What is DeFiChain? DeFiChain is a blockchain established to provide solutions to the woes that may prevent DeFi from growing on the Bitcoin blockchain. These challenges are defined as scalability and decentralization. As Kriptokoin.com , we will answer the question “What is DeFiChain” in this article and answer the questions about the project.
What is DeFiChain?
Specifically designed for the decentralized finance (DeFi) industry. It is a blockchain defined as Non-Turing. DeFiChain and its cryptocurrency DFI are built on top of Bitcoin as a fork of BTC. The project did not debut with the ICO, it was distributed through staking. This reveals that the price is not determined by DeFiChain.
Being a non-Turing blockchain makes the platform less dependent on smart contracts that are considered valuable for financial processes. For this reason, it means that there will not be periods when gas prices in Ethereum will increase and the system will become clogged. The platform also performs the neatest things in the world in its own words: Proof-of-Stake, powered by Bitcoin’s high security and hash power, enables fast and inexpensive processes.
What to do in DeFiChain?
DeFiChain is designed and built for decentralized finance (DeFi) d’Apps. Accordingly, it offers many different tools and features to its users. Some of them are listed in the following form:
- Lending: Users can borrow and lend through secured systems.
- Wrapping of tokens: It is possible to work with crypto assets directly on the chain.
- Pricing oracles: It is possible to collect data from other chains and non-crypto markets thanks to pricing oracle.
- Exchanges: Direct peer-to-peer (P2P) trading can be done in the middle of cryptocurrencies.
- Unsecured debt: Credits based on prestige and verifiable identity information can be obtained.
- Dividend distribution: Automatic investment payments are made to users through smart contracts.
What is the total supply and current price of DeFiChain?
According to Coinecko information, the aggregate supply measure of DeFiChain (DFI) is 1,200,000,000 DFI. The measure of supply in circulation is 542,736,449 DFI. However, the last 24-hour trading volume of the project is $31,221,635 while the market price is $1,206,520,950. DFI is currently trading at $2.30 on cryptocurrency exchanges. But in December 2021, it rose to $5.61 and broke its own price record.
What is DeFiChain? How to get DFI?
The platform is currently not traded on many cryptocurrency exchanges. Investors who want to invest in the platform should open an account on one of the exchanges where DeFiChain processes. The exchanges that DeFiChain is currently in the process of are: KuCoin, Bittrex, and Uniswap. Users who want to invest in the platform should open an account in one of these exchanges we have listed. Additionally, investors can deposit USDT etc into their wallets. must add a cryptocurrency.