The DeFiChain community participated in the fifth round of voting and in this latest round they were able to vote on 2 DFIP proposals to further improve and decentralize the DeFiChain ecosystem, as well as on 10 community funding proposals (CFPs). The voting round/2106 started on 8 June 2021 and closed on 16 June 2021; a total of 2,713 votes across all 12 proposals have decided on the direction in which DeFiChain is heading.
The following table shows the final results of the voting round/2106, with a total of 11 out of 12 proposals accepted. It was also the first time that the community rejected a proposal.
The next voting round will take place at the end of July. We encourage every project to submit a new proposal on Github in order to participate in the next voting round. Optionally, you may also want to start a Reddit thread at https://www.reddit.com/r/defiblockchain for community discussions.
The most important dates for the next voting round are the following:
- Proposal submission ends on Fri, 16.07.2021, 23:59:59 UTC
- Voting starts on Mon, 19.07.2021, 23:59:59 UTC
- Voting ends on Mon, 26.07.2021, 23:59:59 UTC
- Results announced on Tue, 27.07.2021
In the following, we’d like to present all the proposals that were successfully approved by the community.
DeFiChain Improvement Proposals
Two long term locks possibilities:
- Lock up collateral for 10 years in exchange for 2x (double) the block finding probability compared to a non-locking masternode.
- Lock up collateral for 5 years in exchange for 1.5x the block finding probability compared to a non-locking masternode.
This proposal is only concerning staking rewards, other long-term staking masternode will not carry extra weights on other masternode functions such as voting.
- Block finding probability is increased by shortening the period used for coinage accumulation. Normally coinage increases every 6 hours, lockup of 10 years would increase coinage every 3 hours and lockup of 5 years would increase coinage every 4.5 hours.
- This does not alter the coinage cap for individual nodes. Maximum coinage for longer lockups is still capped the same with the regular max coinage, i.e. 56.
- Due to possibility of changing block time, collateral can be unlocked when average block time of the past 1008 * 2 blocks are larger than the period of lock up. This ensures that
- neither delays in block findings or potential change in block time in the future would affect the unlocking period.
To get us going for likely Q2/early Q3 launch of asset tokenization and loan program, it is proposed that a ticker council is set up as follows:
- Daniel Zirkel, operator of https://www.defichain-analytics.com and co-host of DeFiChain News
- Lord Mark, co-host of DeFiChain News
- Chicken Genius, YouTuber and an experienced stocks trader
- U-Zyn Chua, CTO & Chief Researcher of DeFiChain.
- Dr. Julian Hosp, Community Lead of DeFiChain
- Decide in an open manner, e.g. on YouTube Live, the tickers to be listed, or de-listed on DeFiChain.
- Once Operator functionality is in DeFiChain, and that it is stable enough to operate, this ticker council will be dissolved.
- Council members may be added/removed by the community or by the council collectively.
- Council and council members are not to make any earnings from the decisions on listing the assets nor to derive any fees from trading or usage of the listed asset tokens.
Community Funding Proposals
Over the last couple of months, Jeff Block and Christian Bieri set up the community project DeFiChain Promo (defichain-promo.com)
The projects main goals are:
- to offer high quality social media posts for promoting DeFiChain and
- to incentivize individuals who actively participate in the promotion of DeFiChain on social media.
DeFiChain runs a bug bounty program to reward security researchers for responsible disclosures. This is beyond the first 5,000 DFI payout which was made before this CFP.
Further CFPs may be requested for top up of bug bounty funds when it runs low.
Tracking all generated rewards from liquidity mining and staking is not so easy — especially when it comes to taxes. In countries like Germany and in all other countries with taxes on crypto earnings an overview about each person’s crypto earnings, aggregated in one file is more than just welcome. Via defichain-rewardhelper.com you are able to generate an earnings overview which can also be easily imported into a professional crypto tax tool (e.g Cointracking, Accounting, Blockpit, Cryptotax, …).
The rising number of people running a masternode requires proper tracking of minting activities, the income and the health of their masternode server. The Masternode Monitor can provide this information and makes running and administering a (server-based) masternode much more pleasing.
Crypto and Blockchain is a fast-paced world and there are many updates every week. To save time, we are aggregating and filtering all relevant news in easy to digest news bits. Youtube is an excellent way to address a larger audience and to support the work of moderators.
DefiChain has a lot of growth potential, and we all want to see our chain grow, flourish and expand to the moon and even further. It’s all about scaling and reach, so we need media coverage, and over-communicating is better than leaving the community and investors in the dark.
Do not worry about the technology, rely on our service and let us take care of the servers. You just need the DeFi Wallet running on your computer and a minimum balance of 20,000 DFI, we provide the rest.
The masternode creation in your wallet works with just one simple command in the command line. You can shut down your wallet and turn off your computer after the masternode creation. The masternode will produce a reward of 135 DFI every 3 to 4 days. We take care of the updates and availability of the server, which runs your masternode. You keep full control over your coins at all times, own the private keys yourself and do not have to send them to any platform. Even when resigning the masternode, you are not dependent on our assistance. You can resign the masternode at any time and your DFI will be released from the blockchain within a blocking period of currently 60 blocks.
Everybody should be able to set up and run the DefiNode at home to actively participate in securing the Defichain blockchain and support decentralization and security.
It should not be a replacement to the PC wallet or cloud based Nodes but rather more of an additional, cost effective and cool way to support the decentralization and growth of the Defichain. It will be built for 24/7 usage to contribute to the network all the time and be always in sync, when you need it.
A lot of people do not realize that they can lose coins in a Liquidity Mining pool due to Impermanent Loss (IL). This calculator will visualize the potential Liquidity Mining loss by addressing the range of interest and the duration. This would allow people not only to educate themselves but also to become more aware of the IL topic.
While many DeFiChain users cry “when Binance” and struggle with big or small exchanges to exchange DFI into Fiat or Fiat into DFI, a small group of tech geeks is already working on the ultimate solution. A fully regulated crypto exchange that focuses exclusively on the needs of DeFiChain users and which also can be integrated by any other software via API. This exchange run by DeFiChain enthusiasts pursues the goal of making DeFiChain bigger and more successful.
Originally published at https://blog.defichain.com on June 24, 2021.