🇺🇸Foundation Nodes, Rewards, DEX Support — DeFiChain Update 13.08.2020

DeFi Blockchain
2 min readAug 13, 2020

Hey fellow DeFiers, the last couple of weeks we have been working very hard and today we have some very exciting news to share with you:

update in video form

DeFiChain Foundation’s mission has always been to decentralize consensus on DeFiChain as much as possible.
Moving further towards that goal, we have decided to spin down all our own DeFiChain Nodes. That means the DeFiChain Foundation doesn’t have voting rights when it comes to staking anymore, and voting is 100% in the community’s hands now. All our coins can be found on one single address: http://explorer.defichain.io/#/DFI/mainnet/address/dJEbxbfufyPF14SC93yxiquECEfq4YSd9L

As a result of this decision, approximate staking returns have increased greatly, from 30% to 40–50%. The total reward has stayed the same, it’s just that since half of all nodes have been shut off, the percentage for each staker has been increased.

Also, there are some things that we have been making great progress on and are in the works:

As mentioned in the Q2 transparency report, the main focus for this quarter is offering tokenization support and with that a decentralized exchange. The DEX will be usable for yield farming, liquidity mining, and obviously decentralized exchanging — all based on Bitcoin, meaning that for the first time ever you will be able to actually yield farm with Bitcoin!

Now the obvious question is: where are the returns to run that exchange coming from? It will be up for a community vote, and hopefully, we can all decide that part of the staking rewards can go to the DEX. While this may not be the most exciting decision in the short term, we are certain it will be the most profitable in the long term — and as you know, that’s how we are thinking. The idea behind it is to bring a great number of users to the DeFiChain.

How will you be able to vote?

If you are running a node yourself, you will be able to vote directly. If you are staking without having your own node, for example on Cake, they will ask you which direction you’d want to go. And lastly, if you are using another staking provider they will hopefully ask you as well.

Some other exciting news as well:

We are now properly listed on CoinMarketCap! It takes a little bit for all the metrics to come in, but we can see already that through the additional exposure trading volumes are up and our community is growing rapidly.

All in all, our three months old blockchain is developing very well and we are already planning on adding some large exchanges, so stay tuned for the next update!