DeFiChain is a decentralized blockchain platform working towards enabling fast, intelligent, and transparent decentralized financial services. Its goal is to bring full DeFi capabilities to the Bitcoin ecosystem.

The network operates on a hybrid Proof of Stake / Proof of Work consensus mechanism, and leverages Bitcoin’s security by anchoring to the Bitcoin blockchain (via Merkle root) every few blocks. Being non-Turing complete, DeFi transactions on DeFiChain flow quickly and smoothly at low gas rates, and have reduced risk of smart contract errors. The DeFiChain blockchain platform uses the $DFI token as its native token, fuelling all sorts of decentralized services.

Why DeFiChain?

DeFiChain views the cryptocurrency industry based on a simple premise: People should be in control of their finances. However, current systems are still far from providing financial services that are truly under the control of the people who use them. As part of its mission, DeFiChain will bring full DeFi capabilities to the Bitcoin ecosystem, giving people (and machines and devices) seamless access to decentralized financial services.

In 2019, the team identified the core challenges to bringing DeFi mainstream

• Platforms like Ethereum require a great deal of coding to provide financial services, which can make the code more hackable or prone to bugs.
• There are large issues with scaling on many of these platforms — increased usage of a particular dApp affects the gas prices for all transactions on the platform.
• A majority of today's blockchains use immature governance models that tend to be politicized, centralized, and uncertain.
• DeFi is concentrated on a few platforms, so it misses out on a huge portion of the crypto market.

$DFI Token Usage

●        Fees: The DFI token primarily serves as the internal medium of exchange for all DeFiChain transactions, DEX fees, ICX fees, smart contracts, and other DeFi operations.

●        Community Fund Proposal: Users can submit a Community Fund Proposal for 10 DFI or a Vote of Confidence for 50 DFI. These entries' DFI payment is not returnable.

●       Decentralized Assets: Users of the DeFiChain mobile app can use their DFI tokens as collateral to mint dTokens. Decentralized Assets (or dTokens) on DeFiChain are an entirely new and revolutionary form of crypto investment. These dTokens can be created (minted) by anyone on the DeFiChain blockchain.

●        Liquidity Pools: $DFI token holders can use their tokens to provide liquidity to multiple liquidity pools on the decentralized exchange (DEX).

●        Staking Nodes: DeFiChain users can set up staking nodes, but they need at least 20,000 $DFI tokens to do so.

DeFiChain ($DFI) Launch and Initial Token Distribution

DeFiChain did not participate in an ICO or IEO, nor did it conduct sales rounds. A total of 288 million were allocated to the Foundation and locked for future use. These coins have been burned in accordance with DFIP#7. 0.5% of the foundation supply (14.4M) were distributed towards airdrops to BTC holders as well as for funding liquidity mining rewards on the DeFiChain DEX.

DeFiChain ($DFI) Overview

As of August 10th, 2022 (7:00 PM GMT), the total supply is 876,542,746 $DFI, of which 309,775,544 DFI have been burned; the maximum supply is capped at 1.2 billion DFI tokens. The market capitalization of DFI is $538,215,171 and there are more than 80,000 active addresses holding it. A quarter of these addresses are active on a daily basis.

With a current trading volume of $5,113,222.90, $DFI marked its All-Time High (ATH) on December 6th, 2021, at $5.62, and its All-Time Low (ATL) over two years ago at $0.1642. ($DFI is currently trading at $0.95).

Where Can I Buy DeFiChain ($DFI)?

There are several options for purchasing DeFiChain ($DFI). One of the most convenient ones is via Bit.com.

About Bit.com

Bit.com is a full-featured cryptocurrency exchange run by Matrixport, one of Asia's fastest-growing financial services platforms for digital assets. Bit.com is dedicated to offering services such as price discovery, trading strategy execution, and liquidity provision. Furthermore, Bit.com constantly promotes the development of new financial products, enhancing user trading instruments, and listing specific tokens. High-quality security and risk management measures are incorporated into the company's design to create an exceptional trading environment.