Saturday, June 10, 2023

DeFiChain Launches DFI ERC-20 Token on ETH


DeFiChain, a Bitcoin-based blockchain platform specializing in “decentralized monetary applications,” announced the introduction of DFI. It is an ERC-20 standard token on the Ethereum (ETH) blockchain, on March 30, 2021.

Crowdfund Insider has learned that the new ERC-20 coin will help bridge the gap by enabling new cross-chain cooperation. Uniswap will start trading ERC-20 on March 30.

The users of Uniswap will have the option to trade DeFiChain and Ethereum or DefiChain and Tether.

DeFiChain released its native DFI money

This is the first time DeFiChain has released its native DFI money on the Ethereum blockchain network.

According to the press release, publishing ERC-20 on the Ethereum blockchain would greatly improve the decentralized ecosystem’s interoperability.

Decentralized finance, according to DeFiChain Foundation Chairman Julian Hosp, can revolutionize the future of finance. ERC-20-compliant tokens have become a vital asset class in the DeFi ecosystem.

Hosp also demonstrated how DefiChain may help DFI reach a larger audience of crypto and DeFi-savvy consumers by enabling DFI-based exchanges on Uniswap. This is a big deal for DeFiChain since they want to enrich blockchain communities like Ethereum.

While the DFI swap listing on Uniswap may initially attract new investors. DFI expects it to eventually promote cross-chain partnerships, listings, and agreements. As part of the 800,000 tokens minted, 50,000 ERC-20 are going to the Uniswap pools to fund the DFI/ETH and DFI/USDT swaps.

In addition, the Ethereum DeFi community commonly uses Uniswap, according to the DeFiChain Foundation’s CTO and Lead Researcher, U-Zyn Chua. Uniswap will allow the foundation to inform and educate the Ethereum DeFi community, according to Chua. DeFiChain’s Native DeFi value must also be demonstrated.

With a market valuation of more than $1.2 billion and a total value locked (TVL) of more than $230 million. DeFiChain is a “community-governed” native DeFi blockchain. Since the beginning of 2021, it has been steadily gaining traction.

The project uses the Bitcoin blockchain (through Merkle root) to enable decentralized, intelligent, and transparent financial services.

DFI ERC-20 is also supported by BitGo, a pioneer in institutional digital asset custody, trading, and finance.

Ruby Vester
Ruby Vester
Ruby Vester started writing for Cryptoconstellation in 2017. After a successful career as a content writer for a business blog, she found an interest in the crypto world. Ruby has lived in England for two years, and the returning to her hometown, Madrid.

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