A distinct usage called DeFiChain (DFI) is a facility being provided by the sector of Decentralized Finance (DeFi) for the technology of distributed ledgers. This unique facility that is being offered has made it more appealing thereby inviting more and more individuals and corporations.
The crypto market saw a decline very recently with Bitcoin sinking by almost 22%. However, regardless of this decline in the crypto market, DFI did not experience any adverse effect, instead, it rose by 76%. On 6th December 2021 DFI reached its all-time high with its value touching US$5.70. The daily trade volume of DFI also saw a remarkable increase, going as high as US$ 24.3 Million from US$ 3.6 Million.
There were many causes for the increase in the value of DFI. However majorly three main reasons caused the surge with one of them being the integration of decentralized assets into DFI. The concurrent rise in the number of users and DFI transactions was the second main reason for the surge. The third major reason was the indiscriminate increase of the total value locked (TVL) in the DFI protocol.
With decentralized assets joining the DFI network there was a huge influx of DFI. Such an integration gave the holders an opportunity to make use of staking and piling options. Currently, DFI users continue to enjoy completely integrated access to countless pools with the accessibility of large-cap cryptocurrencies like Bitcoin and Ether. In addition to big-cap digital currencies, customers also have an access to highly demanded indices and stocks ranging from Apple to Tesla. Moreover, the earnings for the users have gone above more than the typical and every day yields.
With the immediate influx of decentralized assets into the network, the number of DFI transactions, as well as the users, increases immediately. Currently, the total number of unique digital wallets containing DFI has reached more than 42,555, setting an all-time high record.
Lastly, there is a brilliant jump seen for the TVL in the DFI. This again set another record at the value of US$1.83 Billion, DeFi Llama is the source for this figure. TVL’s record height can be attributed mainly to the fact that decentralized assets have now become part of the DFI ecosystem. High TVL created an atmosphere where existing users, as well as new users, were compelled to rush in depositing further funds. This was done in order to avail of high yields.
At the moment, DFI users have been quite fortunate as they’ve been taking advantage of high-yielding opportunities as well as staking features. But the big DFI players, who are holding at least or more than 20,000 DFIs, have the option of token locking. The token locking option gives you the opportunity to apply masternode onto the DFI network. This in turn gives them the chance of earning higher rewards.
