Tokens issued by DeFiChain, the world’s leading blockchain for decentralized financial applications based on the Bitcoin network, will list on KuCoin, one of the world’s major cryptocurrency exchanges.
Starting January 21, 2021, KuCoin users will trade DFI.
DeFiChain stated on January 14 that its DFI token reached a market value of $1 billion. Placing it in the top 10 DeFi coins by market cap.
From January 22 to 29, KuCoin hosted a DFI trading competition with a $20,000 prize.
Moreover, Participants received a 50% reduction on manufacturer costs and a 25% discount on taker fees to maximize their profits.
Bitrue and Bittrex
DFI’s prominence in the constantly developing industry reflects in its digital asset listing on KuCoin.
Dr. Julian Hosp, Chairman of DeFiChain, said that being on KuCoin is a significant breakthrough for DeFiChain. The increase of their DFI asset from $0.16 to $2.79 in just six months indicates demand for DeFi among the masses. He also added that the path to a decentralized financial economy is just around the corner.
Furthermore, according to KuCoin Worldwide CEO Johnny Lyu, more institutional investors are realizing Bitcoin’s value as a global inflation hedge. Long ignored is Bitcoin’s ability to develop an ecosystem. Lyu was likewise excited to join DeFiChain. They would help DeFiChain unlock the power of Bitcoin, resulting in a faster and more effective blockchain.
Hence, With a total locked-in value exceeding $22 billion, the DeFi industry has grown exponentially.
This year, the market is likely to experience continued growth due to new developments.
DeFiChain intends to build a decentralized system that allows for easy and limited access to financial goods and services.
Decentralized Financial Services
It also commits to enabling decentralized financial services that are quick, intelligent, and transparent. The objective of the DeFiChain Foundation is to integrate DeFi into the Bitcoin ecosystem. DeFiChain, a Bitcoin software split, secures Bitcoin by anchoring it via the Merkle root every few minutes.
Also, By focusing on decentralized finance, DeFiChain can deliver high transaction throughput, reduce error risk, and add intelligent features.
KuCoin is a cryptocurrency exchange that accepts multiple digital assets. Founded in September 2017, KuCoin presently has over 6 million members from over 200 countries and regions. Thus, the KuCoin exchange focuses a high priority on the quality of projects presented, thanks to a well-trained research team. IDG Capital and Matrix Partners invested $20 million in KuCoin in November 2018.