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DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to providing decentralized financial applications and services to everyone, is excited to announce that its community has voted to offer lucrative liquidity mining rewards for the ERC-20 format of native DFI token pairs on Uniswap. The proposal submitted by DeFiChain’s chief researcher received over 96% upvotes.
Raising DeFiChain’s Token Utility
DeFiChain has allocated one million DFI tokens from the Community Fund to incentivize liquidity mining for DFI-ETH, DFI-USDT and the new DFI-USDC pairs on Uniswap.
The Community Fund receives a small percentage of the block rewards and has accumulated over 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain. However, funds are only released if more than 51% of nodes agree to the proposal. Masternodes can sign a message to either agree or reject a proposal.
With leading exchanges such as Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the utility of the token in ERC-20 format. The incentives are aimed at increasing the transaction volume of the ERC-20 format of DFI and enhancing the visibility and awareness of DFI in the wider DeFi ecosystem. The increased trading volume should also encourage more DFI adoption by other exchanges and services.
Santiago Sabater, CEO of DeFiChain Accelerator, said:
“With the new liquidity pools and various upcoming projects to increase the utility of DFI on ERC-20, the adoption of DeFiChain is growing massively. DeFiChain opens the gates to offer its decentralized assets such as decentralized stocks, commodities and ETFs to the entire DeFi community on the Ethereum blockchain. This will result in massive capital inflows, satisfying DeFiChain investors while 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 at 0.25 DFI per Ethereum block
- DFI-USDC pair at 0.25 DFI per Ethereum block
In total, one DFI token will be distributed per Ethereum block. Just like the DFI emission rate on the DeFiChain mainnet, the block reward is scheduled to decrease by 4% every 7 days (in blocks) from 9am. UTC on August 22. Prior to this, rewards will only be distributed at a fixed rate of 1% of the above percentages. It is estimated that it allows the reward to be maintained for more than a year.
A smart contract will be published on the Ethereum mainnet allowing the rewards to be paid according to the schedule. Upon publication of the smart contract, the DFI will be deposited into the smart contract in installments, for security purposes.
An accompanying decentralized application will be released for liquidity providers participating in the liquidity mining program.
DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to providing fast, smart and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets and decentralized loans. The mission of the DeFiChain Foundation is to bring DeFi to the Bitcoin ecosystem.