DeFiChain - a quick overview

https://defichain.com/ - Native Decentralized Finance for Bitcoin. A blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone.

@JulianHosp (Founder of CakeDeFi & DFI-Investor) made a video to explain it quickly, available on youtube here .
If this project has already caught your interested and you want to read more about it, or you want to DYOR: you can read their whitepaper .

So, from here we can quickly summarize:
DeFiChain is a project build on top of Bitcoin that aims to decentralize the financial world with functions such as:

• Decentralized lending
• Decentralized wrapping of tokens
• Decentralized Pricing oracles
• Decentralized exchanges
• Transferable debts and receivables
• Decentralized Non-collateralized debt
• Asset tokenization
• Distribution of Dividends

Everything so far looks good on paper, but there are many DeFi projects out there with great concepts. So what makes DeFiChain so special, where are the differences to other projects?

What makes DeFiChain special?

To answer this question we have to take a look at the roadmap of DeFiChain. DeFiChain is a quite new project, it was launched in May 2020 and has so far completed many steps on its roadmap. Here are some of them paired with other functionalities of the DeFiChain:

Already Implemented:

• Staking $DFI with an APY of > 100%
• Listing & trading on different exchanges with low transaction fees
• Liquidity mining in different pools (APR ~80%)
• Swapping crypto on its working decentralized exchange

In development:

• Atomic Swap
• Listing of Stock prices (already available on the Testnet)

In the near future:

• Trustless on-chain stocks, commodities and currencies
• Decentralized lending
• Decentralized tokenization

In the far future:

• Decentralized leverage trading
• Decentralized options
and many more...

How to get involved?

The easiest way to start your journey is by downloading the official DeFiChain wallet (available on its website) and buying $DFI on listed exchanges:

• KuCoin
• Bittrex
• LaToken
• HotBit
• Bitrue
• EasyCrypto (AU)
• EasyCrypto (NZ)

With the official wallet you can start to mine liquidity on different pools easily. If liquidity mining with your wallet sounds too complicated for you, or you don't have 20000 DFI to run your on masternode, there's a solution: it is called CakeDeFi.

CakeDeFi - easy, simple, clean

CakeDeFi is a website that gives you easy access to services & functionalities on the DeFiChain:

• Staking with no minimum amount
• Liquidity Mining on different pools
• BTC Lending
• Freezing your assets for additional gains
• Automated investing of your earned $DFI
• Direct buying of the $DFI asset with your bank account or credit card
• 50$ Signup bonus (temporarily)
• (in beta) mobile app (Apple & Android)
• (in development) access to the DEX (decentralized exchange)
in the future CakeDeFi will bring even more and more functions of the defichain to its website.

Conclusion

DeFiChain is one of the most developed decentralized finance projects out there. There are so many possibilities ahead for such a young project and with such an awesome community and active developers it is certain, that a bright futures lies ahead. Go check out all the ways to get involved into it, it is up to you to find out what fits you the most. Hope you enjoyed the read.

Sources

https://defichain.com/
https://github.com/DeFiCh/ain
https://twitter.com/defichain
https://cakedefi.com
https://coinmarketcap.com/currencies/defichain/