DeFiChain (DFI) is a cryptocurrency that was created to help solve the problem of slow and expensive transactions. The project creates an ecosystem where developers can release their blockchains, or "sidechains," with DeFiChain as the underlying platform. This enables developers to create niche cryptocurrencies without having to start from scratch.
- Traders Pile into Decentralized Stocks and Cryptocurrencies
There was a time when traders preferred centralized exchanges over decentralized exchanges due to the speed of transactions. However, with the growing number of security breaches and limitations associated with centralized trading platforms, traders are slowly migrating to new decentralized trading platforms such as DeFiChain, EtherDelta, Bancor, etc. The increase in crypto prices also forces traders to move to decentralized exchanges, as the withdrawal fees associated with centralized coins are very high. Therefore, DeFiChain has welcomed a lot of new traders.
- Transaction Volumes Surge on DeFiChain
DFIChain's decentralized exchange is steadily growing thanks to a recently released trading bot. The trading bot allows for market making on the exchange, which increases liquidity and boosts the volume of trades. A healthy increase in daily volumes indicates that investors are bullish on DFI's price growth potential. In late December, the total volume of all tokens traded on the DeFiChain DEX crossed $1 million.
- Total Value Locked Hits a New All-Time High
The total value locked in DeFiChain's bundling system is now at an all-time high. The number of bundles and transactions on DeFiChain has continued to increase as users lock up their DFI tokens to gain interest from the bundlers. This is a decentralized alternative to centralized closed-end funds, and it opens up new opportunities for investors who want to participate in the Defi ecosystem.
DFI is an ICO project which can be said better with time. However, Defi has all the chances to make its way up with the growing number of tools for decentralized trading and increasing quantities of bundled tokens used as collateral. As more bundlers join in, increased liquidity is expected to boost the volume of transactions on DFIChain further. So far, the project looks very promising, and its 60% price growth in December is likely to continue in the coming weeks.