20094
This group is about DeFiChain - a project that is bringing DeFi to the Bitcoin ecosystem! For more info: https://defichain.com
i don't know if any of these guys contacted you. even the ones with the "admin will not DM you"
Take care. there were almost 3 imposters. and BN was also one of them ❗️
I would like to remind you that spamming and sending unsolicited DMs to Mods, Admins other Community Members in our Channels is in violation of our community guidelines and is highly discouraged. Sending unsolicited messages could result in your account being blocked and banned.
Please use the official channels provided above.
Soliciting DM's can lead you to being scammed and nothing will be able to be done against it by mods and admins.
Thank you for your understanding.
Hi! For OTC trades, please consider the Defichain OTC group.
It's moderated by DeFiChain moderators, please take care on OTC trades from unkonwn sources.
/channel/dfiotc
🚀 The DeFiChain Weekly Update is Here!
Here’s what’s been happening in the DeFiChain ecosystem this week:
✅ Happy 5th DeFiChain Whitepaper Day!
✅ Biggest Hardfork in DeFiChain’s History Successfully Implemented
✅ Super Micro Computer Stock Split
✅ Ecosystem Project Updates
All these are covered in our weekly update blog below
https://blog.defichain.com/weekly-update-5th-whitepaper-day-stock-splits-and-more
Hi! Is 1.2b is max supply of the coin? Or there is no max supply and it's mintable?
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DeFiChain (DFI) began with the ambitious goal of bringing decentralized finance (DeFi) solutions to the Bitcoin ecosystem, aiming to offer a secure, efficient, and user-friendly alternative to Ethereum-based DeFi platforms. However, it has faced several notable challenges, and its future viability as an investment depends on a few critical considerations.
Strengths of the DeFiChain Project
1. Bitcoin Linkage: DeFiChain is built as a layer-2 solution anchored to the Bitcoin blockchain, aiming to leverage Bitcoin’s security.
2. Unique Offerings: It provides decentralized loans, synthetic assets (dTokens), and liquidity mining opportunities, setting it apart in the DeFi space.
3. Community Engagement: DeFiChain has an active community involved in governance and proposing improvements.
Major Failures of DeFiChain
1. Pegging Instability of dTokens: The dToken system, designed to offer synthetic assets pegged to real-world assets, struggled to maintain a stable peg. The difficulty in maintaining the dUSD peg was exacerbated by liquidity imbalances, making it challenging for users to trust the value of these synthetic assets. This undermines confidence and affects usability.
2. Security Vulnerabilities: In 2022, an exploit was found in the atomic swap feature, resulting in unexpected losses. Though the issue was contained, it highlighted potential gaps in security and risk management that could impact user trust in the platform.
3. Market Decline: DFI’s price has fallen sharply, which can partially be attributed to broader crypto market trends but also reflects investor confidence. A dramatic price drop from an all-time high of $5.61 to around $0.01359 in 2024 significantly impacted the project’s perceived value.
4. Ineffective Stabilization Measures: Previous attempts to stabilize the dToken system through dynamic fees and interest rates were insufficient to counteract liquidity challenges. This has raised questions about the effectiveness of the platform’s mechanisms for maintaining stable prices.
Proposed Solutions and Future Outlook
To recover and possibly thrive, DeFiChain may need to implement several improvements:
1. Redesign of the dToken Peg Mechanism: A community-driven initiative to re-collateralize and re-peg the dToken system could help improve stability. This could involve introducing collateralized backing for dTokens, potentially restoring investor confidence.
2. Enhanced Security Audits and Protocol Hardening: DeFiChain could benefit from rigorous, regular third-party security audits and implementing proactive monitoring systems to mitigate the risk of future exploits.
3. Liquidity Improvement Initiatives: Offering liquidity incentives or partnerships with other platforms might help strengthen the ecosystem and support the peg mechanisms for dTokens. This might help bring in more trading activity, improving the health of the platform.
4. Transparent Communication: Improving transparency around risks, technical challenges, and planned upgrades could help restore trust among users and investors, showing that the team is committed to long-term improvements.
Investment Consideration
At its current price point, DFI might seem like a bargain for speculative investors hoping for a rebound. However, the project’s success depends heavily on its ability to implement the necessary changes and regain user and investor confidence. The platform’s stability issues and security vulnerabilities are significant risks, meaning that potential investors should only consider this as a high-risk, speculative investment and not as a secure long-term asset until DeFiChain demonstrates sustained progress in resolving its issues.
In summary: DeFiChain’s concept remains promising, but substantial technical and operational challenges need to be addressed for it to be considered a sound investment.
If you want a transparent and clear understanding of the state of this project , do what I just did and ask ChatGPT. It gives and very clear and unbiased account. Very interesting. I am still holding everything I had since 2022. I’m still here. But it’s good to reflect also
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I bought DFI for $2000. It’s hard to figure out the project so far. Is it possible to get into the Russian chat (if there is one)?
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Hello everyone. Is there a Russian chat?
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Thanks a lot! Address: https://defiscan.live/address/df1qsuqxlkesq56mm4rexwwku9854nr9q4g4759sfv
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We only need additional 9K DUSD, no link yet
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Alright I have some to support, is there a link to see how much was collected?
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We need 70K DUSD, German channel is collecting: Max 5K DUSD
Axel 5K
R2D2 5K
Stefan 1KA
I can't get the DeFiChain wallet to load Just the start-up page shows; is that because I'm in the U.S region
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What a day! A huge thank you to all who showed their willingness to donate to fix the issue. The community has shown what it’s made of and that it can come together when it counts 💪. The funds sent to the first address were partly refunded, but the larger portion went as a donation to Kügi. Thank you, everyone! 🫡
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For now total supply is 1.15b DFI. But that can change with a DFIP or similar. Change it to inflationary for example.
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Plus, Julius and U-Zyn's conflict. And focus on utility that was weak compared to what was already on the market dStocks).
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🌎 English (this chat)
🇩🇪 German: /channel/defiblockchain_DE
🇮🇹 Italian: /channel/defiblockchain_IT
🇪🇸 Spanish: /channel/official_defichain_es
🇫🇷 French: /channel/defiblockchain_FR
🇨🇭 Switzerland: /channel/DeFiChainSwitzerland
🇷🇺 Russian: /channel/defichain_ru
🇨🇳 Chinese: /channel/defichain_ZH
🇹🇷 Turkish: /channel/defiblockchain_TR
🇮🇩 Indonesia: /channel/defichain_indonesia
🇵🇹 Portuguese: /channel/defiblockchain_PT
It’s good now you don’t have to worry about it
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Please tell me more of this activity. What will it accomplish?
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Should be lucrative to sell those iBITI via FS anyway? Or is future swap deactivated after the dUSD restart?
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