What is DeFiChain (DFI)? 

The DeFiChain (DFI) foundation has developed DeFiChain, a blockchain specifically dedicated to decentralized financial applications. According to the whitepaper, DeFiChain aims to deliver high transaction throughput, lowered risk of errors, and thoughtful feature development, particularly for the fulfillment of financial services on the blockchain. 

The DeFiChain network aims to solve various problems in the current financial services. Today, almost every financial service is operated by banks. When it comes to investments, the issues with financial services are increasingly becoming evident to everyone: compounded costs due to mediators, slow transactions, delays for cross-border transactions, and inaccessibility to many sectors of the population. As per the whitepaper, DeFiChain claims to solve the issues mentioned above and designed the DeFiChain platform explicitly for the decentralized finance (DeFi) industry. The DeFiChain network offers various benefits to its users:-

• Develops a variety of financial operations & vehicles for the cryptocurrency economy.

• Provides a high throughput for all transactions. Transaction throughput is the speed at which a blockchain executes valid transactions in a specified time.

• Provides a safe and secure blockchain, particularly for decentralized finance.

• Offers fast growth for dApps for DeFi.

• Offers peace of mind to the users as the blockchain has not been utilized for any types of non-financial dApps. Thus, the decisions of the foundation and the core developers are focused mainly on decentralized financial use-cases.

• Offers trustworthy governance (on-chain as well as off-chain).

History of DeFiChain (DFI)

According to the website, the DeFiChain network has achieved several milestones. In January 2021, the network listed its token on various exchanges. Later, in September 2021, the network released DeFi scan, the block explorer of DeFiChain.