Singapore, Singapore, August 7, 2022, Chainwire
DeFiChainThe world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is pleased to announce that its community has voted for the ERC- 20 format provides generous liquidity mining rewards.This proposal The proposal put forward by the DeFiChain chief researcher received more than 96% of the votes in favor.
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“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 the door to the entire DeFi on the Ethereum blockchain The community offers its decentralized assets, such as decentralized stocks, commodities, and ETFs. This will lead to massive 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.
One accompanying decentralized application Liquidity providers will be launched to participate in the liquidity mining program.
About DeFiChain
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.
