Julian Hosp, the CEO of Cake Group and Bake, made a big announcement that’s causing a buzz in the DeFi (Decentralized Finance) community. Hosp revealed that his team has just received the very first rewards from staking Ethereum on the DeFiChain platform. DeFiChain is a platform for decentralized finance built on the Bitcoin blockchain.
Hosp and his team plan to exchange these rewards for DeFiChain’s native token, known as DFI. But here’s the twist they’re not planning to keep it. Nope, they’re sending these DFI tokens to what’s called a “burn address,” which is like a special wallet that’s completely off-limits to everyone. This means those DFI tokens won’t ever be used again, effectively reducing the total supply of DFI. And, you know what happens when something becomes scarcer? Its value tends to go up. So, this move could potentially boost the value of DFI.
Hosp also wants to keep the community in the loop. He’s promising to share an account statement every Monday, giving everyone the details about this burning process. But wait, there’s a catch, this whole thing is still in the testing phase. What does that mean? Well, for now, it looks like they might be getting around 5 to 10 Ethereum (ETH) tokens in rewards each week.
In response to this update, a DFI enthusiast named Bacon spilt the beans on some other exciting stuff the Bake team is up to. They’re rolling out something called Dollar-Cost Averaging (DCA), which means you get to buy a little bit of DFI regularly, helping to smooth out the ups and downs in the price. Plus, there are special perks like lower fees exclusively for DFI users.
But wait, there’s more The Bake team is also going big with promoting DCA. They’ve got three new special ideas to make DeFiChain even better, known as DeFiChain Improvement Proposals (DFIPs). And just when you thought that was it, they’re not stopping. They’re planning to burn some DFI tokens strategically, using other cryptocurrencies like Polkadot (DOT), Solana (SOL), and Polygon (MATIC) that they’ve collected.
According to CoinMarketCap, its current price is $0.2823, and it’s been on a roll with a 16.04% increase in the past week. That’s some serious growth worth paying attention to.