DeFiChain

DeFiChain Transparency Report Q3 2020

2020-11-05


In order to give our community and partners full transparency into what’s happening in front and behind the curtain at DeFiChain, we would like to publish our quarterly board report. For more information on the project please visit: https://www.defichain.com


Q3 Transparency Report Video:

Join us LIVE to discuss the Q3 Transparency Report on 29th October 2020 at 8pm Singapore Time:

We hope you appreciate the insights!

Thanks for your support and happy reading — Have fun! :)


DISCLAIMER

This transparency report does not constitute nor imply a prospectus of any sort. No wording contained herein should be construed as a solicitation for investment. Accordingly, this transparency report does not pertain in any way to an offering of securities in any jurisdiction worldwide whatsoever. Rather, this transparency report constitutes a description of the development and distribution of DeFiChain. Do not trade or invest in any tokens, companies or entities based solely upon this information. Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on topics discussed in this document and develop a stand-alone judgment of the relevant markets prior to making any investment decision.

This document does not constitute nor imply a final technical specification of DeFiChain. Information presented in this transparency report, technical or otherwise, is meant to outline general ideas, designs and use-cases and is subject to change with or without notice. For the latest up-to-date technical specifications, check out the updates and documentations on the official website www.defichain.com The graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids can and of themselves be used to make investment decisions. No representation is made that these will assist any person in making investment decisions and no graph, chart or other visual aid can capture all factors and variables required in making such decisions.

While this transparency report was compiled with the greatest care possible, it cannot be guaranteed that all information is complete or accurate. The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. No representations or warranties are made as to the accuracy of such forward-looking statements. Any projections, forecasts and estimates contained in this document are necessarily speculative in nature and are based upon certain assumptions. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond control. It can be expected that some or all of such forward-looking assumptions will not materialize or will vary significantly from actual results. For any questions on a specific subject covered in this document, please contact us on partners@defichain.com

DeFiChain Foundation is registered in Singapore with UEN 201937328C at 7 Temasek Boulevard #12–07, Suntec Tower One, Singapore, 038987.


Personal Message by the DeFiChain Foundation’s Chairman

Dear DeFiChain community,

looking back on the past quarter it makes me proud to see all the contributions by engineers and the community coming together. The speed we all are moving at is truly mind-blowing, and I think each and everyone of us can feel that, with all the progress that is happening. Let me reflect on four things that stood out for me personally over the past three months:

1.DeFi sector underperforming: While DeFi was every crypto investor’s darling at the end of Q2 / beginning of Q3 2020, especially in September and October the entire sector crashed by close to 50%:

I believe this was rather surprising to many investors but rather showed that people came to their senses when it came to many worthless tokens that were rather hyped by influencers and VCs. I can highly recommend you read this blog post on some of the shady stuff that is happening in the space: https://medium.com/@crypto_angel/the-corruption-of-defi-in-2020-bbcdadccf201 With that being said I am very glad that DeFiChain goes a completely different route by delivering DeFi on layer 1 and by having a solid and strong use case in DFI. More about that in a bit.

2. DeFiChain staying strong: There is no denying that we also felt the general DeFi setback at DeFiChain with massive hype building in July and August with a slight community slowdown in September. Nevertheless, adoption was insanely strong over the past quarter as you will see in the community and marketing details, and we had no problem keeping up the momentum. A lot of this has to do with our continuous focus on community, which are essential to any good blockchain project.

3. Engineering work outperforming: Team work makes a dream work and on the engineering side the team delivered on all fronts, pumping out 2 DFIPs, running the first hardfork called AMK, integrating tokenization support and improving the DFI app. It all laid the groundwork for the exciting use cases that will be published in the upcoming weeks. This is especially crucial as there seems to be a clear correlation between GitHub activity and a project’s longterm viability. I can confidently say that our team is strongly committed to keep outperforming and to keep delivering massive value.

4. DFI airdrop: I guess the only decision I personally would reconsider in Q3 was to do the free airdrop to all BTC hodlers as we had outlined it in our whitepaper. The sudden spike in additional DFI supply paired with the general DeFi weakness in September led to a slight DFI sell off, which might have been preventable with a slightly different setup. I completely take full responsibility for this decision, which was based on the expectation that people would see such an airdrop a bit more long term oriented. The decision to immediately halt the airdrop and only continue it at a later point was a correct one in my opinion as it protected the existing community and DFI hodlers. Future airdrops will definitely have some lock up periods to avoid repeating a similar scenario. We live to learn.

With that being said, let me focus a bit on the upcoming quarter and what DeFiChain Foundation is expecting to deliver to the community:

  1. DeFi on Layer 1: Through DeFiChain, we are solidifying the DeFi experiments that have been carried out on Ethereum. DeFiChain makes DeFi transactions blockchain-consensus-level transactions on layer 1 rather than layer-2-dApps as they are on Ethereum. This finally makes DeFi a first-class citizen on a blockchain, enabling the most efficient, safest and most user-friendly DeFi applications the world has ever seen. I believe that most crypto users do not yet fully understand what it means when for example Liquidity Mining does not happen on layer 2, but rather on layer 1. On Ethereum this would mean, that you could mine ETH via liquidity and some questionable smart contract token. On Ethereum it will never be possible, but on DeFiChain it will be with the upcoming Bayfront hardfork in November. This will be a complete gamechanger.
  2. DFI wallet: We will be continuously improving the DFI wallet with all the DeFi applications DeFiChain needs. In Q4 2020 it will receive mnemonic seeds, direct DEX capability and liquidity mining ability. It will be the most user-friendly DeFi application you will ever use and together with true DeFi on Layer 1 this will create a massive boom in the entire crypto industry.
  3. Community: DeFiChain is NOT DeFiChain Foundation. DeFiChain Foundation can NOT make DeFiChain or DFI valuable by itself. Neither myself nor U-Zyn nor anyone else by him- or herself is responsible for DeFiChain’s success. It is all of us. We win or lose together. We are all in the same boat. So, if you want DFI and DeFiChain to succeed, spread the word. Tweet about it. Share it in groups. Talk about it. Apply on various platforms and sites for DFI to get listed. If you are a C++ engineer, consider working with DeFiChain full time. Commit code on GitHub or interact on Social Media. We have seen the very first community development fund applications, and we would like to see more. There is no other way for us to succeed! It takes all of us. So, chip in and help out.
  4. Looking beyond: Looking a bit further than just Q4 2020, the key things you can expect in 2021 will be 3 things that will completely revolutionize DeFi:

i. Decentralized Lending in Q1 2021 for non-Ethereum DeFi. This does not exist at all so far.

ii. Decentralized Tokenization in Q2 2021 to represent any asset in a trustless and compliance easy manner on DeFiChain. Investing in stocks or real estate will never be the same again after this.

iii. Interoperability with other DeFi blockchains, so DeFiChain can become the Nr. 1 global DeFi aggregator by Q4 2021 and all you need is DeFiChain to get access to any other DeFi blockchain.

As you can see, our success with DeFiChain so far is just the beginning. I can assure you that with more use cases, more exchanges, more platforms and more users, DeFiChain will gain massive popularity and will change the DeFi landscape. I am very much looking forward to experiencing this with all of you.

Dream. Plan. Execute.

Dr. Julian Hosp

DeFiChain Foundation’s Chairman


1. FINANCE

Last quarter review


Foundation funds: https://explorer.defichain.io/#/DFI/mainnet/address/dJEbxbfufyPF14SC93yxiquECEfq4YSd9L

+ https://explorer.defichain.io/#/DFI/mainnet/address/dMysnhSbg8VbJJjdj273bNQi6i69z4WL6Z

(pledged for airdrop) = 273.714M + 11.87M = 285.584M

Community development fund:

https://explorer.defichain.io/#/DFI/mainnet/address/dZcHjYhKtEM88TtZLjp314H2xZjkztXtRc = 4.662M DFI


Next quarter preview


Looking beyond

The cryptocurrency markets depend a lot on the general sentiment around Bitcoin and the financial markets in general. This can bring unforeseeable challenges to the project’s long term viability.


2. RESEARCH & DEVELOPMENT

Last quarter review


Next quarter preview


Looking beyond


3. DFI UTILITY

Last quarter review


Next quarter preview


Looking beyond


4. COMMUNITY DEVELOPMENT FUND

Last quarter review


Next quarter review


Looking beyond


5. COMMUNITY

Last quarter review


Next quarter review


Looking beyond


6. BUSINESS DEVELOPMENT

Last quarter review


Next quarter review


Looking beyond


7. MARKETING & COMMUNICATIONS

Last quarter review


Next quarter preview


Looking beyond


8. LEGAL

Last quarter review


Looking beyond


9. COMPLIANCE

Last quarter review


Next quarter review


Looking beyond


10. HUMAN RESOURCES

Last quarter review


Next quarter review


Looking beyond


LINKS & RESOURCES

Official Website: https://defichain.io or https://defichain.com (both work)

Whitepaper: https://www.defichain.io/white-paper/

Blockexplorer: http://explorer.defichain.io/

GitHub / Source Code: https://github.com/DeFiCh/ain

Twitter: https://twitter.com/defichain

Medium/Blog: https://medium.com/@defiblockchain

Facebook: https://www.facebook.com/defichain.foundation

YouTube: https://www.youtube.com/channel/UCL635AjCJe6gNOD7Awlv4ug/

LinkedIn: https://www.linkedin.com/company/defichain/

Reddit: https://reddit.com/r/defiblockchain

Telegram: https://t.me/defiblockchain

Current DFI price: https://coinmarketcap.com/currencies/defichain/

DFI facts: https://docs.google.com/document/d/1c-unHPPFKiAMSGRQu3A_RDO8JBplJonwQWT_6g5Lfcc/edit#

Media resources: https://www.defichain.io/media/

For media inquiries, please contact: partners@defichain.com

Work inquiries: We work with C++ and JavaScript and would like to have you on our team! Contact us on partners@defichain.com

Original: https://blog.defichain.com/2020/11/defichain-transparency-report-q3-2020.html