About DeFiChain (DFI)
DeFiChain is a specialized non-Turing-complete blockchain designed exclusively for DeFi. DeFiChain is a software platform that runs on a distributed network of computers and is intended for fast transactions in addition to being open and accessible to everyone. The $DFI token powers DeFiChain. The current price of DFI is live-tracked on Binance.
The DeFiChain DEX is a decentralized exchange that allows users to trade various cryptocurrencies in a secure and trustless manner. Built on the DeFiChain blockchain, the DEX claims to offer fast transaction processing, low fees, and high liquidity, as well as access to a wide range of decentralized finance (DeFi) products and services.
Users can also participate in DeFi services on the DeFiChain platform, such as staking, liquidity provision, and yield farming. These services allow users to earn rewards and support the security and stability of the DeFiChain network. The idea behind DeFiChain, as shared by the team, is to offer services a traditional bank can provide but in a decentralized manner. This means that no single institution or entity can control the network, and anyone can participate in running the network protocol on their private computer. Running the network protocol supports the entire network, and individuals who do so receive DFI tokens.
DeFiChain claims to solve the DeFi scalability problem by employing a Proof-of-Stake (PoS) consensus protocol where the network randomly selects a network lead to determine the next state of the network within a given block time. Compared to PoW, PoS is more energy efficient and can scale to meet the required network capacity.
Users can stake their DFI into the network to become node operators. 20,000 DFI are required to operate a staking node within the DeFiChain ecosystem, with the incentive that operators receive rewards awarded in the DFI token.Â
Governance in DeFiChain is done off-chain through a voting system that allows token holders to submit proposals for 500 DFI. Voting is done by a node owner with 20,000 DFI staked, signing a message with the desired verdict.
DeFiChain supports BTC, ETH, USDT, DOGE, LTC, and BCH on the DeFiChain DEX, enabling liquidity mining for these coins.