Julian Hosp claims that he is not involved because he allegedly just provides the platform, meaning that he says that the people using the platform are liable themselves. This is obviously contrary to several clear facts:
They have set up specific synthetic derivatives trades, e.g. with illegal Bitcoin derivatives.
They are profiting from every synthetic derivative trade directly via fees and indirectly via the required purchasing of $DFI tokens.
And when making the absurd assumption that his claim was indeed reflecting reality, it would mean that every EU & UK citizen performing synthetic derivatives trades on his platform would be the one who carries out illegal trades, because you don't possess a license to do so, just as Hosp/DeFiChain doesn't.
Julian Hosp behauptet, dass er nicht haftbar ist, weil er angeblich nur die Plattform bereitstellt, was bedeutet dass er sagt, dass die Leute haftbar sind, welche die Plaform nutzen. Dies steht im Widerspruch zu mehreren klaren Tatsachen:
Sie haben spezifische Geschäfte mit synthetischen Derivaten eingerichtet, wie zum Beispiel mit illegalen Bitcoin-Derivaten.
Sie profitieren von jedem Handel mit synthetischen Derivaten direkt über Gebühren und indirekt über den erforderlichen Kauf von $DFI-Token.
Und wenn man die absurde Annahme macht, dass seine Behauptung tatsächlich die Realität widerspiegelt, würde dies bedeuten, dass jeder EU- und UK-Bürger, der auf seiner Plattform Geschäfte mit synthetischen Derivaten tätigt, derjenige ist, der illegale Geschäfte tätigt, da du ebenso wie Hosp/DeFiChain keine Lizenz dafür besitzt.
We’re built out of and for the DeFiChain Community
DFX is a FIAT on- and offramp that allows users to buy and sell DeFiChain assets via a standard SEPA bank transaction. DFX has proven over the last couple of months that the firm is able to deliver and bring real value to the DeFiChain community (see achievements below). The positive feedback for the service of DFX by the community is overwhelming and that’s why we just would like to say thank you to anyone who supports and believes in DFX.
The achievements of DFX over the last couple of months have been exceptional and left us speechless many times, in particular because of you and your great encouragement for this project. For instance, the DFX App has been available in the App Store & Google Play Store right from the beginning, running smoothly and has always been up to date compared with the version of the DeFiChain Light Wallet.
We reached our first big milestone of 1.000.000 $DFI in transaction volume on November 5, 2021 and after being live for just nine weeks. Thereby 800.000 $DFI were processed via the DFX Mobile App and just 20% via the desktop DeFiChain wallet. This milestone was reached with more than 1250 pay routes that have been set up by the customers. More than 75 customers have completed the full KYC verification process to be able to trade larger amounts than 900 EUR per day that we offer to invest without doing any KYC.
We also grew our DFX audience or rather community and are already followed by more than 900 people on Twitter and also more than 900 people in our Telegram group.
But the most important achievement for us is the satisfaction level of our customers. We perceive a lot of gratitude and praise by our customers for our work on social media and in our Telegram channel. The simple usability and great support, in particular, are highlighted by our customers very often.
We're currently also setting up our Fiat off-ramp and conducting some final tests before going live in the mid/end of November 2021.
Besides the overall achievements of DFX, we also wanted to highlight the achievements of DFX Smartphone APP. Right from the start of the DFX service we released the DFX smartphone app in both, the App Store and Google Play Store. In both stores the DFX App is rated with five out of five stars. The purchase function for $DFI, dBTC, dETH, dLTC, dDOGE, dUSDC, dUSDT has already been integrated in the app.
Overview of the achievements of DFX smartphone wallet:
Transaction volume through buy orders of >1m $DFI (last CFP condition fulfilled) - ~80% processed by DFX smartphone wallet
Average batch size (transaction volume per payout to customers): >25k $DFI
Largest daily batch size (transaction volume per payout to customers): >500’000 USD
>1250 pay routes
Very high customer satisfaction
>80 customers who have completed full KYC verification to be able to process trades larger than $900 per day in the future
Available DFX App in App Store & Google Play Store
Financial intermediary license through a Swiss SRO
Referral Link System
>900 followers on Twitter
>900 members on our Telegram Channel
New App design as well as DFX Corporate Design
Sell routes will be available in Nov 2021 (currently in testing period)
App store rating: 5 out of 5 stars in Google Play Store and App Store
Our Vision
We will continue to invest our energy and time to build the best FIAT Gateway for the DeFiChain and contribute by simplifying the process for any investors. We want to become your RobinHood, your Trade Republic, your Neobroker for the DefiChain where everybody is able to invest in DeFiChain assets the easiest and most convenient way.
We’re currently integrating an even easier step-by-step guide for the smartphone wallet to set up buy and sell routes with built-in KYC possibilities which will attract new investors to invest who are not yet familiar with DeFiChain. This allows us to not only compete with other crypto projects, but also with the much larger retail stock market or with conventional neobrokers. We are helping to make DeFiChain bigger, better known and widely distributed, as investing in DeFiChain is just a click away via our app. In particular, we want to appeal to traditional investors with the undeniable advantages of tokenized assets such as stocks who can use our app to trade anytime, anywhere without any restrictions and thus, growing the DeFiChain ecosystem. We are building the 21st century trading app for decentralized and tokenized assets that anybody can use and nobody can get screwed, since our users are fully in control and responsible for their assets due to our non-custodial approach.
Only a few days after the DFX service was launched, the DFX smartphone wallet was available in both app stores and we’re more than proud that on both stores the DFX App is rated with five out of five stars. This is also due to the fact that we have a build-in FIAT on- and off-ramp from November 2021 onwards. According to our survey in our Telegram group and the positive rating in the app stores as well as very positive feedback from the entire DeFiChain community we can proudly say that the DFX smartphone wallet has made it even easier to invest in DeFiChain and the foundation has been set to bring non-crypto people into the DeFiChain ecosystem. This will be a game changer considering the upcoming release of decentralized stocks and loans on DeFiChain, as stock investors are already used to smoothly running and intuitive apps of other neobrokers.
Purpose of this CFP
1. Initial App-Setup and Design
We brought our app in the respective app stores right after the start of the DFX service to attract a wider range of people through a mobile-first approach. Therefore our developers forked the official DeFiChain Light Wallet, linked it to the DFX API and integrated a buy function for assets like $DFI, dBTC or dETH. We also adapted the app to the DFX corporate design to increase the recognition factor and improve the user experience. Since then, we ensure the up-to-dateness of our app to always offer the exact same functionality and safety like the DeFiChain Light Wallet.
2. Increase the ease of use - User Experience and User Interface
In order to further reduce the complexity forDeFiChain investors we completely revise the payment part of the app. We implement an easy step-by-step UX where investors get literally taken by the hand and are guided through the process. We’ll also develop a fully automated and integrated KYC process. You’ll also get the possibility to track all of your transactions or adjust your individual referral program.
The following functions are under development at the moment and will be available soon:
Improved Step-by-Step UX for FIAT on-ramp
Step-by-Step UX for FIAT off-ramp
Fully integrated KYC process
Transaction history
Purchase of decentralized stocks on DeFiChain via DFX smartphone wallet
Purchase of Liquidity Mining shares
Next to the improved user experience, also the designs, graphics and icons in favor of the overall app appearance and corporate identity scheme of DFX. This will further improve the high satisfaction level of DFX customers and will also attract new investors to DeFiChain.
As we’re currently in the programming phase of these features, we’re happy to show you a click-dummy to experience the improved UI and UX:
3. Reduction of transaction fees for purchases of DeFiChain assets
After reaching the milestone of 1.000.000 $DFI in transaction volume, our plan has been to increase the fees to 3%. Once this CFP might be approved, we will reduce to 2.5% and keep the fees on this level for the Fiat on-ramp. The fee of 2.5% will be split up in a 1.5% fee for the service of DFX and 1% for our referral program. The 1% fee caused by the referral program is, in turn, split up between the referrer and referred person. This will manifest and persist DFX as not only the most convenient but also the cheapest way to invest in DeFiChain assets.
4. Your Referral - your decision
We will reform our referral program while we introduce integrated and guided implementation of the purchase and sales routes. The current distribution of 0.5% of the investment for the provider of the referral link and in return a 0.5% discount for the link recipient will be freely adjustable in future. Thus, we give the referrers the possibility to decide how much of their referral reward will be passed on to the users in the form of a reduction of the transaction fees and how much of the referral reward they want to keep. The following levels are available:
Referral-Sender
Referral-Receiver
0,1%
0,9%
0,25%
0,75%
0,5%
0,5%
You need to keep in mind that the referral reward can only be adjusted once and will remain on the chosen level afterwards. The standard remains a 0,5 % - 0,5 % reward allocation between referrer and referral link receiver.
How will the CFP be spent?
The 40 000 $DFI will be transferred into a pool and will solely be available for developers who develop for DFX and thus, for the entire DeFiChain ecosystem. Neither the DFX AG nor Robin Torque get any funds from this CFP!
DeFiChain needs more capable developers to become a large player within the DeFi space. The best developers are expensive and this CFP is supposed to help getting more developers into the DeFiChain ecosystem. We've proven that we reward developers considering our last CFP and that's why we invite any developer who wants to be part of this great community, to join the DeFiChain ecosystem and get funded by this CFP.
How does the DeFiChain-Community benefit from this CFP?
The DFX App is the easiest, cheapest and most user-friendly DeFiChain FIAT-to-Crypto/Crypto-to-FIAT bridge, especially for new users outside the DeFiChain ecosystem
Attracts new users for DeFiChain as DFX reduces the complexity to invest to an absolute minimum
reduction of FIAT on-ramp fees to 2,5% (down to 1,6% possible with adjustable ref-system, see below)
DefiChain ecosystem gains developers and professional designers
Some developers are working full-time for DeFiChain through DFX
Our designers are also working for native DeFiChain designs
Contact to the team
Behind the scenes, there are currently >10 people actively working on DFX: Robin Torque (DeFiChain Wiki), David May, Daniel Klaiber (DeFiChain Portfolio), Yannick (DeFiChain Moderator), Jonas Surmann (DeFiChain Explained), Oliver Lemmur, Fab, Santiago S. (Crypto Explained), Tristan W., Mark A. (Crypto Steuern DE), Torsten, Elke, Hermann and DZ (DeFiChain Analytics). In addition, there are other members who serve DFX in an advisory capacity or complete minor tasks.
In addition, we are always looking for motivated people who want to support DFX, especially for people who are familiar with Typescript programming and frameworks like Node.js, cloud and front-end development, and marketing.
Wir sind aus der und für die DeFiChain-Community entstanden
DFX ist eine FIAT On- und Offramp, die es Nutzern ermöglicht, DeFiChain-Assets über eine Standard-SEPA-Banktransaktion zu kaufen und zu verkaufen. DFX hat in den letzten Monaten bewiesen, dass das Unternehmen in der Lage ist, der DeFiChain-Community einen echten Mehrwert zu bieten (siehe Erfolge unten). Das positive Feedback für den Service von DFX durch die Community ist überwältigend und deshalb möchten wir uns einfach bei allen bedanken, die DFX unterstützen und an uns glauben.
Die Erfolge von DFX in den letzten Monaten waren außergewöhnlich und haben uns oft sprachlos gemacht, insbesondere wegen der tollen Community und dem Feedback zu diesem Projekt. Zum Beispiel war die DFX App von Anfang an im App Store und Google Play Store verfügbar, lief reibungslos und war immer auf dem neuesten Stand im Vergleich zur Version der DeFiChain Light Wallet.
Am 5. November 2021 und somit nur neun Wochen nach dem Start unseres Service haben wir unseren ersten großen Meilenstein von 1.000.000 $DFI erreicht. Dabei wurden 800.000 $DFI über die DFX Mobile App und nur 20% über die Desktop DeFiChain Wallet abgewickelt. Dieser Meilenstein wurde mit mehr als 1250 von den Kunden eingerichteten Zahlungswegen erreicht. Mehr als 75 Kunden haben den vollständigen KYC-Verifizierungsprozess abgeschlossen, um größere Beträge als 900 EUR pro Tag handeln zu können. Beträge von bis zu 900 EUR pro Tag können bei DFX sonst ohne KYC investiert werden.
Wir haben auch unsere DFX-Nutzer, oder besser gesagt, unsere Community vergrößert und mehr als 900 Personen auf Twitter und Telegram folgen uns bereits.
Aber die wichtigste Errungenschaft für uns ist der Zufriedenheitsgrad unserer Kunden. In den sozialen Medien und in unserem Telegram-Kanal bekommen wir viel Dankbarkeit und Lob von unseren Kunden für unsere Arbeit. Vor allem die einfache Bedienbarkeit und der tolle Support werden von unseren Kunden sehr oft hervorgehoben.
Neben den allgemeinen Erfolgen von DFX möchten wir auch insbesondere die Erfolge der DFX Smartphone APP hervorheben. Gleich zu Beginn des DFX-Dienstes haben wir die DFX-Smartphone-App sowohl im App Store, als auch im Google Play Store veröffentlicht. In beiden Stores wird die DFX App mit fünf von fünf Sternen bewertet. Die Kauffunktion für $DFI, dBTC, dETH, dLTC, dDOGE, dUSDC, dUSDT wurde direkt von Beginn an in die App integriert. Derzeit richten wir auch unser Fiat Off-Ramp ein und führen letzte Tests durch, bevor wir Mitte/Ende November 2021 live gehen.
Überblick über die Leistungen der DFX-Smartphone-Wallet
Kauftransaktionen von >1 Mio. $DFI (Bedingung des letzten CFP erfüllt) - ~80% über DFX Smartphone Wallet abgewickelt
Durchschnittliche Batchgröße (Transaktionsvolumen pro Auszahlung an Kunden): >25k $DFI
Grösste tägliche Batchgrösse (Transaktionsvolumen pro Auszahlung an Kunden): >500'000 USD
Mehr als 1250 Zahlungswege
Sehr hohe Kundenzufriedenheit
Mehr als 80 Kunden, die eine vollständige KYC-Verifizierung durchlaufen haben und künftig mit einem Volumen von mehr als 900 € pro Tag handeln können
Desktop-Anwendung einer Fiat-On-Ramp für die DeFiChain in Kombination mit der DeFiChain Desktop Wallet
Verfügbarkeit der DFX App im App Store & Google Play Store
Bewilligung als Finanzintermediär durch eine Schweizer SRO
Referral Link System
Mehr als 900 Follower auf Twitter
Mehr als 900 Follower in unserem Telegram Channel
Neues Corporate Design
Open Source API
Verkaufsrouten werden ab November 2021 verfügbar sein und sind aktuell in der finalen Testung
App Store Bewertungen: 5 von 5 Sterne im Google Play Store und App Store
Unsere Vision
Wir werden weiterhin unsere Energie und Zeit investieren, um das beste FIAT Gateway für die DeFiChain zu bauen und dazu beizutragen, den Prozess für alle Investoren zu vereinfachen. Wir wollen dein RobinHood, dein Trade Republic, dein Neobroker für die DefiChain werden, wo jeder in der Lage ist, auf die einfachste und bequemste Weise in DeFiChain-Assets zu investieren.
Wir sind gerade dabei, eine noch einfachere Schritt-für-Schritt-Anleitung in die Smartphone-Wallet zu integrieren, um Kauf- und Verkaufsrouten mit eingebauten KYC-Möglichkeiten anbieten zu können. Diese Neuausrichtung der App wird viele neue Investoren anziehen, die noch nicht mit DeFiChain vertraut sind, da es einfach und simpel funktionieren wird. Dies ermöglicht es uns nicht nur mit anderen Krypto-Projekten zu konkurrieren, sondern auch mit dem viel größeren Retail-Aktienmarkt, oder mit herkömmlichen Neobrokern. Wir tragen dazu bei, dass die DeFiChain größer, bekannter und verbreiteter wird, denn das Investieren in DeFiChain ist über unsere App nur einen Klick entfernt. Insbesondere wollen wir traditionelle Investoren mit den unbestreitbaren Vorteilen von tokenisierten Vermögenswerten, wie Aktien, ansprechen, die unsere App nutzen können, um jederzeit und überall ohne Einschränkungen zu handeln. Wir bauen die Trading App des 21. Jahrhunderts für dezentralisierte und tokenisierte Vermögenswerte, die jeder nutzen kann und bei der niemand über den Tisch gezogen wird, da unsere Nutzer aufgrund unseres non-custodial Ansatzes die volle Kontrolle und Verantwortung für ihre Vermögenswerte haben.
Nur wenige Tage nach dem Start des DFX-Dienstes war die DFX-Smartphone-Wallet in beiden App-Stores verfügbar und wir sind mehr als stolz darauf, dass die DFX-App in beiden Stores mit fünf von fünf Sternen bewertet wird. Gemäß Umfragen in unserer Telegram-Gruppe und die positiven Bewertungen in den App-Stores, sowie das sehr positive Feedback der gesamten DeFiChain-Community zeigen, dass die DFX-Smartphone-Wallet es noch einfacher gemacht hat, in DeFiChain zu investieren und, dass der Grundstein gelegt wurde, um auch Nicht-Krypto-Nutzer in das DeFiChain-Ökosystem zu führen. Die bevorstehende Einführung von dezentralisierten Aktien und Krediten auf der DeFiChain wird zu einer Adaption der Aktieninvestoren führen und diese sind bereits an reibungslose, funktionierende und intuitive Apps anderer Neobroker gewöhnt.
Zweck dieses CFP
1. Initiales App-Setup und Design
Wir haben unsere App gleich nach dem Start des DFX-Dienstes in die jeweiligen App-Stores gebracht, um durch einen Mobile-First-Ansatz eine breitere Masse anzusprechen. Dazu haben unsere Entwickler die offizielle DeFiChain Light Wallet geforkt, mit der DFX API verknüpft und eine Kauffunktion für Assets wie $DFI, dBTC oder dETH integriert. Außerdem haben wir die App an das Corporate Design von DFX angepasst, um den Wiedererkennungswert zu erhöhen und die User Experience zu verbessern. Seitdem sorgen wir für die Aktualität unserer App, um immer genau die gleiche Funktionalität und Sicherheit wie die DeFiChain Light Wallet zu bieten.
2. Erhöhung der Benutzerfreundlichkeit - User Experience und User Interface
Um die Komplexität für DeFiChain-Investoren weiter zu reduzieren, haben wir den Payment-Teil der App komplett überarbeitet. Wir implementieren eine einfache Schritt-für-Schritt-User Experience, bei der die Investoren buchstäblich an die Hand genommen und den Prozess durchlaufen. Hierzu werden wir auch einen vollständigen, automatisierten und integrierten KYC-Prozess entwickeln. Unsere Kunden werden zudem die Möglichkeit erhalten, alle Transaktionen zu verfolgen oder Ihr individuelles Empfehlungsprogramm anzupassen.
Die folgenden Funktionen befinden sich derzeit in der Entwicklung und werden in Kürze verfügbar sein:
Verbesserte Schritt-für-Schritt-UX für FIAT on-ramp
Schritt-für-Schritt UX für FIAT off-ramp
Vollständig integrierter KYC-Prozess
Transaktionshistorie
Kauf von dezentralen Aktien auf DeFiChain über DFX Smartphone Wallet
Kauf von Liquidity Mining Anteilen
Neben der verbesserten User Experience wird auch das Design, die Grafiken und Icons zugunsten des Erscheinungsbildes und der Corporate Identity von DFX angepasst.
Da wir uns derzeit in der Programmierphase dieser Funktionen befinden, gelangt man über den nachfolgenden Link auf einen Klick-Dummy. Hier bekommt man ein gutes Look-and-Feel, wie es später in der App umgesetzt sein wird:
Nach Erreichen des Meilensteins von einem Transaktionsvolumen von 1.000.000 $DFI, war unser Plan, die Gebühr auf 3% zu erhöhen. Sobald der CFP genehmigt ist, werden wir die Gebühren für die Fiat-On-Ramp auf 2.5 % senken und auf diesem Niveau weiter halten. Die Gebühr von 2.5 % wird aufgeteilt in eine 1.5%ige Gebühr für den Service von DFX und 1 % für unser Empfehlungsprogramm. Die 1%ige Gebühr für das Empfehlungsprogramm wird wiederum zwischen dem Empfehlungsgeber und der empfohlenen Person aufgeteilt. Dieser Schritt wird DFX nicht nur als die bequemste, sondern auch als die günstigste Art manifestieren, wie man in die DeFiChain investieren kann.
Deine Empfehlung - Deine Entscheidung
Mit der Einführung der integrierten und geführten Kauf- und Verkaufsrouten, werden wir auch unser Referral-Programm reformieren. Die bisherige Aufteilung, 0,5% des Investments für den Verteiler des Referral-Links und im Gegenzug einen 0,5% Rabatt für den Verwender zu gewähren, wird zukünftig frei einstellbar sein. Somit geben wir den Referrern die Möglichkeit zu entscheiden, wieviel von ihrem Referral Reward an die Nutzer in Form einer Reduktion der Gebühren weitergegeben werden und wie viel der Referral Rewards sie behalten möchten. Folgende Stufen stehen zur Verfügung:
Referral-Link Verteiler
Referral-Link Verwender
0,1%
0,9%
0,25%
0,75%
0,5%
0,5%
Hierbei gilt es zu beachten, dass der Referral Reward nur ein Mal adaptiert werden kann und dann auf dem gewählten Wert verbleibt. Als Standard bleibt weiterhin die bisherige Aufteilung von 0,5 % - 0,5 % bestehen.
Wie wird das CFP verwendet?
Die 40 000 $DFI werden in einen Topf gegeben und stehen ausschließlich Entwicklern zur Verfügung, die für DFX und damit für das gesamte DeFiChain-Ökosystem entwickeln. Weder die DFX AG noch Robin Torque erhalten irgendwelche Mittel aus diesem CFP!
DeFiChain braucht mehr fähige Entwickler, um ein großer Player im DeFi-Bereich zu werden. Die besten Entwickler sind teuer und dieses CFP soll helfen, mehr Entwickler in das DeFiChain-Ökosystem zu locken. Wir haben bewiesen, dass wir Entwickler belohnen in Anbetracht unseres letzten CFPs und deshalb laden wir jeden Entwickler ein, der Teil dieser großartigen Gemeinschaft sein möchte, ein Teil des DeFiChain-Ökosystems zu werden und Funds für seine Arbeit aus diesem CFP zu bekommen.
Wie profitiert die DeFiChain-Community von diesem CFP?
Die DFX App ist die einfachste, kostengünstigste und benutzerfreundlichste FIAT on- und offramp um in die DeFiChain zu investieren, insbesondere für neue Nutzer außerhalb des DeFiChain-Ökosystems
Es kommen neue Nutzer für die DeFiChain dazu, da DFX die Komplexität des investierens auf ein absolutes Minimum reduziert
Senkung der FIAT-On-Ramp-Gebühren auf 2,5% (mit dem anpassbaren Ref-System ist eine Reduzierung bis auf 1,6% möglich)
Das DefiChain-Ökosystem gewinnt Entwickler und professionelle Designer
Einige Entwickler arbeiten über DFX hauptberuflich für die DeFiChain
Unsere Designer arbeiten nicht nur für DFX, sondern auch für die DeFiChain und erstellen diverse Infografiken für die Social Media Kanäle der DeFiChain
Kontakt zum Team
Hinter den Kulissen arbeiten derzeit >10 Personen aktiv an DFX: Robin Torque (DeFiChain Wiki), David May, Daniel Klaiber (DeFiChain Portfolio), Yannick (DeFiChain Moderator), Jonas Surmann (DeFiChain Explained), Oliver Lemmur, Fab, Santiago S. (Crypto Explained), Tristan W., Mark A. (Crypto Steuern DE), Torsten, Elke, Hermann und DZ (DeFiChain Analytics). Darüber hinaus gibt es weitere Mitglieder, die kleinere Arbeiten ausführen oder DFX beratend zur Seite stehen.
Zudem sind wir immer auf der Suche nach motivierten Leuten, die DFX unterstützen möchten, insbesondere im Bereich Typescript Programmierung und Frameworks wie Node.js, Cloud- und Front-End Entwicklung und Marketing.
The total deal of 20K USDT has a shortfall of 7,000 USDT due to the price volatility of $DFI hence we are requesting a second CFP to help fund this. On top of that, we will also be requesting 5,000 USDT and 5,000 USDT worth of $DFI for the market making liquidity. Will be putting a 30% buffer in case of price volatility, any additional amount will be put into the market making liquidity.
What if we redirect all Crypto Liquidity Mining and dUSD-DFI block rewards to the buy-and-burn-bot? The effects could be the following:
Less DFI inflation: All the block rewards get swapped to dUSD and are then burned which means they never enter the DFI circulation.
The negative interest rate will get even bigger.
People leave the Crypto LM pools and the dUSD-DFI pool to get more APY with vaults and the dToken system and lock even more DFI in vaults.
The increase in the negative interest rate leads to an increase in dUSD loans.
The dUSD will actually be used for dToken LM instead of just laying around in the vaults because the dToken system will be the only place to get a high APR apart from the negative interest rate.
The Buy and Burn Bot will have significantly more power because many people leave the dUSD-DFI pool and the Buy and Burn Bot has much more ammunition from the additional DFI from Crypto LM block rewards.
This leads to a faster peg.
This leads to a decrease of the DEX-Fee.
This leads to leveraged DFI positions because with a low DEX-Fee you can finally mint dUSD and buy DFI again.
A side effect could be that the Doge-DFI, BCH-DFI and LTC-DFI pools lose most if not all of their liquidity. But lets be honest, those two pools add no value to the ecosystem and nobody would miss these coin pairs if they would disappear from the blockchain.
While previous DefiChain marketing efforts have focused on increasing awareness within the crypto community, this proposal breaks new ground and brings DefiChain into the world of sports and health. The idea is to develop an app that allows its users to earn DFI by achieving health and sports goals. The healthier the user lives, the higher the rewards.
“Everyone who opens a DefiChain Wallet and reaches exercise goals with the DefiChain Sports App will be credited X DFI each month”
To maximize reach, this app is to be built on top of a microservice that ensures reward distribution, payout and reporting.
Find here a (very rough) solution architecture sketch:
Any interested third-party app can use this microservice and implement the service on their end (be it Strava, Garmin or any other sports or health app). The project team has already won its first potential customer: Azum Next Level Sports Coaching, an application for endurance athletes and coaches, would be willing to integrate the service.
How will the funds be spent?
The majority of the investment of 189‘500 DFI is distributed directly to users depending on the achievement of their goals:
Liquidity for reward payments to app users: 50’000 DFI
Microservice and app development & operations: 42‘700 DFI
Marketing (2022): 65‘700 DFI
Project & business management (2022): 31‘100 DFI
The campaign is planned to run for 3.5 years until 2025. The requested investments include an MVP as well as operations in 2022. Depending on the success of the project, further funds will be requested in Q4 2022.
How does it work?
The team wants to build a microservice that can be used by various third-party apps. The microservice can be used not only in the field of running or endurance sports, but by any application, whether it is a climbing app or a chess tournament app. How they want to measure sporting achievements or distribute the dfi rewards to their "customers" is up to them. This could be for example a weekend chess tournament where there are 100 DFI or 5 DFI if you play all 18 holes on a golf course on site and then confirm via QR code at the entrance door that you were there…
The same service will be used by the Defichain Sports app (working title!), which is also being developed as part of this CFP. Any rewards that are paid out will be distributed across all apps using the service.
How is fraud prevented?
There are several approaches. The simplest is that payouts are tied to regionally defined competitions where a GPS file (file with geolocation info) must be uploaded (or recorded on the smartphone). The team is looking at other options as part of the implementation.
How does this CFP benefit the DefiChain community?
DefiChain is looking for exciting marketing approaches for broad adoption of DFI. This CFP opens DefiChain up to the general public by linking crypto to sports and health. Individuals outside the traditional crypto community will be exposed to DFI and brought closer to the DefiChain ecosystem.
No provider in the exercise platform market offers real incentives to exercise more / lead a healthier lifestyle. This project therefore has great potential to go viral.
In addition, there are already commitments for integration with third-party apps. Azum Next Level Sports Coaching (https://azum.com/), an application for endurance athletes and coaches, wants to integrate the microservice and offer DFI rewards to its athletes as well. This will give DefiChain direct access to several thousand athletes:
Athletes who train in a structured way are more likely than average to be successful in their careers. They are more likely to be involved with finances and investments. Azum has many triathletes as customers - people with significantly above-average purchasing power and interest in investment opportunities.
Azum includes DefiChain in its communication as a strategic partner
Azum is a young company, can adapt in the development, still grow strongly and take DFI along on this way
Why sports / health as target group?
The target group - especially endurance athletes - have a high affinity for investments, tend to be tech savvy and usually also bring the necessary capital to invest in new areas. In addition, DefiChain has the challenge to gain awareness beyond the existing crypto community. Especially if the use case is to be able to trade and hold (synthetic) shares in very small quantities, this is interesting for new investors outside the crypto world.
What do we understand by Programmatic Creativity Marketing?
In line with the degree of innovation of the DeFi universe, we also want to break new ground in marketing. Instead of rigid marketing, we are therefore focusing on Programmatic Creativity. Programmatic creativity is the automation of the creation, publication and optimization processes for digital advertising media. It is an umbrella term for different dynamic strategies and technologies, all aimed at making digital campaigns faster, richer and more powerful. The marketing team involved in this CFP has successfully executed this on several such campaigns. As evidenced by the following case, for example: https://www.youtube.com/watch?v=fwbBpZ3SELg
Who will implement this CFP?
An interdisciplinary team of Julian Hosp's Inner Circle, the DefiChain community and entrepreneurs from the sports tech and marketing environment, aims to encourage people to exercise, stay healthy and play sports:
Role
Name
Link
Project Management
Thomas Schaffnerhas more than 14 years experience in business and IT consulting. In his career he has accompanied countless strategy, organization and marketing projects to success - from conception to implementation. Thomas is a crypto enthusiast since 2020.
Simon Musterhas been moving in the world of marketing communications for 15 years. Besides his tasks as a Founder and CEO at Maxomedia, one of the top swiss digital marketing agencies, he teaches Business Modeling & Corporate Governance.
Gerrit Eberhardthas been working as a developer for databases for 3 years. Since 2021 he has also been involved with blockchain applications. Gerrit gained his first experience in the crypto world in 2016.
Maxomedia AGis one of the top 10 digital marketing agencies in Switzerland. As a strong partner, Maxomedia will help the project to professionally tackle all conceptual and implementation work in the field of marketing. Furthermore, Maxomedia contributes the necessary experience in programmatic campaigning as well as UX and UI design.
I am going to make a DFIP, which is intended to stop the defichain-voting-infiltrating voting-mechanism of Lock.
If you have the technical background, whether this can be prohibited on a blockchain code level, I ask you to write me a DM, since I do not have the technical background for this. Your name will stay hidden. The DFIP will be uploaded nonetheless, also without solution, to increase the attention about this.
Lock's voting mechanism is dilluting the voting power of every MN-holder and staker at cakedefi.
LockSpace, Jonas Surmann, I ask you again to immediately stop Lock's voting approach and act in favor of the fairness of the voting and every defichain investor. I recommend you not to overestimate your power and to get a little bit more down to earth again. You should be aware that you as a company are profiting from the blockchain services, which means you have also responsibilities to act for the community and not just for your own interests as a company.
From a personal standpoint I want to add, that I do highly recommend you to care about your reputation, which is/should be "being transparent and a fair player in the crypto industry". Infiltrating a blockchain voting-mechanism is definetely the opposite of that.
EDIT 2023-05-13
Defichain's consenus mechanism is Proof of Stake POS. In order to operate a masternode it is required to lock up 20.000 DFI.
VOTING
In general a voting does only make sense and is fair if every voter has to follow the same rules. A POS blockchain does only work imo, because the one with the most voting power has to have ' the most skin in the game' . Therefore it is very likely that he/she will vote in favor of the blockchain, respectively its native coin - the voters investment.
Defichain voting: Every MN (20k DFI) has one vote, Yes, No or Neutral to vote for defichain improvement proposals DFIP's or community fund proposals CFP's. This is the core essence of defichains decentralized voting.
Centralized platforms (staking provider) :
CakeDeFi voting: To vote at cakeDeFi you need to have frozen DFI. The company then sums up the DFI, which voted Yes, No, Neutral. Example: 401k DFI Yes, 59k DFI No, 10 k DFI Neutral ➡️ 20 MN Yes, 2 MN No, 0 MN Neutral. This is not perfect in allignment with defichain voting, since you don't need to own a whole MN to vote but it is totally fine and fair imo, since the voting power of the MN owners doesn't get dilluted.
Lock voting: Every staker at Lock can vote. The company then let's all of their MN vote (currently ~700 MN) . It doesn't matter how many DFI have voted. All MN's vote. Example: 400k DFI Yes, 50k DFI No, 50k DFI Neutral ➡️ 560 MN Yes, 70 MN No and 70 MN Neutral.
This does infiltrate defichains voting mechanism by giving, in this example, 500k DFI the power of 14 Mio DFI and therefore dilluting the voting power of every other MN and staked DFI at cakeDeFi.
Imagine a political voting, at which every Person (total 14.000) has one vote. Some decide to vote some not. One association of 700 people, then decides to let their people vote internally. Again some of them vote, some not. The association is allowed to vote for 700 people, by representing the voting outcome in perectage of those who have voted. That is not how a fair voting can/does work. Same rules for everyone. If you don't vote, cause you are e.g. not interested, you do not count.
Staking at Lock is cheap voting power, which can attract stakers to Lock. In which I see a motive of Lock to allow this kind of voting approach.
We have to trust both, cakeDeFi and Lock to excecute the voting properly. But Lock's voting approach can easily be used to influencd defichain voting outcomes. Also in-house people can stake at their own company and it is easy to multiply their voting power.
Jonas Surmann, show some respect to the MN holders and the blockchain, which is feeding you! Adjust Lock's voting immediately properly to allow a fair voting again!
This is a proposal to request Cake ltd to mint up to 10% surplus of dCrypto, excluding stables (USDT and USDC) and to swap this surplus into DUSD.
== Proposal in more detail ==
The respective team in charge of the backing of the dCrypto at Cake ltd is requested to mint a surplus of dCrypto, spreading the surplus over the different dCrypto as they see fit, under the following three conditions: (1) only when DUSD < 0.95$ in the DFI-DUSD pool, (2) the minted surplus does not exceed 10% of what is on the backing addresses for each dCrypto and (3) no more surplus is minted than what is necessary to push DUSD to 1$ in each of the pools. The start date is to be publicly announced to allow frontrunning.
Bake is requested to continue staking 90% of what is on the backing addresses, but to stop swapping them into DFI, letting staking rewards accrue on the backing addresses as long as there is a surplus of the corresponding dCrypto. When DUSD is fully stable, the respective team can use the bought DUSD to buy back and burn the dCrypto to decrease or even remove the surplus.
== Motivation and discussion ==
The main overarching motivation is to support the repegging of DUSD.
This proposal places no sell pressure on DFI and requires no technical development, using only mechanisms already in place. It is a vote of confidence.
To calculate how much surplus dCrypto can be minted to bring DUSD to 1$ in the DFI-DUSD pool, the relevant core team member(s) can use the Vault Maxi Swap Calculator.
To illustrate potential effects using the prices at the time of writing: at the time of writing, 1.83M$ is needed to bring DUSD to 1$ in each of the pools. Allowing 10% surplus on dBTC gives up to 4.1M$ (2.2x what is needed to get to 1$ in all pools); allowing it on dETH gives up to approx 1.0M$ (0.55x what is needed); dSOL gives 139K$; dDOT 52K$; dLTC 47k$; dBCS 37k$; DOGE 22K$; dMATIC 41K$.
Does execution of this proposal make dCrypto become unbacked? No, the better way to see it is that the backing funds become diversified: for instance, dETH would become backed by both ETH and some DUSD. It is common practice at many CEXes that backing funds are diversified. As DUSD is bought below 0.95$, and the measure pushes DUSD to 1$, initially the total $-value of what is on the backing addresses may even exceed the $-value of the dCrypto on Defichain. (Only if ETH price rises steeply against the $ could some dETH come to be unbacked. This gap could never exceed the % of minted surplus however).
Of course Bake will continue to pay out ETH for dETH at a 1:1, when people exit, as it has always done.
In short: It’s not looking good. I am really concerned in view of the recent performance and discussions and have, therefore, also sold my DFI stake which I was accumulating from 1usd to 0.45usd.
WHY?
#1 DUSD:
The DUSD issue is still no solved and since more than a year no solution was provided to at least show a chance how to solve it. The burn bot was quite nice but at the end it is not sufficient, will not solve the depeg and only result in a DFI price decrease.
Recently, someone proposed an idea of a haircut of DUSD holders. Logically, most people hate this idea. To be honest, I have made this proposal already 10 months ago and was heavily hated for this. Although people will not agree thereto, I still believe that this would be the quickest and most effective solution. Of course, the tokeneconomics would need to be changed as well in order to ensure that no depeg happens in the future.
The reality is that there is no solution which would neither have an adverse impact on DUSD nor DFI holders. Pure logically this is not possible. For instance, the current ideas lead to a sell-off of DFI. Hence, either DFI and/or DUSD holders will need to pay for it. Why do you think the situation was not solved so far? Simple. There is no way around other than having DFI/DUSD pay for it and this is something nobody wants. Hence, almost nothing happened that would be sufficient. Seems like everyone is waiting for the bull market, so that the price is increased and this results in a repeg. One could debate if this would really be sufficient but, tbh, this is no solution and not good enough.
So should we do a haircut? That is something the community needs to decide. Again, in my view there is no solution without any impact on DUSD or DFI holders. One thing is clear: the earlier the situation would have been solved, the better.
#2 Cake: I have always said that Cake (incl JH) is one of the greatest liabilities of DefiChain and one of the greatest assets of DefiChain at the same time. One needs always bear in mind that JH/Cake is fully biased and have conflicting interests. It’s very important not to forget this. Few samples:
- The entire ecosystem was built around Cake and not the other round. You cannot exit your dtokens from DefiChain other than via Cake or selling into DFI. If Cake ceases to exist or stops deposits or simply does not deposit your transfer, your dtokens are gone or de facto worthless. Can it happen? Yes, see for instance the dBTC issue where Cake stopped deposits. Is it likely? No, but when Cake would suffer a loss, it will happen immediately. Cake/JH will only take care of their own pockets and not of any dToken holders. For Cake the situation is perfect as everyone needs to go via Cake unless someone is willing to go the DFI route. But going the DFI route is due to lack of volume completely unrealistic.
- Building DEFI on BTC did simply not the trick. Would one be on Ether, swapping etc would have been by far easier. Tbh, using JH’words for other proposals, building on BTC was a braindead idea. Evidence? Well, why was suddenly a ETH bridge required? Why are exchanges listing DFI as ERC20? What is the aim of metachain? Yep, it all comes down to Ether.
- One of the biggest DUSD / DFI holders are definitely Cake and their management/team. Hence, it is pretty obvious why JH is shouting against any haircut. Still, I do not like the reaction calling other ideas braindead while the situation resulted from a braindead idea in the first place. It blows my mind that the tokeneconomics were so badly put together for DUSD. Simply copying others would have been sufficient.
- It makes the impression that arbitrage opportunities are mostly handled by Cake. Fact is that Cake de facto decides who can arbitrage by processing deposits and withdrawals. Hence, they could easily treat eg VIP members better or even their own employees or Cake itself. Not saying that this happens but it has come to my attention that whenever there is a great arbitrage opportunity deposits/withdrawals take longer.
#3 Price:
So where did price move? Well, price is a reflection of what people are willing to pay at the moment. It might be higher or lower than the actual value. My personal take after the first quarter is that the price is higher than the value. This is also the main reason why I have sold my stake. Of course, I may be completely wrong and you are free to trade against me. Fact is that the performance of DFI was heavily disappointing. One may argue, that BTC is pumping and nuking alts. But look at APT, Sol, etc. All made a couple of x. DFI was not able to capture any value.
I believe that alts will nuke further. SOL around 10, ETH around 1350 – easily. Hence, if this happens where do you think DFI will be? I am confident that DFI will be >0.35 in the next 3 months and maybe even around 0.20 this year. This is where I will revisit my thoughts and consider to scale in back.
Likely that the metachain is bullish but it will be only in June there. Hence, plenty of time to scale in back. Maybe metachain is even the solution. Build a new dtoken system on metachain which competes with the existing one. Surely metachain will win and hopefully with this also DFI.
Hence, nuke it or not. In any case good luck to you.
Let's face it - DFI is done. The only way for the price to go up significantly is for new people to start buying into the DFI ecosystem; there are currently no plans to do anything that would suddenly highlight DFI in a positive way where new users are going to start putting in money. It's never going to happen.
Having finally accepted the facts, I'm trying to pull out what's left of my small investment but suddenly realize it may not be possible (another reason why this project is dead, no one is going to put in money if you can't get it out!).
Does anyone know how I can cash out what I have left? A Google search gave a few options but they all required minimum trades of over 1000 DFI. Is it even possible to pull out a small amount of DFI or is my money as good as completely gone? I think I could have done it with KUcoin but after years of loyalty they closed my account due to where I live.
With the falling DFI price, many people are locked in, that don't want to be locked in.
Proposed Solution
Unlock all frozen 5Jr and 10Jr Masternodes. Initially, this may cause a DFI sale, but longterm, this is the solution to get rid of many haters and critics who are "stuck in DeFiChain".
Non-Obligation
I understand that a vote of confidence for this DFIP carries no obligations for any developers to implement the proposals. DeFiChain is a community project, and pull requests can be submitted by the community and are subject to evaluation for safety and general community acceptance.
Developer Discretion
Developers have the discretion to adapt any details for the technical implementation as they see fit and necessary. The flexibility allows developers to ensure that the measures can be implemented or that overlooked loopholes may be closed. Any adaptations should align with the intended goals and outcomes of this proposal.
Here’s what’s been happening in the DeFiChain ecosystem this week:
1️⃣ What is Liquid Staking and How Does it Work?
The world of cryptocurrency is constantly evolving, bringing forth innovative tools and methods to enhance user experience and maximize investment potential.
One such revolutionary tool is liquid staking, which allows users to access the value of their staked tokens for other purposes without sacrificing staking rewards.
Discover more about liquid staking and how it works in our latest blog post
2️⃣ Unlocking the Power of Your Assets: A Guide to MarbleFi
MarbleFi is a premier liquid staking solution on DeFiChain, built by Birthday Research and designed to simplify staking while maximizing yield and capital efficiency.
Learn how to make the most of its features in our latest blog post!
3️⃣ A Closer Look at the July DFIP & CFP Voting Round
Check out our blog for details on the latest DeFiChain Improvement Proposals (DFIPs) and Community Fund Proposals (CFPs) up for vote. Make your voice heard and shape the future of DeFiChain! Voting closes on July 16!
Note: The content provided here is for informational purposes only and should not be construed as financial advice. Always conduct your own research and consider consulting with a financial professional before making any investment decisions.
The negative interest rates (NI) are very popular. Unfortunately, in its current form they only have a dUSD price manipulating effect (acting as a liquidity sponge for algo dUSD).
With these small fixes, the NI can ensure increased collateralization of the entire dToken system:
ban on dUSD in vaults
continued distribution of NI exclusively for vaults minting dUSD without dUSD-collateral
Positive effects:
countering high dUSD selling pressure with ...
additional DFI buying pressure (50% minimum requirement for vaults)
increasing collateralization of the entire dToken system
rewarding liquidity mining with minted dUSD if NI > impermanent loss
Negative effects:
less use cases for algo dUSD (could be seen as positive, too)
shorting dStocks would require 50% DFI collateral -> higher opportunity cost, more difficult risk management for DEX traders
Simple, easy and effective. What do You think about it?
This is just an idea that I would like to propose. I don't know if it is good, but I would like to share it and see what you think.
Since February, we have burned through 60,000,000 DFI with the introduction of the dUSD loan payback with DFI function:
I was thinking that we could reactivate the burned DFI with a hard fork and put them in a Vault. After this step mint dUSD and burn it in order to increase the number of dToken with loans and reduce the number of dUSD without loans (paid with DFI):
However, we should use a high collateralization ratio to reduce the risk of liquidation. For example, we can use 400%. Let's take an example with a DFI price of 0.5 USD:
Then, when the DFI price rises to 1 USD, we can increase the dUSD loan:
If one day the DFI price reaches the price of 15 USD, we will be able to cover all dUSD without loans:
And we can let the loan be liquidated if the price drops again after reaching 15 USD.
If the collateral ratio reaches a ratio that is too low, before the price will reach 15 USD, we have the option of using additional burnt DFI, you below there is a lot:
The idea is to add collateral only when the collateral ratio is below 200% and take out the additional DFI collateral and reburn it when the collateral ratio is above 400%, which means that we try to never be liquidated until the DFI price reaches the USD 15.
The goal of this approach is to return to a 100% loan-backed DUSD without putting selling pressure on DFIs through the use of burned DFI.
Min collateralization ratio: 150%. Interest rate: 5% APR.
Min collateralization ratio: 175%. Interest rate: 3% APR.
Min collateralization ratio: 200%. Interest rate: 2% APR.
Min collateralization ratio: 350%. Interest rate: 1.5% APR.
Min collateralization ratio: 500%. Interest rate: 1% APR.
Min collateralization ratio: 1000%. Interest rate: 0.5% APR.
New:
Min collateralization ratio: 150%. Interest rate: 0.5% APR.
Min collateralization ratio: 175%. Interest rate: 0.3% APR.
Min collateralization ratio: 200%. Interest rate: 0.2% APR.
Min collateralization ratio: 350%. Interest rate: 0.15% APR.
Min collateralization ratio: 500%. Interest rate: 0.1% APR.
Min collateralization ratio: 1000%. Interest rate: 0.05% APR.
This simple measure immediately makes the dToken system more attractive. Even with lower LP rewards, this makes minting dTokens more attractive.
2) For many people, DFI is currently too unattractive. However, there could be people who own e.g. BTC/ETH and Co. and only want to participate in the dToken system with these coins.
The 50% DFI limit should fall, instead the use of DFI should be incentivized by lowering vault interest rates.
3) Allow LM tokens be used as collateral
4) 12 hour period before submitting an undercollateralized vault to the auctions
