DeFiChain DFI ecosystem

@amadeobrands Have you looked into the DFI defi protocol? It’s Defi on a bitcoin sidechain. It seems to me like this is a potentially powerful merging of defi with bitcoin maxi’s ideology. Thoughts?

@RhoadsNRoses82 I have been recently looking into this and even downloaded their wallet which comes with a full node ! :joy: There unfortunately doesn’t seem to be an option yet to not have the full node and it took a full 24 hours to sync and almost killed my laptop in the process so it’ll probs have to go since the next time I went on it it said there was an error and went back to 0! :woman_facepalming:
looks like an interesting project though!

@RhoadsNRoses82
DeFiChain is a still very young project but indeed very promising and I’m using it for about 6 months now.
@Beki: Yes the wallet is still a fullnode, but it seems they’re working on a light wallet. For now, the newest version is already a bit more lightweight on the pc (no mobile app yet), however still a fullnode. For me it’s ok since I like to help the blockchain to become more secure, but yes not everybody wants to do that.

What I find the most interesting points:

  • it is a non-turing complete blockchain (software fork of Bitcoin Core 0.18), so I see it as potentially secure - here’s the whitepaper: https://defichain.com/white-paper/
  • low costs
  • it really brings defi on Bitcoin, never thought about this possibility before discovering DeFiChain
  • still very good returns (in dfi tokens) for staking and liquidity mining (e.g. currently LM on ETH-DFI pair with APR 88% on the wallet). Obviously it will not remain that high for eternity - first come first served.

Of course, being a young project, on the other side early adopters always have to deal with potentially higher risks. But the community is growing really fast and very active, what makes me be quite optimistic for the future.

If you want to avoid the wallet you can try cakedefi.com (custodial), also based on DeFiChain. Since Cake Defi is a company (KYC requested) of course they take some percentage of your gains but on the other side it works very fine. In case you want to check out cakedefi you can write me for a referral link to get $30 in dfi tokens (don’t want to spam the forum).

Hope that will give you some more insights.