Dfinance: Create Financial Instruments on your Own
Dfinance is the truly decentralized ecosystem dedicated to numerous financial instruments and DeFi entities. The catalog also includes several products designed for crypto users. Its infrastructure adopts all aspects of a functional blockchain. The benefits include compartmentalized security, endless scalability, low latency and an all accommodating smart contracts engine. On other hand, it presents a simple yet solid combination of instruments that engages the entire knowledgebase of finance. The platform encourages every project to employ Dfinance infrastructure to publish their ideas.
Why use Dfinance?
There is a range of financial instruments just a few clicks away in Dfinance ecosystem. It enables you to convert words into real world financial instruments. The real question is which financial instruments you want to build today. The financial opportunities are limited only to your imagination. You can trade Gucci bags or optimize COMP farming or whole lot more. Why are we talking about this little project now? Well, their Reward Program equaling 125,000 DFI tokens is available right now. They have reserved equal amount of tokens for technical as well as promotional activities. We will look more into the various aspect of Dfinance project in this post.
Testnet 0.6:
Dfinance Testnet 0.6 has been launched this past month. It is nicknamed Balthier, in the lineup of testnets. The release comes with pretty important updates and leads the way towards incentivized staking and mainnet. At the moment, the Dfinance coin is referred to as DFI in this testnet. This is a temporary arrangement which will be altered during the launch of mainnet. Dfinance wallet is available with staking support. The adventurous testnet users can launch validator notes in order to stake testnet coins. In addition, users can give/get voting power, produce new blocks, enjoy financial rewards and more.
Users can secure blockchain and validate new blocks by running a node on Dfinance. Moreover, the new testnet allows for delegation using DFI. It allows the uninterested users to lend DFI to reputable validators and earn rewards without ever running a node. The team has clearly documented the process of setting up validators as well as delegating DFI to earn rewards. The validator nodes charge a fee at times for their services. Hence, evaluate the profit potential of various nodes and choose wisely. Importantly, the new testnet supports up to 31 active validators at any point in time.
The wallet performs exceedingly well in Testnet 0.6. You need memonic and passphrase (optional) to sign in to your wallet. Alternatively, you can use the Explore mode. The advanced option allows you to login via the memonic path.
Update: The official ticker for Dfinance project will be XFI, It was reently announced so we can read XFI instead of DFi, where it was mentioned above.
Interoperability Solution:
Dfinance provides the perfect interoperability solution for decentralized finance yield farming strategies. Thanks to Dfinance high level language, one can build trading strategies. It allows you to charge fees from uses of financial products. Some of the platforms it connects are Avee, Synthetix, Kava, Curve, Compound, Makerdao, Balance and Chainlink. It allows for a range of functions including buy, sell, send, transfer, stake, re-stake, loan and borrow. The number of financial products possible is only limited to your imagination.
Conclusive Comments:
The project is being developed by the expetienced and proactive team of Wings and infact the wings coins will also be swapped to XFI. I am looking forward to Dfinance project and I am confident in the abilities and capabilities of the team to deliver a quality project. What I like most about Dfinance is that they are giving all the options and powers to the community to design and implement financial instruments according to their needs and desires. No doubt Dfinance has the potential to boost and help in mass adoption of Decentralized Finance DeFi in general due to its smart co tracts and user friendly tools, services and infrastructure in this sector.
Official Links:
Website: http://dfinance.co/
Twitter: https://twitter.com/dfinance_co
Reddit: https://www.reddit.com/r/dfinance
Telegram: https://t.me/dfinance_co
Discord: https://discord.com/invite/CvneZAC
#Blockchain #Bitcoin #Cryptocurrency #Defi #Decentralized Finance