DeFiChain — the world’s leading blockchain on the Bitcoin network dedicated to decentralised financial applications — has today announced that staking rewards for its native digital currency “DFI” have been launched on KuCoin, one of the world’s largest and most popular cryptocurrency exchanges.
All DFI staking on KuCoin will be made available in the Pool-X platform, which offers customers the flexibility to add and stake their DFI in the pool, as well as withdraw at any time they see fit.
Speaking on the launch of DFI staking on KuCoin, Julian Hosp, Chairman of DeFiChain said, “With yields and returns on savings accounts across territories remaining in single digits and low figures, the staking of DFI offers users an alternative way to earn rewards on the digital assets held in their accounts.”
Staking is a method used to secure the operations of a blockchain network, whereby traders and investors who buy and hold cryptocurrency in their account are eligible to receive more of that cryptocurrency as payment; in this case, from DeFiChain. These payments are sometimes referred to as ‘crypto rewards’ or ‘staking rewards’, and offer users an alternative avenue to increase the value of their holdings. Staking DFI on KuCoin will offer rewards as high as 30 per cent* APR by depositing and holding DFI in Pool-X.
“We are delighted to provide our customers with the opportunity to earn rewards on their DFI assets. It provides a simple, accessible and straightforward way for them to increase their crypto wealth and forms part of our commitment to make crypto more accessible to all,” added a representative of KuCoin.
On the website, KuCoin users can stake DFI in three simple steps:
1. First users need to log in to their KuCoin account, and click “Earn” under the “Finance” tab. This will direct them to KuCoin’s “Pool-X” page.
2. They then need to select “Flexible Terms” and search for “DFI” in the search bar, and then transfer the amount of DFI into Pool-X to begin earning staking revenue.
3. To transfer DFI from a KuCoin main account to a Pool-X account, users must click on the “Transfer” tab, enter the amount of DFI they wish to transfer in the pop-up, then click “Confirm” to complete.
The staked DFI will be held on the KuCoin platform, utilising the exchange’s in-house custody solution. When KuCoin stakes a digital asset, it is delegated by the exchange, meaning that the tokens remain in the platform’s control and are in the same manner as other tokens.
Earlier this month, the DeFiChain community voted to initiate a DFI coin burn from Cake DeFi — a strategic partner to DeFiChain — to the value of approximately $500m, which subsequently led to a price increase of DFI. Speaking on the DFI coin burn, U-Zyn Chua, Lead Researcher and CTO of DeFiChain said, “This is a big step towards further decentralization of DeFiChain, which, along with the DeFiChain Pink Paper, brings us one step closer to our end goal. I trust that this will pave the way for us to have a great on-chain governance towards fulfilling a secure, robust and vibrant native DeFi blockchain that is owned collectively by its users.”
In addition to the coin burn, DeFiChain recently released its Q1 2021 Transparency Report and updated, live Pink Paper, outlining the latest developments and innovations expected to launch later this year.
DeFiChain is a blockchain platform dedicated to enable fast, intelligent, and transparent decentralized financial services. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem. Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built on Bitcoin (as a software fork), and leverages Bitcoin’s security by anchoring to the bitcoin blockchain (via Merkle root) every few minutes.
By dedicating the functionality of a blockchain specifically to decentralized finance, DeFiChain is able to provide high transaction throughput, reduced risk of errors, and intelligent feature development.
Visit https://defichain.com for full information including roadmap and upcoming features