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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 pleased to announce that its community has voted to offer lucrative liquidity mining rewards of the ERC-20 format for its native DFI token pairs on Uniswap. The proposal put forward by DeFiChain Principal Investigator garnered more than 96% of the support vote.
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DeFiChain has committed 1 million DFI tokens from the Community Fund to stimulate liquidity mining for DFI-ETH, DFI-USDT and new DFI-USDC pairs on Uniswap.
The community fund receives a small percentage of the block reward and has collected more than 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain. However, the money is only released if more than 51% of the nodes agree to the proposal. Masternodes are eligible to sign a letter of approval or rejection of the proposal.
With leading exchanges like Bybit and KuCoin now supporting DFI in the ERC-20, the DeFiChain community has voted to increase the usefulness of the ERC-20-format token. The incentives are aimed at increasing the volume of the ERC-20 format for DFI, and promoting visibility and awareness of DFI in the broader DeFi ecosystem. The increased trading volume should also encourage the adoption of more DFI by exchanges and other services.
Santiago Sapater, CEO of DeFiChain Accelerator said:
“With new liquidity pools and various projects coming to increase the interest of DFI over ERC-20, DeFiChain adoption is growing exponentially. 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 lead to capital inflows. Huge, delighting DeFiChain investors while creating new use cases for Ethereum users.”
The liquidity mining rewards will be distributed as follows:
- DFI-ETH pair at 0.5 DFI per Ethereum block
- DFI-USDT 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 set to drop by 4% every 7 days (in blocks) starting at 9AM UTC on August 22nd. Prior to that, bonuses would only be distributed at a flat rate of 1% of the above rates. It is estimated that the bonus will be allowed to last more than a year.
A smart contract will be deployed on the Ethereum mainnet that will allow the rewards to be paid according to the schedule. When a smart contract is deployed, DFI will be placed in the smart contract in batches, for safety reasons.
A companion decentralized application will be launched for liquidity providers to participate in the liquidity mining program.
DeFiChain It is a decentralized proof of stake blockchain built as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent and transparent decentralized financial services. DeFiChain offers liquidity mining, betting, decentralized assets, and decentralized loans. The mission of the DeFiChain Foundation is to bring DeFi into the Bitcoin ecosystem.