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This group is about DeFiChain - a project that is bringing DeFi to the Bitcoin ecosystem! For more info: https://defichain.com
Download a DefiChain wallet.
https://defichain.com/explore/wallets
As the blockchain gets larger, it will unfortunately take longer to sync. You can download a snapshot to reduce synching time.
Also, memory might be an issue synching from scratch. You can try checking the debug logs why it’s failing for you.
The thing im interested to understand is only for LM.
The analytics tool is per block and doesnt break it down for LM but thats not of any concern if your saying that those that contribute to the right pairs in LM are the only ones receiving their share for what they put in and no one else.
I need to have clear that whatever i put into LM will be rewarded for that alone and not a portion going elsewhere and it seems u answered it. Thanks
Its pretty clear for you zach but i just got into bake.io so bear with me
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It was kinda confusing. Thanks for the clear up. Im not interested in staking or baking at all. Only LM
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You cannot ‘stake’ in Defichain. You ‘mine’ by setting up and running your own masternode, which requires a minimum of 20K DFI.
I have mentioned this is the past, you are referring specifically to Bake’s services as a DeFIChain service provider, please discuss this in the Bake group. It is not relevant here.
Im actually only doing LM and nothing else. But since its not compounding automatically, i was wondering what happens when i receive rewards and click on the bake icon. As long as it all stays in LM im good. And LM is on defichain so im in the right group too. Thanka for explaining
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One thing though. When receiving rewards in LM, its possible to click on bake and it seems that iit then goes back to LM not staking like you say. Kindly confirm
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It’s not rocket science. The Defichain DEX is a fully functioning and self-contained DEX. Bake is not Defichain. When you stake DOT on Bake, you are staking on polkadot natively and Bake runs the nodes or validators for the crypto they support. Bake is Bake.
On the defichain DEX, all crypto, DOT, BTC, ETH are Defichian-wrapped tokens. dDOT, dBTC, dETH. All liquidity pools in Defichain DEX reside only in Defichain. Wrapped tokens are backed 1:1, and in this case by Bake, and the reasoning behind this is all laid out in the DFIP I linked you before.
This concept of wrapping tokens from one network to another is no different than wBTC which is BTC wrapped to ERC-20, or other crypto wrapped into Binance Smart Chain BEP-20 format, and DOT is one of it as well.
No, there are many pairs that do not get rewards, and only commissions. The crypto pairs that get additional rewards now are based on this dfip. As mentioned, there are many dfips and changes over time that have altered some of these original concepts, and some that override other previous ones. I do agree that it makes it hard to keep track, especially if you leave DefiChain and come back some more the later.
But thus is the nature of on-chain governance and decentralisation.
https://www.reddit.com/r/defiblockchain/comments/166ayto/dfip_staking_token_promotion/
Ok thats a mouthfull. Ill leave the utility part for what it is for now. As for the blockrewards specifically for LM. I assume since were talking new blocks.being minted and those holding DFI in LM no matter what pair get a piece of those rewards. Does this meam that whatever portion is going into LM in the form of DFI is always used for staking and thats the way new blocks are created and rewarded or is it done through a different process than staking
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The closest to a prediction market is https://wrytes.finance by Birthday Research. Will probably be released on DeFi Meta Chain, if ever.
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Blockrewards on DeFiChain are created out of thin air, as all blockrewards on other Blockchains like Bitcoin.
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I think i didnt explain my questions well enough. Question is one of the ways DFI gets it utility the price prediction of BTC (ie prediction markets). What your referring to is the pair of BTC/DFI, thats not what Im asking at all.
The second question is about the blockchain rewards in LM which is the second way one can earn rewards next to transaction fees. Id like to know how these blockchain rewards are generated for LM.
Promotion blockrewards in this Pools will reduce every 14.400 blocks (approx. every 5 Day)
https://www.reddit.com/r/defiblockchain/comments/166ayto/dfip_staking_token_promotion/
How long does it take for the desktop wallet to setup? I’ve be trying to sync the nodes for the past 48hrs, but it keeps failing at around 15%
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Total block emissions are portioned out into various parts of DefiChain as I replied you before. The portion that is provided for LM will be for LM.
Also as mentioned, there are some pools that do not get any rewards, and only commissions from transaction fees.
There are some pools with very high rewards at the moment and that’s because of the drip that has been linked before.
If you want to know as a high-level breakdown of where blockrewards are allocated, and other stats, you can use defichain analytics site.
https://www.defichain-analytics.com/general?entry=emission
If you want to know the current breakdown of each pool’s rewards in terms of blockrewards and commission, you can see this on DeFiChain’s block explorer, under DEX, and click on the ‘…’ next to the APR %.
https://defiscan.live/dex
Im trying to wrap my head around if the blockrewards in LM are purely going to those providing liquidity. If its this clear, we provide liquidity and earn from fees and blockchain rewards and only us, not a portion going to some.fund or anywhere else.
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For information about products and services of Bake, please visit 🌐 bake.io
or join their official Telegram channel:
💬 /channel/Bake_EN
Thats not true for bitcoin. In bitcoin you mine and get rewards. In DFI, far as i know now, you stake and create rewards.
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If you LM in Bake, it is LM on defichain.
If you Stake on Bake, it is native blockchain.
Again. Bake is not Defichain. Bake is just a company that uses Defichain to create products. Such as Bake’s YieldVault.
Going back to your original question about utility. That’s what I also see. If more companies would take advantage of what DeFiChain’s DEX and ecosystem offers and implements it into their products. Then that’s utility too. Anything that gets DeFiChain out into the wider world.
Now, if you have specific questions about Bake products. As in you’re not actually using defichain, but Bake alone, do chat in their group.
Now it makes sense since theyre wrapped tokens. Which doed introduce a different risk but its clear now
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This is becoming rocket science 😂. If i take the dot/dfi pair which8 qualifies for additional rewards cause its a stakeable coin. I dont get it cause DOT staking requires bonding and lockup wheres the LM in bake.io offers non locked LM so i cant see a way that the additional rewards would make their way to LM rewards cause the timing wouldnt fit.
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Ill try to find the exact moment in the video that julian talks about the utility.coming from betting on the future price of BTC. This is still a huge problem for me
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IMO, DFI doesn’t get ‘utility’ from price predictions. The price of DFI is explicitly linked to BTC because it’s one of the biggest liquidity pools on the DEX, but it is only one of the pools.
Utility comes from what you can do on the blockchain, which from the original whitepaper to the upcoming DMC upgrade, is to become a DeFi powerhouse with both BTC’s security and UTXO mode and EVM’s smart contracts. Vaults and the dtoken stock system is also part of it for the DEX to have said utility.
Blockrewards are the same as other blockchains. It comes from block emissions. DefiChain from the beginning has a Max DFI, and declining schedule for emissions which will eventually run out. The total of these emissions are then divided among all the various functionalities of the blockchain, part given to masternodes, part given to the community fund, part for LM, etc.
But the community have changed many parts of this through various dfips as to who or what gets rewards now. You’ll have to go through the different versions of DefiChain and hardforks, and not something that can be summarises in a post.
I'm sorry, I still don't understand the question. Maybe someone else can help you out.
As described, there may be some common price development in USD through the DFI/BTC pool. I would not rely on forecasts, but on the value a project provides. Forecasts are difficult, especially if they concern the future.
Let me know if this is understandable this way
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Besides what @Kassius84 said about the current promotion, the Apr on any pool is dynamic, and based on activity in the pool. It doesn’t just stay the same forever.
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I don't understand. What does one have to do with the other? You understand how liquidity mining works? If BTC rises when measured in USD and there is no selling off of DFI against BTC, DFI will also rise in USD. There is quite a large DFI/BTC pool on the DeFiChain. But the price of DFI in BTC would remain the same.
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