Singapore, Singapore, August 7, 2022, Chain Wire
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to providing decentralized finance applications and services to everyone, is pleased to announce that its community has voted to grant lucrative liquidity mining rewards for the ERC-20 format of their native DFI token pairs on Uniswap. DeFiChain’s lead researcher’s proposal garnered more than 96% of the votes.
DeFiChain has allocated one million DFI tokens from the Community Fund to incentivize liquidity mining for the DFI-ETH, DFI-USDT and the new DFI-USDC pairs on Uniswap.
The Community Fund receives a small percentage of block rewards and has accumulated over 27,092,291 DFI tokens available to anyone interested in developing on the DeFiChain blockchain. However, funds will only be released if more than 51% of the nodes agree to the proposal. Masternodes are authorized to sign a message to either approve or reject a proposal.
With leading exchanges like Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the utility of the token in ERC-20 format. The incentives aim to increase the trading volume of DFI’s ERC-20 format and increase DFI’s visibility and awareness in the broader DeFi ecosystem. The increased trading volume should also encourage greater adoption of FDI by other exchanges and services.
Santiago Sabater, the CEO of DeFiChain Accelerator, said: “With the new liquidity pools and the various upcoming projects to increase the utility of DFI on ERC-20, the adoption of DeFiChain is increasing massively. DeFiChain opens the gates to offer its decentralized assets such as decentralized stocks, commodities and ETFs to the entire DeFi community on the Ethereum blockchain. This will result in massive capital inflows, delighting DeFiChain investors while creating new use cases for Ethereum users.”
Liquidity mining rewards are distributed as follows:
- DFI-ETH pair at 0.5 DFI per Ethereum block
- DFI USDT pair at 0.25 DFI per Ethereum block
- DFI-USDC pair at 0.25 DFI per Ethereum block
In total, one DFI token will be distributed per Ethereum block. Just like the DFI issuance rate on the DeFiChain mainnet, the block reward is scheduled to decrease by 4% every 7 days (in blocks) starting August 22 at 9am UTC. Before that, the rewards will only be distributed at a constant rate of 1% of the above prizes. The reward is estimated to last well over a year.
A smart contract will be released on the Ethereum mainnet, which will allow the rewards to be paid out according to the schedule. After the smart contract is published, DFI will be placed into the smart contract in tranches for security reasons.
An accompanying decentralized app will be launched to allow liquidity providers to participate in the liquidity reduction program.
About DeFiChain
DeFiChain is a proof-of-stake decentralized blockchain created as a hard fork of the Bitcoin network to power advanced DeFi applications. It aims to enable fast, intelligent and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized lending. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem.
contacts
- Benjamin Rauch
- [email protected]
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