DeFiMetaChain is now LIVE!

Author

Patrick Hammel
November 20, 2023

In todays edition InTheMarket:

  • DeFiMetaChain is now LIVE!

  • Ebox listed on DMC Universe

  • dUSD Staking and Looped Vaults

  • VanillaSwap is live on the DeFiMetaChain mainnet!

Read time: 4 minutes

Hey,

Welcome to a new edition of the InTheMarket newsletter! There are exciting news and developments in the world of DeFiChain. Let's get started right away!

DeFiMetaChain is now LIVE!

Major milestone for DeFiChain: MetaChain Layer Hard Fork

In an exciting moment for the DeFiChain community and everyone involved, the successful hard fork of the MetaChain layer marks a major milestone in the evolution of DeFiChain.

The introduction of the Ethereum Virtual Machine (EVM) layer on DeFiChain, also known as MetaChain, is a significant step in the evolution of the blockchain. This new layer allows DeFiChain to interact directly with the Ethereum ecosystem. This connection opens up new possibilities for DeFiChain, particularly in the area of decentralised applications (dApps).

The main functions of the MetaChain layer include

  • Enabling the development of Ethereum-compatible dApps: developers can now develop dApps that are based on smart contracts and are compatible with Ethereum.

  • Expanding interoperability: MetaChain creates a bridge between DeFiChain, which is based on the Bitcoin blockchain, and the Ethereum network. This connection combines the strengths of both blockchain systems.

It is important to note that the MetaChain layer does not enable a direct transfer from DFI to the Ethereum network, but rather implements the technology of the Ethereum Virtual Machine (EVM) on DeFiChain. This allows for extended functionality and greater diversity in the development of dApps within the DeFiChain ecosystem.

Details regarding the Hard Fork:

Community-Engagement: An accompanying Twitter Space took place to celebrate the hard fork and inform the community about the latest developments. The space provided a platform for discussions, questions and the exchange of ideas. Missed it? No problem! You can listen to the Space here: Twitter Space of the Hard Fork.

Final thoughts: A big thank you goes out to the core developers for their hard work and to the entire community for the support that made this milestone possible. The DeFiMetaChain is now live and we are excited about the new possibilities it brings for developers and users.

Click here for the Blogpost.

Ebox listed on DMC Universe!

DMC Universe recently listed ebox as the latest project on their platform, a decision made by the community. On DMC Universe you can now find comprehensive information about ebox, including details about the project team and access to all social media channels.

Another outstanding feature of DMC Universe is the easy one-click integration of the DeFiMetaChain mainnet into the MetaMask wallet. This makes it much easier for users to interact with the DeFiMetaChain and the projects based on it.

More information about this feature are available here (short video tutorial as well!)

dUSD Staking and Looped Vaults

With the successful hard fork on DeFiChain, the "Looped Vaults" feature has been reactivated, which now enables the creation of 100% DUSD collateralised vaults. Users can mine (generate) DUSD and repeatedly deposit it into their vaults, taking advantage of the current negative interest rates of 27.9% and potentially doubling the annual return to around 45%. However, it is crucial to monitor the vaults closely to avoid liquidation risk when APR drops below 5%.

JAVSphere, a MetaChain project, will introduce "dUSD Staking" on DMC to simplify the staking process. This service makes it possible to participate in staking with a simple click via MetaMask. To participate, you must have DUSD on the EVM layer. The feature is planned for early December, so only a few weeks to go!

Behind the scenes, the staking process involves converting DUSD from EVM to DVM via a transfer domain. Then the looping process begins, which can only be performed on the native side. When you want to exit staking, the vault is closed, the loan is repaid and the DUSD is transferred back to EVM and the MetaMask wallet. The rewards earned follow the same path, ensuring a seamless experience.

Here’s a detailed blogpost from JAVSphere regarding dUSD staking.

More Information about Javsphere could be find on their Website, their X, their Telegram-group or their YouTube-channel.

3 easy tutorials about MetaChain:

  1. Connect your MetaMask to DMC: https://youtu.be/DIU23FJrFEo

  2. Token Transfer from defichain to DMC: https://youtu.be/E9um5z83B5I

  3. Token transfer from DMC back to defichain: https://youtu.be/qwGuqTjpayY

VanillaSwap is live on DeFiMetaChain mainnet!

VanillaSwap has successfully released version 1.0.0 on the DeFiMetaChain (DMC) mainnet. After extensive internal testing, the protocol is now publicly available. VanillaSwap is a DEX on which users can create pools, add liquidity or simply swap assets. The Token Generation Event (TGE) for the in-house token $VAN is planned shortly, as soon as the light wallet with the transfer domain function of BirthdayResearch is released.

Further information and updates can be found on the official website.

🎧 Dive Deeper with InTheMarket Podcast and YouTube Channel

Want to explore more about DeFiMetachain? Check out our podcast episodes on Spotify and Apple Podcasts, and don't miss our YouTube video where we discuss DMC in detail:

💬Share Your Feedback with Us

That's all for now! Thank you for being with us on this exciting journey. Don't forget to share our DeFiChain newsletter with your friends and colleagues. Let's grow this community together!

We understand that blockchain and DeFi might not be the only topics that you're interested in. In a world increasingly dominated by technology, AI and machine learning are two more key areas that are becoming ever more relevant.

If you're interested in learning more about AI, particularly on how you can effectively utilize it in your studies or content creation, you might find this e-book helpful:

Best regards, Peddy