DeFiChain Blog

Our developers have been hard at work for a long time, and today we are excited to announce that the DeFiChain DEX & Liquidity Mining are going LIVE next Monday, November the 30th! First ever DEX built on top of Bitcoin DeFiChain is the first ever decentralized exchange to be built on top of the Bitcoin protocol, and apart from Uniswap — which is built on the Ethereum blockchain & only allows for swapping of ERC20-Tokens — there actually currently is no other 100% decentralized exchange like DeFiChain at all. Advantages (& Disadvantages) of the DeFiChain DEX Unlike on centralized exchanges, on the DeFiChain DEX you are the one controlling your own private key. Your key, your coins, but also your responsibility to keep it safe. Being 100% decentralized, there is and can’t ever be any kind of Geoblocking like you see on most centralized exchanges. No KYC needed — remain completely anonymous. You have independent access to the DEX — no third party or stable, central website ne...

We are nearing the end of this series around the DeFiChain DEX! In the previous articles you have already learned about how DeFiChain is a 100% decentralized exchange, how Liquidity Mining and a DEX in general work as well as what the risks of using a real DEX like DeFiChain are. In this article we will look at arbitrage possibilities on DeFiChain: an opportunity to earn 10% per day and more! Arbitrage is common practice - even outside a DEX like DeFiChain The concept of arbitrage is undoubtedly not something that is only practiced in trading and finance. Arbitrage can be found everywhere. If an Amazon trader buys his goods on Alibaba at a much lower price and imports them to Australia to sell them there again at a higher price, that is arbitrage. But even if there is a different Bitcoin price on Bittrex and Binance (two centralized exchanges), and you use this for your own profit, it is called arbitrage. That kind of arbitrage is what what we will focus on today. Example: DeFiChain DE...

In the first two parts of this series around the DeFiChain DEX, we covered how and why DeFiChain is a 100% decentralized exchange (unlike most self-called "DEX'"), and how Liquidity Mining and the exchange function will work on the DeFiChain DEX. The 3 main risks of the DeFiChain DEX (& any real DEX in general) 1. Smart Contract Risk: There is of course always the risk that there is some bug in the code of the Smart Contract that can be exploited. With DeFiChain, this risk is generally low (and much lower than with Ethereum), since the blockchain is non-turing-complete already and there are much fewer potential errors. 2. Project Risk Are there any backdoors? Is the project independently audited? Is it open source? Of course, we at DeFiChain can 100% assure you that there aren't any backdoors or anything like that - and the Open Source Code & External Security Audits mean you don't just have to take us by our word. 3. The most important, biggest risk: Impe...

The liquidity mining reward program for decentralized exchange Uniswap has come to an end. As already communicated by Uniswap in September, when its UNI token first launched, Uniswap's liquidity program ended on the 17th November 2020. Liquidity Miners are asking: What's Next? There don't seem to be any other safe and lucrative Liquidity Mining programs similar to what Uniswap offered available. At least until now: non-Turing-complete blockchain project DeFiChain is launching a Liquidity Mining reward program very soon. What is DeFiChain? The DeFi Blockchain is designed for investors in the cryptocurrency market who are looking to make their cryptocurrency work just like any other form of capital, such that they can ensure a return on investment in any market. It is deliberately a non-Turing-complete blockchain, designed specifically for the decentralized finance (DeFi) industry. DeFi provides full functionality for this specific segment of the DLT community, sacrificing ot...

In the last article of this series we took a closer look at the DeFiChain DEX & 10 criteria how to correctly evaluate a DEX. This article will focus on how liquidity mining and swapping on a DEX work and what the risks are. How the swap works: CEX vs. non-custodial vs. DeFiChain DEX Swap on a CEX: There is a central order book through which all trades are executed. Buyers and sellers each enter their desired price and when the prices meet, a trade takes place. Swap on a non-custodial Exchange: Sometimes also with an order book, but others also do it via price oracles like Chainlink. In any case it is not completely decentralized. Swap on the DeFiChain DEX: DeFiChain, like any real DEX, processes the swapping via so-called liquidity pools. How liquidity pools work A DEX allows two features: Liquidity Mining Decentralized Exchanging/Swapping 1. Liquidity Mining Liquidity Mining is needed because there is no order book - there is no matching, and no price oracle, as these systems are ...

The concept of decentralized Exchanges is becoming increasingly popular, and more and more funds are moving from centralized Exchanges (CEX) to the decentralized Exchanges (DEX). But are the "decentralized exchanges" we see in the media really completely decentralized exchanges? The truth lies, as so often, somewhere in between. In this article 10 criteria how to evaluate a decentralized exchange objectively, and how the DeFiChain DEX performs under these aspects. CEX, DEX or Non-Custodial? As you will see from the 10 criteria, a distinction just between centralized and decentralized exchange is not sufficient. There are many supposedly decentralized Exchanges, where you control your Private Key yourself - but many other important points of a real decentralized exchange are not given. I call such exchanges "Non-Custodial" Exchanges. Let's start with the 10 criteria: 1. Private Key CEX: With a centralized Exchange, you never see a private key. The Exchange manage...

Today, on the 11/11/2020, DeFiChain is turning exactly half a year old! That may not sound like a long time, but DeFiChain has evolved a lot since then. Let’s reflect on the last 6 months On the 11.05.2020, DeFiChain went live and launched on MainNet just 7 months after the release of the Whitepaper. For comparison: It took Uniswap over 2 years to go live on MainNet. With the launch, DeFiChain’s coin (DFI) was distributed fairly and decentralized via an Airdrop that every Bitcoin hodler was eligible to participate in. In June, this coin — DFI — was already listed and started trading on LaToken, at a starting price of about $0.16. That price was determined by the free market — there was no ICO with a certain starting price or anything like that. After trading started on LaToken, a lot of coin listing sites picked up DFI as well. DeFiChain would soon be listed on CoinPaprika, CoinGecko, IndoEx and even CoinMarketCap by the beginning of July. That same month, the DeFiChain Desktop app lau...

 🥳 Great news: As Block 356500 was mined, the DeFiChain Hardfork “Ang Mo Kio” just went through successfully! All the following features were implemented smoothly without any problems or complications: Tokenization support - Availability of DeFi Standard Token (DST), DeFi Custom Token (DCT) and DeFi Asset Token (DAT). Refer to tokenization on whitepaper for more detials. - The ability to create, mint and distribute tokens has opened to all users. - RPC API: https://github.com/DeFiCh/ain/wiki/Tokenization-API-Documentation DFIP #1: Bitcoin anchor reward source and mechanics adjustments - Technical Details: DeFiCh/dfips#1 DFIP #2: DeFi incentive funding - Technical Details: DeFiCh/dfips#2 Message header update (#36) - Message header updated to better distinguish DeFi messages with Bitcoin messages. Wondering about the naming? All coming hardforks will be named from a to z after train stations in Singapore, and the community will be able to vote on which ones to choose! Next up is th...

In order to give our community and partners full transparency into what’s happening in front and behind the curtain at DeFiChain, we would like to publish our quarterly board report. For more information on the project please visit: https://www.defichain.com Q3 Transparency Report Video: Join us LIVE to discuss the Q3 Transparency Report on 29th October 2020 at 8pm Singapore Time: We hope you appreciate the insights! Thanks for your support and happy reading — Have fun! :) DISCLAIMER This transparency report does not constitute nor imply a prospectus of any sort. No wording contained herein should be construed as a solicitation for investment. Accordingly, this transparency report does not pertain in any way to an offering of securities in any jurisdiction worldwide whatsoever. Rather, this transparency report constitutes a description of the development and distribution of DeFiChain. Do not trade or invest in any tokens, companies or entities based solely upon this information. Any in...

To celebrate the successful BTC-DFI and USDT-DFI market launch on October 16th, 2020, Bittrex Global is giving away $15,000 in value through a 7-day trading competition! Read below to find out the multiple ways that you could get involved! Period for all promotions: Start date: November 2nd 09:00:00 PST End date: November 9th 09:00:00 PST Markets: BTC-DFI and USDT-DFI Promotion #1: Buy DFI to Win $7,500 worth of DFI Tokens The top 50 accounts with the largest amount of trading volume (buying + selling amounts) will earn a share of $7,500 in DFI Tokens. If you’re in the top 50 trading accounts, your reward amount will be proportional to the total volume you contributed to the aggregate volume of the top 50 accounts. Reward for each in the top 50: $7,500 in DFI * (Individual Account volume / Sum of top 50 accounts’ volume) Promotion #2: Buy DFI to Win $5,000 in DFI Tokens The top 20 accounts with the highest net amount of DFI (buying amount — selling amount — withdrawal amount) will earn...