As DeFiChain continues its journey towards further decentralization, the latest developments have sparked numerous questions from the community regarding cost reductions, team structure, and future plans. In this blog, we’ll address these concerns, providing a clearer picture of DeFiChain’s evolving strategy, and how the community will play a crucial role in its future. DeFiChain Lab’s Operational Costs A significant point of discussion has been the reduction of DeFiChain’s operating costs from approximately $2.4 million annually in 2024 to a projected $160,000 in 2025. However, these figures reflect different scopes and objectives. The Q1 2024 Community Fund Proposal (CFP) covered a wider range of operational expenses, including engineering and infrastructure, whereas the current Q3 2024 CFP , which is now up for a vote, focuses more narrowly on core administrative and operational tasks such as the website, social media, community management, marketing, and business development as out...

The DeFiChain Labs team recently held their monthly Tech Sync, offering valuable insights into ongoing projects and upcoming network enhancements.  Here’s a summary of the updates: Technical Updates: Laying the Groundwork Before we explore the governance changes, it's crucial to understand the technical updates that are paving the way for the governance upgrade: Changi Node Release: The latest node version has been released with improvements to the dToken system. Kügi has been leading the charge on restarting the dToken system on Changi. Bug Fixes and Optimizations: The team is actively addressing minor bugs and unexpected conditions, such as oracle downtime and token locking scenarios. Kügi and Peter have been working together to fix these issues. Token Restart: A major focus has been on optimizing the token restart process, aiming to reduce network downtime from a day to just a few minutes. The team is planning to set a couple of token splits post-restart to understand behavior a...

Today, we shine the spotlight on CrowdSwap, an exciting project revolutionizing the DeFi experience. One of its standout features is the Cross-Chain Bridge, which makes it easier than ever to swap crypto assets from one blockchain into the DeFiChain ecosystem. In this guide, we’ll walk you through how to use CrowdSwap’s Cross-Chain Bridge to convert your Ether (ETH) into DeFiChain’s native coin, DFI. Understanding Cross-Chain Bridges Cross-chain bridges are specialized decentralized applications (dApps) that enable the movement of assets from one blockchain to another.  By leveraging smart contracts, these bridges lock or burn tokens on the source chain and subsequently unlock or mint equivalent tokens on the destination chain. This process increases token utility by enabling cross-chain liquidity and expands the use cases of blockchain technology. CrowdSwap's Cross-Chain Bridge stands out for its ability to facilitate a wide range of transactions across multiple blockchains. Wheth...

As DeFiChain continues to evolve, the transition towards complete decentralization is a natural and necessary progression. To further this mission, DeFiChain Labs is proposing a pivotal step: severing ties with Bake/Cake Group and operating independently. This shift, backed by funding from the Community Fund, will ensure that all key operations remain stable while positioning DeFiChain for long-term, sustainable growth. This post explores the details of this proposal and its significance for DeFiChain's future. Overview of the Proposal DeFiChain has always been at the forefront of decentralized finance, fostering a vibrant ecosystem driven by community participation. To stay aligned with its commitment to true decentralization, the proposal seeks to establish DeFiChain Labs as a fully independent, community-backed organization, funded directly by the blockchain. The proposed funding requirement is 8,000,000 DFI to support one year of DeFiChain Labs' operations. This allows DeFi...

Decentralization is often hailed as the holy grail for blockchain networks, ensuring that power and control are dispersed across a wide range of participants. For DeFiChain, this vision is being pursued through an initiative by the DeFiChain Labs core engineering team with the introduction of Special Interest Groups (SIGs), which represents a strategic move towards a more community-driven and decentralized ecosystem. This blog post explores how these SIGs will operate and the impact they will have on DeFiChain’s future. Understanding the DeFiChain Ecosystem: The Four Layers To appreciate the significance of SIGs and their role in DeFiChain’s evolution, it’s essential to first understand the ideological framework underpinning the DeFiChain blockchain: Layer 0: This foundational layer provides the essential infrastructure that supports the entire DeFiChain network. It includes the multi-VM (Virtual Machine) architecture, which is crucial for consensus and supports applications running on...