EVM support on DeFiChain was proposed as a DFIP on Nov 2021 ➔ Smart contract capability through a turing-complete environment for faster paced innovation ➔ Embrace the multi-chain future enabling easier cross compatibility and extensibility. 91.8% approval Recap on DFIP 2111-B ✅ 552 YES / 601 TOTAL VOTES
EVM proposal has provided DeFiChain with even more flexibility to think beyond what is possible today. It introduced a new dimension to the DeFiChain ecosystem, allowing us to stretch the definition of Native DeFi. EVM on DeFiChain: A new dimension
Building upon DeFiChain’s successes today dTokens on DEX Native DeFi Moving towards decentralization Strong DeFi community > 1.9 billion USD in TVL > 50,000 addresses High yield from DeFi services Highly active developer community
➔ DeFiChain needs developers. ➔ We are starting to attract integrators. Building services around DFI. ➔ Native DeFi, key feature, strong narrative. Not as flexible for developers. ◆ NFT ◆ DAO / ICO ◆ Metaverses ◆ Memes ◆ New trends? Developers! Developers! Developers!
Difficult for DFI to be listed on exchanges Most exchanges are inclined to list tokens on major blockchains (e.g. ERC-20, BEP-20) We recognize that we still have a long way to go, and there’s much more room for improvement. Community is isolated from wider DeFi liquidity While DeFiChain’s DEX is highly active, there is little to no ability for the community to interact with other DeFi protocols from DeFiChain. Limited DeFi innovation Despite strong Native DeFi narrative, we lack agility to latch onto latest trends and emergences (NFTs, metaverses, meme coins). Broader Web3 landscape EVM as a standalone is great, but loses the wider landscape of web3 if not thought out properly..
Cross-chain compatibility with the Ethereum network has become a necessary component for any layer-one protocol looking to remain relevant because a majority of projects and funds locked in smart contracts are found on the top-ranked smart contract platform.
Current DeFi Landscape Layer 0s Chains that connect to Layer-0s are given the ability to interoperate with a wide variety of blockchains in the L0 network. Layer 1s Vibrant ecosystem enabled by general-purpose blockchains such as Ethereum that seeks to bring Web3 to the world. Cross-chain compatibility is a parity. Layer 2s
They require chains to be built on them. ➔ Network effect is required in order for the protocol to reach critical mass ➔ “Marketplace” challenge; Users are needed to attract developers, good dApps are needed to attract users. Significant effort to generate feedback loop. ➔ Interoperability largely takes place natively, within the network of chains. ➔ Outside of that, bridges are a necessary component to exposing users outside of the L1 environment. Common across all Layer-0s looking to achieve interoperability Illustration To achieve interoperability, L1s create and serve as a fertile foundation for dApps and L2 solutions to build on top of them. L1 L2 L2 L2 L2 L2
Does it make sense to approach interoperability and ecosystem building in a similar way these protocols have, or can we find a way to work alongside them?
Instead of relying on chains to be built on DeFiChain as the main approach towards ecosystem-building, DeFi Meta Chain will actively integrate itself with available DeFi protocols in the horizon through its network of nodes.
Illustration: Active Integration Leading L1 Protocols L2s have to build on top of L1s for interoperability. DeFi Meta Chain The ability to latch onto any blockchain emergence without significant engineering effort DMC Illustration of initial idea L2s, dApps L1 L1 L2 L2 L2 L2 L2
DeFi Meta Chain as the DeFi Pathfinder DeFi Meta Chain is the DeFi pathfinder that discovers and builds routes to available DeFi protocols on the horizon, upon which users can go anywhere they want, however they want to.
DeFi Meta Chain: Layer0+ Layer 0 Chains that connect to Layer-0s are given the ability to interoperate with a wide variety of blockchains in the L0 network. Layer 1 Vibrant ecosystem enabled by general-purpose blockchains such as Ethereum that seeks to bring Web3 to the world. Cross-chain compatibility is a parity. Layer 2 Parasitic Layer: DeFi Meta Chain The ability to latch onto any blockchain emergence without significant engineering effort
Capture DeFi emergences in near real-time DeFi Meta Chain’s pathfinder ability to surface latest emergences means more ways for users to gain from financial opportunities. Opportunity cost of choosing one platform over the other is also diminished on DeFi Meta Chain. Discoverability of other DeFi protocols becomes a priority Presently, cross-chain activities is a conscious and manual process for users. To get somewhere, you need to know where you want to go. With DeFi Meta Chain, discoverability of protocols becomes a natural process, where users simply have to decide on the service (e.g. DEX), and DMC will guide you through the possibilities in the ecosystem. User-centered approach Users of the protocol should always be prioritized. While blockchain projects have always been highly technical, DMC seeks to simplify that experience, while not compromising on security, so that users can focus on the core activity — engaging with financial services in a decentralized manner.
➔ DeFi services discoverability ➔ Marketplace of DeFi, not only on DeFiChain ◆ But the entire DeFi ecosystem! ➔ Web3-style ◆ User suggests DeFi services to be added. ● Requires DFI staking. ➔ DMC becomes the directory of DeFi. ◆ The ONE-STOP discovery tool of all things DeFi. ◆ Uniswap <-> PancakeSwap <-> DeFiChain DEX? YES! META in DeFi Meta Chain
➔ One of the key differentiating factors of DeFiChain is automation ➔ What’s automation? ◆ LM rewards vs Collect rewards ◆ Automatic loan features ◆ Orderbook matching ➔ Automation right now is available only on consensus-land. ➔ EVM can further be extended to allow user-land automation. ◆ Costs DFI ➔ Imagine the smart contracts that could be done. EVM Automation
➔ On top on the utility of DFI today + automation “gas”. ➔ DFI will be used as reputation token for DeFi Meta Chain ◆ Users have to stake DFI to suggest services to be added to DMC ◆ Masternodes decide on services to be added. ◆ Decentralized “Play Store” of Web3 & DeFi! ➔ Appeal to new users of DeFi ◆ Download DMC ◆ Browse DeFi services Decentralized Play Store
DeFi Meta Chain is built on top of Native DeFiChain allowing the stability of the native chain while gaining the flexibility to achieve cross-chain compatibility.
➔ DeFi Meta Chain (DMC) is built on top of Native DeFiChain ➔ $DFI exists in the current native-form, and also in ERC-20-like form on DMC. ◆ Both tokens are equivalent and interchangeable. ➔ No need for new emission model. ➔ Masternodes have full visibility on DMC and Native DeFiChain $DFI
➔ EVM support ≠ Web3 compatibility ➔ EVM allows for user-side smart contracts (vs consensus-side like Native DeFiChain) ➔ Web3 compatibility means a larger ecosystem compatibility ◆ Toolchain compatibility, e.g. MetaMask. ◆ Dapps compatibility, e.g. NFT, metaverses, etc. ➔ For DeFi Meta Chain, the goal is to be Web3-compliant! Full Web3 Compatibility
➔ Proven Infrastructure methodology vs Consensus modification. ➔ Fast iteration. ➔ Minimal modifications needed on Target chain. ➔ DMC will be able to adapt to many blockchains. ◆ DMC itself is EVM. ◆ Target chains may or may not even be EVM. ◆ Future proofs! ➔ Decisions? ◆ Masternode governance & Technical consensus committee Containerization
➔ Research is complete. ➔ Clear implementation. ➔ Targeting Q3 of 2022 for mainnet rollout. ➔ Full Web3-compatibility allows DMC to be usable with many Web3 and EVM tools! Timeline
As the pathfinder of DeFi, the success of protocols (e.g. Ethereum, Polka Dot, etc.) means the success of DMC, DeFiChain and the community. A successful DeFi Meta Chain also means the success of DeFi. Synergy > Competition
➔ DFI is being used for native DeFi activities ➔ Staking as a means to secure both native and meta chains ➔ DeFi Meta Chain: Medium fees for usage of DeFi services on other chains via DMC. ◆ There will be routing fee charged in DFI ➔ DFI as reputation token ◆ Users will have to stake DFI if they want to suggest a protocol/service to be on DMC ◆ Users can gain rewards for adding good services ◆ Users should be penalized if suggested a spam/scam project ➔ DFI for bridge fee payment Tokenomics
Differentiation (Technical) Main things to share: 1. How do we become the transporter from a technical perspective? 2. Payload design (the basic tech infrastructure as we discussed) 3. Any other immediate technical information that will help with getting buy-in from the community (i.e. how can we make it as concrete as possible)
Differentiation (Technical) Most of the Blockchain emergences focuses on technical fundamentals aiming to become the Ethereum killer. But they end up relying on Ethereum to bridge assets over. ➔ Bridge - Exposing Users to Counterparty Risk ➔ Ironic?
Differentiation (Technical) DMC takes on a more integrative approach staying on the native front to wrap blockchain payload with an adapter-like mechanism. Instead of bridging assets over, we bridge native transaction payload allowing for seamless movement between networks. ➔ Bridging assets becomes a choice, removing unnecessary counter-party risks ➔ Due to the adapter-like design, it allows DMC to adapt into any DeFi innovations. ➔ Think of DMC transactions as a conveyor belt of multi-chain native transactions.
Issues Faced How DeFi Meta Chain Solves it 1 Hard to be listed on exchanges Allows DFI to adopt the standard of ERC-20, BEP-20, or other tokens of major blockchain. 2 Community isolated from the wider DeFi liquidity Cross-chain compatibility and discoverability allows: DeFiChain ← → DeFi services from Ethereum, Bitcoin, and other EVM chains. 3 Occasional issues with blockchain upgrades Blockchain upgrades (hard forks) are reduced significantly, gradually tending to a no-hard-fork upgrade environment. 4 Lack of flexibility in terms of feature rollouts EVM will allow DeFiChain to emphasize on DeFi product development due to defined engineering parameters, hence increasing the speed to market. Recap: Issues faced today
uzyn
oracle4engineer
hankehly
non97
ohmori_yusuke
inesmontani
interu
alexanderbyndyu
daihiraoka
hikiroku
taro_nanairo
mmclsntr
phodgson
chrislema
geoffreycrofte
lynnandtonic
palkan
jponch
garrettdimon
afnizarnur
mthomps
cromwellryan
scottboms