A Closer Look at the Latest CFP Approvals: What You Need to Know!

Jan 25, 2024

Three impactful Community Fund Proposals (CFPs) have been approved after the latest governance voting round ending at Block Height 3640000. 

  1. Independent Ocean API by MyDeFiChain - Provides a decentralized fallback API infrastructure for nodes and services.
  2. Independent MetaChain RPC by MyDeFiChain - Offers alternative RPC access to strengthen MetaChain reliability.
  3. Listing of DFI on CoinDCX Exchange - Onboards DeFiChain to India's largest trading platform.

In this blog, we take a closer look at what each CFP aims to achieve and how they will contribute towards advancing DeFiChain development going forward.

Independent Ocean API

From: MyDeFiChain

Amount approved: 60,000 DFI

What is it about?

In a bid to enhance the decentralization and resilience of the DeFiChain ecosystem, the team at MyDeFiChain put forth a proposal to operate an independent Ocean API infrastructure. 

The goal is to provide a reliable fallback API that both regular users and DeFiChain projects could utilize during potential outages of the primary official API servers.

The proposal highlighted that there have already been several incidents where MyDeFiChain's infrastructure was used by the community as a handy alternative while the main API servers were temporarily down for maintenance or other issues.

To allow for infrastructure transparency, MyDeFiChain also set up a fork of the popular Defiscan block explorer

This fork uses MyDeFiChain’s independent Ocean API for Mainnet, Testnet, and Changi. It can thus act as an alternate explorer option if Defiscan itself was ever to face downtime.

The team estimated around $2500 per month would be required to operate this infrastructure in a robust and scalable manner. 

Given Mainnet growth is averaging ~15GB of data per month, they requested 60,000 DFI from the Masternodes over the first six months of 2024 to cover these operating expenses.

This community-driven proposal has now been approved, allowing MyDeFiChain to maintain the independent Ocean API as a decentralized backup service for the benefit of all DeFiChain users. 

Such solutions offer redundancy and are crucial for the long-term resilience of any blockchain network.

Independent MetaChain RPC

From: MyDeFiChain

Amount approved: 117,200 DFI

What is it about?

MyDeFiChain has been operating an independent public RPC endpoint for the MetaChain layer after initially rolling it out in the testnet Changi beta. 

This community-driven initiative has provided open API access for wallets, developers, and projects even before the MetaChain Mainnet launched.

Having seen healthy adoption since then, MyDeFiChain recently put forth a fresh funding proposal to keep their endpoint sustainable long-term. The proposed budget of 117,200 DFI for the first half of 2024 has now been approved by governance vote.

This renewed grant will continue assisting MyDeFiChain in covering infrastructure expenses to maintain reliable backup RPC access to the MetaChain layer. Their endpoint exists in parallel to the official one managed by the core DeFiChain team.

Such decentralized community infrastructure breeds resilience and trust for the wider ecosystem as more external developers and partners integrate with the MetaChain layer. 

It also serves as a robust API source during potential outages of core RPC servers.

With the new funding secured, MyDeFiChain's independent endpoint will remain available as a crucial backend service as the MetaChain layer adoption continues to accelerate in 2024. 

The DeFiChain community's support in keeping such an initiative running highlights the commitment to truly decentralized growth.

Listing of DFI on CoinDCX, India’s largest CEX

From: CoinDCX

Amount approved: 161,200 DFI

What is it about?

CoinDCX, India's largest cryptocurrency exchange, has put forth an intriguing listing proposal that stands to further expand DeFiChain's presence in one of the world's fastest-growing crypto markets.

With over 14 million users, CoinDCX commands a 45-50% share of the overall Indian crypto trading volume. The exchange offers instant, secure onboarding and a suite of financial products catering to Indian traders' diverse needs.

Now, CoinDCX aims to introduce DFI trading on its platform with both INR and USDT pairs. This would align perfectly with DeFiChain's goals of greater accessibility and mainstream adoption.

According to CoinDCX, India flaunts the highest crypto adoption index globally as per the 2023 Chainanalysis report. Furthermore, recent research suggests 1 in 3 web3 developers in the world hails from the country.

Listing on the nation's largest exchange is a huge opportunity for DeFiChain to tap into this burgeoning community of crypto users and developers.

The key benefits highlighted in CoinDCX's proposal are:

  • Reaching millions of new users and builders in the Indian market
  • Continue to build a thriving local community on the back of DeFiChain's developer initiatives
  • Spiking trading demand and volume for DFI tokens
  • Raising awareness about DeFiChain's impressive suite of decentralized financial products

With a receptive audience keen to explore crypto projects solving real-world issues, DeFiChain presents a compelling use case for CoinDCX users. The exchange is also well-equipped to keep its vast user base updated about the latest on such innovations.

This listing proposal promises to open up exciting new avenues, expanding DeFiChain's footprint in one of the world's most promising markets for web3 and crypto adoption.

Final Words

The three approved CFPs highlight the expanding ambitions of the DeFiChain community to drive impactful adoption and meaningful growth.

While the core developers are focused on enhancing the protocol and building out the decentralized financial ecosystem, it is the parallel community-led support that will take DeFiChain toward true mainstream visibility.

Whether it is infrastructure reliability, developer growth, or exchange exposure - it ultimately comes down to a shared, inclusive outlook that values collective contributions regardless of background or credentials.

For those interested in submitting a Community Fund Proposal to support their own initiatives, further details and guidelines are available at github.com/DeFiCh/dfips#.


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