The DeFiChain Foundation is developing DeFiChain, a blockchain specifically dedicated to decentralized financial applications. By focusing on the functionality of the blockchain and dedicating it specifically to decentralized finance, DeFiChain provides unparalleled high transaction throughput, reduced risk of errors, and intelligent feature development specifically for the fulfillment of financial services on the blockchain.
What is DeFiChain?
DeFiChain is a blockchain specifically dedicated to decentralized financial applications. By focusing on the functionality of the blockchain and dedicating it specifically to decentralized finance, the DeFi Blockchain provides unparalleled high transaction throughput, reduced risk of errors, and intelligent feature development specifically to fulfill financial services on the blockchain. DeFiChain has airdropped DFI to BTC holders in a 500 DFI per 1 BTC ratio back in September 2020. You can stake your DFI coins on Cake to earn 37% APY interest rate. Cake is a platform that empowers you to be in control of your finances by creating cashflow and harnessing the potentials of Decentralized Finance.
Details on the DeFiChain Project
The $DFI coin will be the integral unit of account in DeFiChain ecosystem. The DeFiChain Foundation will be issuing the DeFi utility token, DFI, capped at 1,200,000,000 (1.2 billion) for throughout its lifetime. There will only ever be 1.2 billion DFIs created. DFI is divisible up to 8 decimal places.
$DFI coin Utility
- DFI is used for fee payment for all transactions and smart contracts on DeFi Chain.
- Fee payment for decentralized exchange transactions
- Fee payment for token transfers
- Fees payment for DeFi activities:
- DEX fees
- XCX fees
- Lending loan interests payment
- Collateral for borrowing of other cryptoassets on DeFi Chain.
- 1,000,000 DFI is required to run a staking node for DeFi Chain.
- 1,000 DFI is required to create a DCT. This is refundable upon destruction of the DCT.
- 500 DFI is required to submit a proposal for DFI the community budget. This is non-refundable.
Fees from DeFi Activities
Fees from DeFi activities on DeFiChain are burned and redistributed through new token minting over a period of time as laid out below. This ensures that DeFi stakers enjoy the benefits of earning rewards from facilitating trustless DeFi trades on DeFiChain in a fair manner.
DeFi is a Proof of Stake blockchain. Initially, 1,000,000 DFI allow the owner to own a staking node. The returns for staking will decrease over time, as the volume and number of transactions compensates for the reduction in per-transaction staking rewards.
Initial Token Distribution
Of the roughly 1.2 billion $DFI coins 49% will be issued to the DeFiChain Foundation at the start. The rest will be issued to Masternode holders over time.
Of the 49% initially issued $DFI coins, 49% will be kept by the DeFiChain Foundation. The rest may be distributed to accredited investors, large funds and institutions, collectively known as external partners, to fund the initial development of DeFiChain. In order to decentralize the holdings of DFIs as much as possible the DeFiChain Foundation may not keep more than 49% of all initially issued tokens. The use of potential proceedings of the tokens will be decided by the DeFiChain Foundation board but will exclusively be directed towards the adoption and development of DeFiChain.
For any avoidance of doubt, there will NOT be a public ICO.
Token Issuance Schedule via Staking
DeFiChain is initially launched with a 200 DFI block reward, of which 10% goes to the community fund. The Foundation pledges to guarantee this 200 DFI block reward for at least 1,050,000 blocks since the the first genesis block, so approximately 1 year.
Subsequently, block rewards will be adjusted through governance vote. The Foundation also further pledges that there will never be more than 1,200,000,000 (1.2 billion) DFI in circulation, unless until the DAO governance votes to change this limit. Therefore DFI is a deflationary utility token.
Roadmap and Milestones
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