What is DeFiChain? DeFiChain is a blockchain established to create solutions to problems that may hinder DeFi’s growth on the Bitcoin blockchain. These issues are described 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 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, which are considered important for financial transactions. Therefore, it means that there will not be periods when gas prices on Ethereum will increase and the system will become clogged. The platform also performs what it calls the best in the world: Bitcoin’s high security and hash-powered Proof-of-Stake enables fast and inexpensive transactions.
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 as follows:
- Lending: Users can borrow and lend through secured systems.
- Wrapping of tokens: It is possible to work with crypto assets directly on-chain.
- Pricing oracles: Thanks to pricing oracle, it is possible to collect data from other chains and non-crypto markets.
- Exchanges: Direct peer-to-peer (P2P) trading between cryptocurrencies is possible.
- Unsecured debt: Loans based on reputation and verifiable identity information are available.
- 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 data, the total supply of DeFiChain (DFI) is 1,200,000,000 DFI. The circulating supply is 542,736,449 DFI. However, the last 24-hour trading volume of the project is $31,221,635 while its market cap is $1,206,520,950. DFI is currently trading at $2.30 on cryptocurrency exchanges. However, in December 2021, it rose as high as $5.61 and broke its own price record.
What is DeFiChain? How to get DFI?
The platform is not currently traded on many cryptocurrency exchanges. Investors wishing to invest in the platform should open an account on one of the exchanges where DeFiChain is traded. The exchanges that DeFiChain is currently trading on 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.
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