DeFiChain DEX Launching 30 November 2020Today it is time to go decentralized! The long awaited launch of DeFiChain’s first dApp on its proprietary blockchain is about to happen today, 30 November 2020. After DeFiChain’s successful mainnet launch in May 2020, the next big step towards becoming a full fledged DeFi heavy weight is taking place today by introducing the DeFiChain decentralized exchange (DEX).
Unlike other DEXs, DeFiChain is a truly decentralized exchange with no geo-blocking, no KYC, and no centralized infrastructure. DeFiChain’s ecosystem is designed for total decentralization and transparency, by giving its users full control over their private keys. DeFiChain will neither ask you to provide any form of personal information nor to go through any sort of KYC process. Through its inherent design paradigm, the DeFiChain blockchain can be accessed from numerous platforms, similar to bitcoin, and is actively encouraging its users to review the open source code for its safety and security
Being a non-turing-compelte blockchain, the DEX is built into the layer-one protocol of the blockchain and hence does not need any smart contracts to operate successfully. This goes hand in hand with a reduction in the attack surface, limiting any form of (coding) error, especially when compared to other DeFi projects on turing-complete blockchains like Ethereum.
In order to facilitate trades and settlements, the DeFiChain DEX uses so called liquidity pools, which have been successfully audited, with no vulnerabilities detected, by Knownsec.
Through an innovative yield farming mechanism, users get rewarded for providing liquidity to the protocol (liquidity pools), making DefiChain the first yield farming solution based on unspent transaction outputs (UTXOs). In Contrast to other DEXs, no gas fees have to be paid to claim funds – the earned interest is automatically and conveniently credited to the wallet every 30 seconds. Starting on Dec 7th, for one month, there will also be a bonus of 100 DFI / 30 seconds.
To participate in yield farming, users need to provide an equal amount of DFI tokens and the respective pool token of the yield farming pool. Assuming someone wants to participate in yield farming in the BTC-DFI pool by staking 1 BTC, then this person also has to provide the equal amount of DFI tokens, consequently driving up its demand.
To find out more about DeFiChain visit the DeFiChain Blog. You can start using the DeFiChain DEX by downloading the DeFiChain Wallet.
Feel free to join the community discussions at
https://t.me/defiblockchain.