🇺🇸Half a year old: Reflecting on DeFiChain’s development

Nov 11, 2020

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 launched — allowing users to easily & securely store and transfer DFI.

By August, DFI was already listed on a second Exchange as well: Hotbit, which allowed the lucrative staking of DFI.

The DeFiChain Foundation also shut off all of its own nodes later that month, further improving decentralization and giving all the voting rights to the community.

Shortly after, the DeFiChain Foundation announced DeFiChain Improvement Proposal 1 and 2 — addressing the source of DFI for the Bitcoin anchoring rewards and the DeFi incentive funding.

By September, DeFiChain Improvement Proposal 1 & 2 were both approved by the community. DeFiChain also saw very high user growth — especially in the social channels.

This is partly also due to DeFiChain announcing its second Airdrop. As usual, all DFI were distributed fairly and decentralized with every Bitcoin hodler eligible to participate.

The following October was a really eventful month for DeFiChain.

The DeFi Blockchain had its first planned hardfork called Ang Mo Kio, which implemented the approved changes from DFIP 1 & 2 and brought asset tokenization support to DeFiChain.

Hardfork Ang Mo Kio went through successfully and without any complications

Also, The DFI coin got listed on two more exchanges: Bitrue, and a tier 1 exchange: Bittrex. This greatly improved availability, liquidity and ease of access to DeFiChain’s native coin DFI.

Later in October, the DeFiChain Foundation also hosted the DeFiChain Q3 Transparency Report, reflecting on the third quarter and what’s happening in the near future.

Then, from the first day of November up until today — The 11/11/2020 — there was a DFI Trading Competition on Bittrex and the DeFi Blockchain had a second hardfork named “Bayfront” that laid the foundation for liquidity mining and tokenization on the blockchain, which DeFiChain’s trusted partner Cake will offer by the end of November.

Where DeFiChain is going

In the next weeks and months, DeFiChain’s main focus is on continuous development as laid out in the Whitepaper & Roadmap, to prepare and be ready for mass adoption.

This November, we will start with Liquidity Mining. This may cause a major increase in DFI price, since the Market Cap of DFI has to rise as the size of the liquidity pool increases accordingly.

In the months after that, we will add more DeFi building blocks for a DApp Integration, enable a Decentralized cross-chain Asset Bridge via an atomic swap, as well as the first ever decentralized lending built on Bitcoin! By Q3 2021, we will also have decentralized native stablecoins enabled on the DeFi Blockchain.

And here we are

6 months after the launch on MainNet and so much has happened already, with so many more exciting things to come.

A big thank you from the DeFiChain Foundation to all developers contributing to the open source code, to all supporters spreading the word about DeFiChain on social channels, to the whole community for supporting each other and riding with us together on this amazing journey.