When Satoshi’s whitepaper first came out, the world saw the boom of Bitcoin (BTC), later followed by other cryptocurrencies. Recently, the rise of DeFi (decentralized finance) opened the gates of the digital world for a wide range of innovations, including unique FinTech infrastructure, fast-speed financial processes, and a real potential to reach mass adoption in the following years. DeFi Chain aims to bring Bitcoin into the DeFi universe as a powerful gateway for innovative and profitable possibilities.
How Does DeFi Chain Work?
DeFi Chain is a blockchain ecosystem, designed to unite DeFi to the Bitcoin (BTC) blockchain. The team believes the future of finance lies directly in replacing the current system by decentralizing and democratizing most financial products and services.
The project can be considered a revolutionary idea on its own right, as most action regarding DeFi is currently happening on top of the Ethereum blockchain. Although it is not necessarily bad, this particular gap can leave a lot of profitable possibilities behind, which is the case of Bitcoin (BTC).
Bitcoin successfully managed to stay in the pinnacle of the industry as the most valuable digital asset. People are still mining it intensively to this day and exchanging activities using it as the main currency still happening thousands of times daily.
Recently the world was shocked by the news of an infamous fortune allegedly owned by the one and only Satoshi Nakamoto. Specialists estimate that he possibly mined a worth of 1.25 million BTC, which would be $10.5 billion in currency exchange rates. It only shows the power behind the Bitcoin blockchain, despite the rise of other profitable cryptocurrencies.
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Dig Into It
DeFi Chain believes in the idea that Bitcoin, as the mother of all blockchains, naturally will turn out to be probably just as important as the Ethereum ecosystem for DeFi.
However, DeFi (decentralized finance) doesn’t happen natively on Bitcoin blockchain, due to barriers involving up-codes that doesn’t permit it to allow possibilities such as stablecoins or lending markets.
The project acts as a bridge between these two incommunicable worlds, by forking and building another blockchain over Bitcoin’s infrastructure, which is the DeFi Chain ecosystem. Although it stills a bit independent, it needs the Bitcoin ecosystem, considering that both written languages (code) are the same.
The DFI Token
Hence, in this brand-new chain on top of Bitcoin, there is a native token called DFI. Following the same principles of Bitcoin’s inception, it didn’t raise any sort of ICO, giving free airdrops to new users and supporters via DeFi Foundation (another idea within the project).
Further reading: How to Get the Best Bitcoin Deals in 2020
The possible use cases of DFI include being the utility token inside the DeFi Chain ecosystem and being part of loan transactions (collateral) and staking pools within Cake DeFi.
DFI holders can pay all fees existing within the ecosystem using the token, which includes transaction fees, smart contracts, and several other activities that require some type of gas.
Investors and lenders holding DFI funds within Cake DeFi (DeFi Chain’s twin project) will have the possibility to use it as collateral to draw out loans and also stake it on Cake DeFi to earn up to 30% returns as the project grows further.
According to official data, it is known that the DeFi Foundation will issue a total of 1.2 billion DFI over its lifetime, which is a great opportunity for crypto investors to take a closer look at it.
Who Is Behind DeFi Chain?
DeFi Chain is part of the DeFi Foundation, which is also responsible for Cake DeFi. Cake DeFi is focused on allowing more cashflow into transactions between cryptocurrencies, while DeFi Chain is a gateway to bring BTC into DeFi and leverage it using the DFI token.
The project was co-founded by Dr. Julian Hosp, who has a unique professional background. He started as a medical doctor, but later he found his true passion for entrepreneurship. He was part of several successful business ventures over the years, becoming a blockchain expert as well.
Today he is the chairman of the DeFi Foundation and CEO of Cake DeFi, both with headquarters in Singapore.
DeFi Chain is a unique ecosystem designed to bring Bitcoin into the DeFi universe. Since its initial boom after Satoshi’s whitepaper first came out until today, the Bitcoin (BTC) stills the most valuable digital asset available in the industry.
Hence, even considering most DeFi projects are structured on top of Ethereum, DeFi Chain ran against the odds as a milestone for the digital finance world.
The idea has the DFI token, which is DeFi’s utility token. DFI holders can pay all platform’s existing fees using it, as well as use it both as collateral for loans and as staking through Cake DeFi, which is part of the same project.
It shows BTC is truly an ever-growing asset, and its adoption represents a lot in terms of maturity and empowerment for the DeFi universe.