain uses a combination of Proof of Work (POW) and Proof of Stake (POS), two familiar consensus mechanisms in the DeFi space, into a separate mechanism with solution features for users such as the ability to dApp creation capabilities, scale expansion – enhanced security – better transaction processing speed, decentralized governance and support for many different tokens.
- Masternodes are an important part of DeFiChain that help maintain and operate the network. Users can participate in the node and can earn profits along with voting on governance for the project team
Defichain development roadmap
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Investors
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Core Team
- Julian Hosp: Currently the founder and CEO of DeFiChain and Cake DeFi. He has more than 10 years of experience working in the blockchain field at companies such as TenX, I-Unlimited.
- U-Zyn Chua: Currently the founder and CTO of DeFiChain and Cake DeFi. He has more than 15 years of experience working as a blockchain programmer at companies such as TenX, Zynesis, Sparrow Exchange
Tokenomics
Information about Defichain tokens
- Token Name: DeFiChain
- Ticker: DFI
- Blockchain: BNB Chain, Ethereum
- Contract:
- BNB Chain: 0x361c60b7c2828fcab80988d00d1d542c83387b50
- Ethereum: 0x8fc8f8269ebca376d046ce292dc7eac40c8d358a
- Token Type: Utility
- Total Supply: 1,200,000,000 DFI
Defichain Token Allocation
- Foundation: 36.6%
- Masternodes: 21%
- Burned DFI: 20.8%
- Other addresses: 13.4%
- Liquidity Pool: 5.65%
- Community fund: 1.74%
- DFI token: 0.704%
- ERC-20 Collateral: 0.106%
Token Release
Update…
Token Use Case
- Used as transaction fees for Defi activities
- As a reward for users participating in the Lending & Borrowing and Staking protocols
- Use as collateral to borrow or mint crypto assets on DeFiChain.
- DFI key to participate in Defichain Dao governance
- During the DFI lock period, users are entitled to a portion of the fees from the protocol.
Exchanges
Users can buy DFI tokens through centralized and decentralized exchanges such as: Kucoin, Gate, Uniswap
Project Information Channel
- Twitter: https://twitter.com/defichain
- Telegram: https://t.me/defiblockchain
- Youtube: https://www.youtube.com/DeFiChain
- Reddit: https://www.reddit.com/r/defiblockchain/
- Github:
summary
Since its launch, the Defi market has developed extremely strongly and brought many practical benefits to users. However, alongside the advantages of DeFi we can see some limitations related to fees, scalability and transaction speed. So Defichain is the solution to those problems.
Through this article, you probably have some basic information about the Defichain project to make your own investment decisions. Please leave comments and suggestions for me in the next articles. !