June 6, 2023

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DeFiChain, the world’s leading Bitcoin network blockchain dedicated to bringing decentralized financial applications and services to all, is pleased to announce that its community has voted for an ERC for its native DFI token pair on Uniswap The -20 format provides generous liquidity mining rewards. The proposal proposed by the chief researcher of DeFiChain received more than 96% of the votes in favor.

Increase the token utility of DeFiChain

DeFiChain has allocated 1 million DFI tokens from the community fund to incentivize liquidity mining of DFI-ETH, DFI-USDT and the new DFI-USDC pair on Uniswap.

The Community Fund received a small percentage of block rewards and accumulated over 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain. However, funds will only be released if more than 51% of nodes agree to the proposal. Masternodes are eligible to sign messages to approve or reject proposals.

With leading exchanges like Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the utility of tokens in the ERC-20 format. These incentives are designed to increase trading volume in DFI’s ERC-20 format and increase DFI’s visibility and visibility within the wider DeFi ecosystem. The increase in trading volume should also encourage greater adoption of DFI by other exchanges and services.

Santiago Sabater, CEO of DeFiChain Accelerator, said:

“DeFiChain adoption is growing significantly with new liquidity pools and various upcoming projects to increase the utility of DFI on ERC-20. DeFiChain is opening its doors to the entire DeFi community on the Ethereum blockchain Offer its decentralized assets, such as decentralized stocks, commodities, and ETFs. This will lead to massive capital inflows, pleasing DeFiChain investors, and creating new use cases for Ethereum users.”

Liquidity mining rewards will be distributed as follows:

  • DFI-ETH pair at 0.5 DFI per Ethereum block
  • DFI-USDT pair, 0.25 DFI per Ethereum block
  • DFI-USDC pair, 0.25 DFI per Ethereum block

In total, each Ethereum block will be allocated one DFI token. Like the DFI emission rate on the DeFiChain mainnet, the block reward schedule is reduced by 4% every 7 days (in blocks) starting at 9:00 AM UTC on August 22. Until then, rewards will only be distributed at the aforementioned constant rate of 1%. It is estimated that the award can be maintained for more than one year.

A smart contract will be published on the Ethereum mainnet, allowing rewards to be paid according to the schedule. For security reasons, DFI will be put into the smart contract in batches after the smart contract is released.

An accompanying DApp will be launched for liquidity providers to participate in the liquidity mining program.

DeFiChain is a decentralized proof-of-stake blockchain created as a hard fork of the Bitcoin network to support advanced DeFi applications. It is committed to realizing fast, intelligent and transparent decentralized financial services. DeFiChain provides liquidity mining, staking, decentralized assets and decentralized loans. The mission of the DeFiChain Foundation is to bring DeFi to the Bitcoin ecosystem.

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