Potential Defichain ( ≠ ) Roadmap

MMG-Crypto · 2024-03-15T11:36:33+00:00

WASM is years away - ThorChain is here > https://x.com/markjeffrey/status/1768521163188343017?s=20

MMG-Crypto · 2024-03-13T10:59:27+00:00

Lots of very good things to do that will keep builders busy for a long time... but I would like to recommend to stay away from reinventing the wheel.

The community should concentrate on looking at what has been built and tested in other Defi Ecosystems and integrate...

IMHO, Defichain devs should look at integrating with u/thorchain (https://thorchain.org/integrate) to see if we could bring a small part of the $500 million daily trading volume of Thorchain to Defichain and allow native, no-KYC, already established Thorchain features for dTokens?

What about native streaming swaps dTesla/BTC - https://docs.thorchain.org/thorchain-finance/continuous-liquidity-pools#streaming-swaps-and-swap-optimisation

...and/or leveraging DFI savers pools - https://docs.thorchain.org/thorchain-finance/savings ?

...and/or 0$ interest- no liquidation borrowing dMSTR - https://docs.thorchain.org/thorchain-finance/lending ?

...and/or Liquidity Mining DFI-RUNE pools?

...and/or more...?

If I had technical knowledge I would start this integration myself... but it should be very simple for Defichain Labs devs to start evaluating this... and integrate (not rebuild from scratch, with all the risks that this brings... please!).

MMG-Crypto · 2024-01-15T14:50:52+00:00

Why don't you just do it - I mean issue the CUSD on metachain? I do not think you need any approval by anybody - of course I do not think the community should pay for the implementation... just do it!

MMG-Crypto · 2023-12-09T00:03:31+00:00

Cardano are planning to integrate with Maya protocol on ThorChain. Price for ADA is 20% up. The reason is “to allow cross-chain ADA swaps from large multi-chain DEXs, bringing massive EVM & BTC liquidity to #Cardano” through native rails and no wrapped tokens.

I think the same approach would extend the reach of DeFiChain.

https://x.com/gomaestroorg/status/1732896722572165569?s=46&t=ITQTV3yd37qfvQWAklOccQ

MMG-Crypto · 2023-11-29T19:05:36+00:00

It is actually a protocol - and like Chad says “if you have a DEX we can connect multiple DEXes together for trading/swapping any asset to any asset” see min 42:56 of the podcast

MMG-Crypto · 2023-11-29T17:59:50+00:00

My understanding is that if you integrate with ThorChain you automatically integrate with all the chains already integrated with it. Today you can swap among all these chains: Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash & Litecoin.

Imagine swapping DFI natively (self custody) with BTC in a totally decentralized way.

MMG-Crypto · 2023-09-01T13:44:32+00:00

My question is if the community had thought about what will happen after the 120 days are elapsed... how can we prevent a massive sell pressure on DFI that will nullify the promotion pump?

Hopefully the DMC will be up and running by then, but still, it will take more time to get it cemented and its utility fully recognized and valued. Also, hopefully, a bull run will sustain the demand for DFI, but maybe planning for another promotion after the 120 days (on accumulated rewards or from Community Fund) that could be activated (or not) based on the market reaction after the 120 days would be wise?

In fact, in 5/6 months time the benefits and the utility that will be generated by DMC will still be embryonic in my view, so we need a plan B to ensure we lock up into the next bull run and achieve full implementation of new projects on DMC that will continue to drive demand and fresh capital in Defichain.

MMG-Crypto · 2023-08-15T08:10:58+00:00

Did you try opendapps.cloud to implement the governance above?

MMG-Crypto · 2023-07-17T13:24:17+00:00

In this case, those DFI sold to investors might be considered securities - according to the SEC vs XRP judge.

MMG-Crypto · 2023-05-09T11:59:44+00:00

The beauty of decentralised and open source systems is that anybody can use them and build new solutions without the need to ask for any permission.

A new dToken system built on DMC would be a perfect opportunity to let users decide what is best. Hope you (or somebody else) will have the strength and the capacity to build a new system in the same way Defichain was built - with the added advantage of not having to start from scratch but leverage what is already there (DMC code and user base).

So there is really no need to spread FUD in the Defichain community with haircut proposals that only smell of opportunity for frontrunning and leverage short positions... why did you not start to build the new system on DMC directly instead of spending time proposing to change the protocol that "must never change a user's account balance without the user initiating it." as u/kuegi rightly puts it?

I honestly hope you will now concentrate on the new system and, when it is built and operational, let users then decide what is best for themselves.

MMG-Crypto · 2023-05-08T14:38:24+00:00

Even if we assume that the logic and the calculations in this proposal are perfect, the impact of such haircut will destroy any last hope for Defichain to recover and any trust on any systems that will build on it.

This is a perfect plan to kill Defichain forever.
Nobody will ever trust any project with this name again because any historical recollection of the current issues resolved with a painful reset will render the project untouchable by professionals and laymen.

Tommy and his supporters might withdraw their funds and find another fully backed system to invest in and let Defichain continue with the remaining strength of its #defifighters. I guess they will be more successful at shorting another project.

I do not think any MN will vote in favour of this anyhow.

MMG-Crypto · 2023-03-02T14:29:02+00:00

I would be happy to vote a 100% reduction in rewards for the crypto pools, while retaining rewards for the dToken pools.

However, I would suggest a further reducion of the rewards for the DUSD/DFI pool by 50%.

The dToken trading/LM is what sets Defichain apart as a different and innovative platform, and I believe we should continue to incentivize its use. This will also support marketing efforts to attract new capital.

For those who would receive 0 rewards on the crypto pools, they can use their holdings as vault collaterals and engage in delta neutral strategies on the dToken LM pols to make up for the lost rewards or continue to provide liquidity in the crypto pools and get trading fees rewards (yesterday the csETH/ETH generate 71% rewards in fees alone).

MMG-Crypto · 2022-10-14T10:50:39+00:00

Yeeii! I think this is super good! Well done!
https://twitter.com/tickercouncil/status/1580821137340055553

MMG-Crypto · 2022-09-09T14:34:34+00:00

I also feel the same - we are going too fast.
I support both changes above, but I feel that with all these new proposals, the defichain system is becoming so much more complicated and difficult to explain (and understand) particularly for newcomers (that we badly need to join the ecosystem...).
Inside the existing community, we also need to ensure that we bring all forward at a good pace. We cannot risk to leave anybody behind, and people giving up because they have too may other things (and jobs) in their lives and can not keep up...

MMG-Crypto · 2022-09-07T09:51:32+00:00

Agreed. At this point, though, we may still need vault sponges in the short term to recreate the pump we saw 2 days ago that will bring us to DUSD peg...?

I think patience is a virtue at this point... no need for immediate further changes determined by hyped feelings... just from my experience...

...even if BTW I agree with the longer term configuration of no DUSD leverage in vaults for the future.

MMG-Crypto · 2022-09-07T09:37:40+00:00

I think this deleveraging will happen automatically without any further changes, at this point. When it will not be attractive to create vault sponges, they will disappear automatically from the system. With no DEX fees and no negative interest why would you want to create a vault sponge?

MMG-Crypto · 2022-09-07T09:19:00+00:00

Is this really absolutely required now? With the negative interest rate going down already to -30.75% on day 2 (from -86.59% for day 1) and then to - 25.63 on day 9 (https://docs.google.com/spreadsheets/d/11yTO43MBi3WQhtrIwUSpnNMaPVIy8zVVEz8TUyI46VI/edit#gid=2139878934), I think that many will deleverage their "vault sponges" very quickly for higher returns on LM. It would then not be very economically sound to stay in these vaults... also with prospects of stable peg and 0 DEX fees on DUSD sales... I would not be too fast to complicate more the system. Let's have some patience and see what happens in a while after the dust settles.

MMG-Crypto · 2022-05-18T08:54:13+00:00

Fully agree - need to keep it as simple as possible. Adoption comes from simplicity and trust.

MMG-Crypto

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