Unleashing DeFiChain’s Full Potential in 2023 and Beyond: A Sneak Peak
DeFiChain is continuously evolving to meet the growing needs and expectations of its community members. The DeFi focused blockchain’s focus has always been to provide its users with unique and valuable products while maintaining the highest security standards.
In 2022, the DeFiChain team launched a state-of-the-art wallet called Electrum that offers a safe and secure ecosystem for its stakeholders. It prioritizes privacy, security, and transparency while offering a user-friendly interface. Another notable upgrade was the Future Swap feature in the second quarter of 2022, which helped ensure that the dToken prices trade closer to their oracle prices.
After a fantastic 2022, which was filled with multiple milestones and product upgrades, we began 2023 with the debut of the Quantum Bridge. Let’s dive into the details to find out what we have in store for you in 2023 and beyond.
The Quantum Bridge
The launch of the Quantum Bridge was one of the first noteworthy milestones of 2023. It was developed by the experienced team of Birthday Research, the blockchain R&D arm of Cake DeFi. It’s a trusted, bi-direction bridge between DeFiChain and Ethereum, meaning users can move their assets seamlessly from DeFiChain to Ethereum and vice-versa.
It supports a wide range of ERC20 tokens including WBTC, ETH, EUROC, USDC, and USDT besides the DFI token. The Quantum Bridge also allows users to swap their decentralized assets (dAssets) from native to ERC20 versions. The bridge’s intuitive, clutter-free interface displays the overall liquidity pool for each token pair before you initiate your transaction.
The Meta Chain
The DeFi Meta Chain is arguably the biggest upgrade since DeFiChain’s mainnet launch in 2020. While the official website has gone live, the DeFi Meta Chain testnet is set to debut in the second quarter of 2023, followed by the Mainnet, Hackathon, Launchpad, Launchpool, and a $100 million Incubator Program later this year.
The hackathon, launchpad, and the incubator program will encourage developers to build their multichain dApps on the DeFi Meta Chain to tap into the user base and assets of Ethereum and other EVM compatible blockchains while retaining the robust security of DeFiChain.
But what’s the DeFi Meta Chain? And why does DeFiChain need it to build a new future? Well, we are long past the era of the so-called Bitcoin-killers and Ethereum-killers. The future of blockchain is multichain and users want the ability to seamlessly transfer liquidity between different chains. They don’t want to be locked into a single-chain ecosystem.
DeFi Meta Chain (DMC) is an EVM-compatible, Turing-complete, Layer-2 blockchain. Think of it as an extension of the native non-Turing complete DeFiChain. It will enable developers to build EVM compatible dApps, getting the best of both worlds. It allows for the stability of the native DeFiChain while gaining the flexibility to build dApps, smart contracts, etc. without limitations.
Having an EVM environment will also reduce barriers to entry for developers to enter and expand the ecosystem, since they would be familiar with the tools and infrastructure of Ethereum.
Beyond the Meta Chain
The DeFiChain team believes in continuous improvement to bring our users the best and most attractive offerings. While the DMC will be a monumental upgrade, we have a clear path to keep improving different components of DeFiChain. Here are a few noteworthy ones:
Block time improvements
Today, the block time is 30 seconds on DeFiChain. So, it could take up to 2-3 minutes before a transaction goes through because blocks come in batches. In the near future, the DeFiChain team will improve the block time to 5-10 seconds, which will be important for the usability of DeFi Meta Chain.
Sharded coupling bridge
DeFiChain is one of the world’s most decentralized blockchains with over 15,000 masternodes spread around the world. Bridges rely on validators to verify transactions, but most of them only have a small number of validators. This leads to collusion and the lack of decentralization.
In the near future, DeFiChain could act as a Layer-2 that bridges to key blockchains. It would enable each masternode to validate transactions on DeFiChain and one more chain (For example: DeFiChain + Ethereum or DeFiChain + Solana). It’s called ‘Sharded coupling’ because the masternodes will be validating transactions on both the source and destination chains. As a result, users would be able to transfer their assets from, say, Solana to Ethereum via DeFiChain. And the masternodes will earn witness rewards.
A marketplace for blockchains
Capitalizing on the capabilities of bridging, DMC, and cross-chain interoperability, DeFiChain could become a marketplace for many blockchains. It would offer a storage service where nodes provide callable and referable storage by smart contracts on other chains.
Closing thoughts
DeFiChain has come a long way since the mainnet launch about three years ago, becoming the biggest Bitcoin-based network in terms of the total value locked (TVL). It wouldn’t have been possible without the support of our global community. The road ahead might be challenging, but we remain committed to bringing you the DeFi Meta Chain, the hackathon, the $100 million Incubator Program, and much more in 2023 and beyond.