- InTheMarket
- Posts
- DeFiMetaChain TestNet is live: And Will Change The Game
DeFiMetaChain TestNet is live: And Will Change The Game
In todays edition InTheMarket:
πΊοΈ On the way to completion: The DeFiMetaChain TestNet is live!
π Quantum Queue is live: A solution to liquidity problems
π New Project DeFi-Bets on DeFiMetaChain
π DEX Trading Live: Trading on DeFiChain DEX
π Potential Impact of JellyStake on the DFI-Price
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!
πΊοΈ On the way to completion: The DeFiMetaChain TestNet is live!
One of the most exciting projects in the DeFiChain community has made a big step. The DeFiMetaChain Testnet has gone live! This is a significant milestone, underscoring the development work that has gone into this project. You might be wondering what this means and how it could impact the DFI price. Well, let's find out.
Firstly, what is the DeFiMetaChain Testnet? It's basically a testing environment developed to enable EVM (Ethereum Virtual Machine) interaction with smart contracts and decentralized applications (dApps) on DeFiChain. This testing environment allows developers to test their codes and applications before transferring them to the mainnet, ensuring everything works as planned.
But why is this important? Here are a few reasons:
Expansion of DeFiChain Functionality: With the ability to support smart contracts and dApps, the DeFiMetaChain Testnet significantly extends the functionality of DeFiChain. This means we will see a wider variety of applications and projects on the platform, potentially leading to more user activity and ultimately higher demand for DFI.
Attracting new developers: EVM compatibility is a significant draw for developers, as they are already familiar with Ethereum development. This could result in more developers coming to the DeFiChain platform, which in turn could lead to an increase in user base and ultimately a higher DFI price.
Improving platform security: A testnet allows developers to test their applications under real conditions without actually risking real money. This helps discover and fix bugs before they become a problem, improving the platform's overall security.
Promoting community participation: With the Testnet going live, the DeFiChain community has the opportunity to actively contribute to improving the platform. This strengthens the sense of ownership and motivates members to engage more, potentially leading to a livelier and more active community.
In summary, the DeFiMetaChain Testnet is a significant step forward and has the potential to significantly impact the DFI price. It's a sign of the steady progress DeFiChain is making, and we can't wait to see what the future holds!
Key Points:
The DeFiMetaChain Testnet is live and allows for EVM interaction with smart contracts and dApps on DeFiChain.
The expanded functionality can lead to more user activity and thus higher demand for DFI.
EVM compatibility can attract more developers, potentially leading to an increase in user base and ultimately a higher DFI price.
By testing applications under real conditions without risking real money, the testnet improves the platform's overall security.
The testnet promotes community participation, which could lead to a more active community.
The next weeks and months will be exciting as we see how the DeFiMetaChain Testnet is used and how it changes the landscape of DeFiChain. Stay tuned for more news and updates as we look forward to this new chapter in the history of DeFiChain!
π Quantum Queue is live: Solving liquidity problems
What is Quantum Queue?
Queue is the latest addition to Quantum, allowing users to join a queue for their transactions, instead of competing with each other to get their transactions through. This aims to solve the liquidity issues that have been plaguing many DeFi platforms, including DeFiChain.
So, how does Quantum Queue work?
Users who want to execute a transaction on the platform will now join a queue. The platform then processes the transactions in the order they were added to the queue. This ensures that everyone has an equal chance of having their transactions processed, regardless of the size of their transaction or the fees they're willing to pay.
What are the benefits?
Predictability: With Quantum Queue, users now know that their transaction will be processed in the order it was added. This brings predictability and transparency to the process.
Lower fees: Since users no longer have to compete with each other to have their transactions processed, they don't have to pay high fees to get their transactions through.
Enhanced user experience: Quantum Queue aims to make the user experience on the platform much smoother. Users no longer have to worry about their transactions being stuck due to liquidity issues.
This new addition to the Quantum project is another step towards making DeFiChain a better, more user-friendly platform. We look forward to seeing how it will impact the platform's overall performance and the DFI price in the future.
π New project on the DeFiMetaChain: DeFi-Bets
What is DeFi-Bets?
DeFi-Bets is a new project initiated by Lars on the DeFiMetaChain. It is a platform that allows betting on crypto and dToken prices in a decentralized and transparent way.
Why it matters:
As cryptocurrencies and decentralized finance gain popularity, so does the interest in transparent and decentralized betting platforms. DeFi-Bets meets this requirement and even goes a step further by offering users the opportunity to invest in a liquidity pool that serves as a counterpart to betting.
Key features of DeFi-Bets:
Decentralized and transparent betting: Users can bet on crypto and dToken prices and discuss their predictions in a chat.
Liquidity pool: there is a liquidity pool that serves as a counterpart to betting. Users can invest in this pool and benefit from the fact that the pool is constantly growing.
Community project: Lars sees DeFi-Bets as a community project where all participants have a say.
Here you can learn more about DeFi-Bets. (German content)
π DEX-Trading: Fully decentralized trading on DeFiChain DEX
What is DEX-Trading.live?
DEX-Trading.live is an initiative focused on facilitating trading on the DeFiChain DEX (Decentralized Exchange). The mission of DEX-Trading.live is to raise awareness of the benefits of fully decentralized trading on the DeFiChain DEX and to build a community that can take full advantage of these benefits.
Here's the team behind it:
Why is this important?
Compared to traditional centralized exchanges, trading on DeFiChain DEX offers many attractive benefits. These include lower fees, 24/7/365 availability, and the ability to own fractional assets (through dTokens). Despite these advantages, many people are still not fully aware of the potential of DeFiChain DEX. DEX-Trading.live aims to raise this awareness and unlock the possibilities of decentralized trading on DeFiChain DEX.
Key features of DEX-Trading.live:
Community-Building: DEX-Trading.live aims to build a community of engaged and knowledgeable traders who can take full advantage of trading on DeFiChain DEX.
Education and Awareness: The initiative intends to educate traders on the unique features and benefits of trading on DeFiChain DEX.
Networking: Through the use of its social media platforms, particularly Twitter, DEX-Trading.live enables traders to share ideas, ask questions, and network.
Promoting decentralized trading: DEX-Trading.live's goal is to make DeFiChain DEX the preferred platform for fully decentralized trading.
Just give it a try and gain experience!
π Potential impact of JellyStake on the DFI price
If you've been following the last few newsletter issues closely, you'll no doubt have become aware of the JellyVerse project and its native staking platform, JellyStake. Here we would like to go into more detail about how JellyStake could positively impact the DFI Prize.
JellyStake not only offers users attractive rewards, but also empowers them to participate in the governance process. Unique to our platform is a 'freeze' feature that not only amplifies rewards, but also empowers users' voices.
The question you're probably asking yourself now is, "How can this affect the DFI prize?" Well, there are several mechanisms through which this can happen.
Freezing JLY tokens: when JLY tokens are "frozen," they are removed from the circulating supply. This can lead to a reduction in available supply and, if demand remains the same or increases, can lead to an increase in price. However, it should be noted here that I have assumed that the JLY token and the DFI token are closely linked. If that is not the case, this assumption could be wrong. The exact mechanisms of JellyStake are not yet known, so this is an assumption based on general principles of staking and token economies.
Gas Fee Generation: Activity on the DeFiChain, including transactions and smart contract interactions, generates gas fees that are paid in DFI. More activity on the chain could lead to more demand for DFIs to pay these fees. In theory, this could drive the price up. However, this depends on many factors, including the overall supply of DFI, the amount of fees, the amount of activity on the chain, and other factors.
Increased usefulness of DFI: If DFI is widely used in JellyVerse protocols, this could increase the demand for DFI, which in turn could increase the price. However, this also depends on many factors, including community acceptance of JellyVerse, protocol usage, and competition from other protocols and platforms.
Unique, versatile pools: Depending on how the pools are designed and what tokens they contain, they could increase demand for certain tokens, including DFIs. This could theoretically drive up the price of those tokens. But again, there are many factors at play, including the design of the pools, community acceptance, and overall market conditions.
We would like to emphasize that these are only possible scenarios, based on the information available to us. The actual impact of JellyStake and JellyVerse on the DFI price could be different and depend on many other factors. It is always important to be cautious and make your own calcula
π§ 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:
π¬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 these two e-books helpful:
Also, to keep you continuously updated, we have a special AI newsletter. You can subscribe here.
Best regards, Peddy