- DeFiChain and Cake DeFi are together airdropping $50 worth of DFI coins to new clients.
- In order to avail these airdrops, you must create an account at Cake DeFi, complete your verification and store at least $50 worth of any coin. Additionally you will get $25 worth DFI for every reference.
What is DeFiChain?
DeFiChain is a blockchain explicitly devoted to decentralized financial applications. It focuses on the usefulness of the blockchain and devoting it specifically to
decentralized money, the DeFi Blockchain gives unmatched high transaction
throughput, reduced errors, and intelligent feature development explicitly to satisfy
financial administrations on the blockchain. DeFiChain has airdropped DFI to BTC
holders in a 500 DFI Coin per 1 Bitcoin ratio in September 2020. You can stake your DFI
coins on Cake to acquire a 37% APY interest rate. Cake is a stage that allows you to
be in charge of your funds by creating income and saddling the possibilities of
History of DeFiChain
The DeFiChain Foundation was established in November 2019 as a company limited
by guarantee .The foundation holds Trademarks, Domains and makes sure the DFI
foundation funds are used as instructed by the master nodes. The Foundation
specialies in recruiting new ecosystem partners, boosting the ecosystem, and
directs the development of tools for partners.
The team believes that the cryptocurrency industry is based on a simple concept:
People should be in control of their own finances. The goal of DeFiChain is to give
people smooth access to decentralized financial services, by bringing full Defi
capabilities to the Bitcoin ecosystem.
The core challenges that DeFi aims to solve are :
- Most platforms like Ethereum require a large amount of coding to
- provide financial services, increasing the risk of hacking.
- There are many issues with scaling on many of these platforms.
- Governance models of most of today’s blockchains show signs of politicization,
- centralization, and uncertainty.
The solution offered were to:
- Build a blockchain especially for Defi use cases
- Build on top of Bitcoin and anchor to the Bitcoin blockchain chain for maximum
- Support all major crypto assets
- Utilize a hybrid proof of stake and work consensus mechanism
- Incorporate an on-chain governance system.
Advantages of the DeFi
- Lending – Borrowing and lending through collateralised systems.
- Wrapping of tokens – Working with a variety of crypto assets on chain.
- Pricing Oracles – Collection of data from other chains and other markets.
- Non-collateralized Loans – Loans are given based on reputation and verifiable credentials.
- Exchanges – Direct peer-to-peer trading between cryptocurrencies.
- Transferable debts and receivables – Working with transparency not possible with institutions.
- Distribution of dividends – Automatic dividend pay-outs with smart contracts.
- Asset tokenisation – Tokenize equity, real estate, and other holdings
Step-by-Step Guide on the DeFi Chain Airdrop
- Create an account at Cake DeFi.
- Verify your mail and log in.
- Complete your KYC verification.
- One must make a deposit worth $50 of any supported currencies.
- You will then get $30 worth of DFI coins.
- You can also avail $10 worth of DFI for each referral.
Winners of this drop will stand a chance to be a part of the DeFi community which will inevitably grow in the future.