DeFiChain Blog

In the following article, You’ll learn about: DeFiChain’s introduction of an ERC-20 standard token of DFI How to use Uniswap to buy and transfer DFI back to DeFiChain’s App Wallet Bridging Native DeFi with ERC-20 DeFiChain is constantly looking for ways to facilitate improved interoperability of its native DFI token, and to increase its exposure to a wider audience of retail and institutional investors. As a result, DeFiChain created an ERC-20 standard token of DFI that will be available for trading on Uniswap as DFI/ETH and DFI/USDT trading pairs from today. As of 3 June 2022, a total of 1,650,000 ERC-20 DFI tokens have been minted. The ERC20 contract address is: 0X8Fc8F8269Ebca376D046Ce292Dc7Eac40C8D358A. The backing address on DefiChain is: https://defiscan.live/address/dZFYejknFdHMHNfHMNQAtwihzvq7DkzV49 The new ERC-20 token will help attract fresh liquidity from outside the DeFiChain ecosystem as well as bridge the interoperability of both ecosystems, allowing more Ethereum-based u...

1. Promotion During the ‘Easter Egg Hunt’ promotion from 29 March 2021 until 03 April 2021, DeFiChain will drop seven (7) Easter eggs in seven (7) different colours on DeFiChain’s various social media channels. The users have to follow all seven (7) DeFiChain social media channels (see under 2. Social Media Channels) and monitor these channels for a possible Easter egg drop. The drop can happen for instance in a message, a blog post, a video or a Reddit post. DeFiChain will drop eggs randomly and at different times during the promotion period. Each egg has a different colour and a unique number written on it. After all seven (7) eggs have been dropped, users have to arrange the eggs in the pre-defined order shown in the template attached to this Twitter / Telegram post and note down the 7-digit number. The user then has to submit the following details via an online Google Form for further processing: 7-digit Easter egg code DFI-address Reddit name Twitter name On top of that, the users...

In this article we answer the 7 most frequently asked questions about Liquidity Mining on DeFiChain: Where do the Liquidity Mining Rewards come from? How can 100% APY and more not be a scam? Why do I sometimes lose Bitcoin/Ethereum/other coins? What is the best pool to do Liquidity Mining? Where can I buy/sell DFI? What are the minimum requirements for liquidity mining? Why do I need to provide both sides of the pool? Where do the Liquidity Mining Rewards come from? The Liquidity Mining Rewards consist mostly of Blockchain Rewards and to a small extent of transaction costs that are incurred when using the DEX and are paid out to the Liquidity Miners. Blockchain Rewards are that portion of DFI Coins that are newly distributed per block. This is similar to Bitcoin mining, where miners are rewarded with a certain number of BTC per block. DeFiChain is a hybrid proof-of-work & proof-of-stake blockchain where the number of coins per block gets smaller and smaller in the long run. This ma...

Most of today’s DeFi projects run on blockchains like Ethereum, Binance Smart Chain — an Ethereum fork —, Tron or others. They all share the same architecture,  where dApps run on virtual machines on a blockchain. Unlike native blockchains, Turing-complete blockchains offer greater flexibility for developers where code can be executed directly and freely on the virtual machine layer on a blockchain. While this design paradigm may seem useful for a lot of different applications, it is however very risky for decentralized financial applications. In the following article, we will outline the differences, advantages and disadvantages of non-virtual machine blockchains. We’ll start by offering a short comparison between those two concepts, followed by an introduction about the building blocks of a virtual machine. We’ll then compare blockchains where transactions are done via a virtual machine to those done natively on the blockchain, before sharing a summary in closing. Overview of Nat...

In 2020 alone, hackers have stolen 150 Million USD from Ethereum DeFi Protocols — and in 2021 it’s already more than 200 Million USD that have been hacked! Security in Decentralized Finance is becoming an increasing issue, and it’s crazy how much money is stolen nearly every day, especially on non-native DeFi protocols sitting on top of the Ethereum blockchain. In this article, you will learn why Native DeFi built on top of Bitcoin is much more secure, has lower transaction costs, and can even earn you much higher rewards of more than 100% APY, with a coin that actually has intrinsic value. The Big Benefit of Native DeFi — And Why Decentralized Finance on Ethereum Won’t Be Good, Ever. The big problem with Decentralized Finance on Ethereum is this: Ethereum is a Turing complete blockchain, which allows you to code almost anything you want on it. That’s why Ethereum to this day still has the value proposition of basically being a „worldwide supercomputer where anything is possible“. Now ...

Today we would like to announce a few things regarding the upcoming Bitcoin Cash liquidity mining integration. Firstly, the DeFiChain App will be accepting Bitcoin Cash deposits starting on Tuesday, 09 March 2021. Secondly — similar to the previous liquidity pool launches — DeFiChain will also be implementing an initially reduced incentive for the BCH liquidity pool this time. Thus, the liquidity mining rewards will be reduced to 0.01 DFI / block during the first week starting on Wednesday, 10 March 2021 — this reflects a temporary reduction to 1% of the actual value. The reason for this is simple: DeFiChain wants to give all its users equal opportunities to participate in liquidity mining. Furthermore, users who have never used liquidity mining before should be given enough time to get familiar with it. Starting Wednesday, 17 March 2021, DeFiChain will then be increasing the liquidity mining rewards to 1 DFI / block — following through with the DFIP#6 proposal ( https://github.com/DeF...

No, it’s not a mistake! You did read it correctly, and no you are not trapped in an illusion either. Just recently a DeFiChain user made more than a hundred grand with an initial investment of just $US 620. That’s a gigantic profit for a few minutes of rather easy work. All that happened on 01 March 2021 at 12.30 pm when a user successfully put the first anchor into the Bitcoin blockchain after the Dakota update had been successfully completed. This may now sound a bit Greek to you, and you may ask yourself what was going on there and where those funds were actually coming from. Well, it all has to do with the fact that DeFiChain is periodically embedding blockchain information into the Bitcoin blockchain as transaction data. This process is called ‘anchoring’ and the foundation for it has been laid with the very first DFIP#1 (https://github.com/DeFiCh/dfips/issues/1). Since its successful implementation, 0.1 DFI of each mined block are put into a smart contract address. This smart con...

One of the most anticipated innovations by our users is the introduction of the Interchain Exchange (ICX) as well as Atomic Swaps, which enable a truly decentralized exchange from the DeFiChain ecosystem into the Bitcoin ecosystem. In the following article we’ll give you an overview of the design goals and constraints behind each concept, the building blocks behind them and how each would function on DeFiChain. Design Goals & Constraints The key design goal when it comes to implementing and operating an ICX and Atomic Swaps on DeFiChain, is to allow users to seamlessly and trustlessly swap between DST (DeFiChain Standard Token) and BTC on the Bitcoin Blockchain. The focus here lies on the following three design principles exactly in the order given below: Safety User experience and Seamlessness Firstly, DeFiChain does not want to compromise security and won’t allow one party to lose their tokens while another receives them. Ultimately, the token swap has to be atomic, meaning that ...

2021 will go into crypto history as the year of DeFi. It has been a long time since we have seen a hype of similar magnitude, probably best comparable to the 2017 ICO hype. In this blogpost, we will be looking into the top 5 best DeFi projects and whether an investment into those could make sense. The DeFi projects are selected by: how much potential there is in the idea, how good the team behind the project is, if there is a proven track-record already of completed milestones/past successes by team members, and how much growth potential there still is for the coin or token. The Top 5 Best DeFi projects, in no particular order 1. Chainlink Chainlink is a decentralized oracle network that aims to provide smart contracts with real word data & information. In the traditional world, simple things such as the purchase or sale of something online can become quite complicated. If you are a buyer, do you send the money first and then hope for the seller to deliver on their promise and real...