- Across a year-to-date scale, crypto is currently sitting at around a -63% drop.
- DeFiChain is a project that’s continually driving for future growth.
Whether you’re calling it The Great Crypto Crash, The Crypto Winter, or just a crypto bear market, it’s undeniable that cryptocurrency isn’t in a good spot. After a particularly arduous year, with a number of scandals and global circumstances that sent crypto spiraling down, the market cap is currently sitting at around $835 billion USD.
While this seems like a fairly significant number, it pales in comparison to the $3 trillion cap it reached in November of 2021. Across a year-to-date scale, crypto is currently sitting at around a -63% drop. Safe to say, 2022 has been a disastrous year for the space.
Yet, in moments of economic downturn like these, we’ve routinely seen the makings of the future leaders of tomorrow. Bear markets, providing less investment and general insecurity, often lead to the death of many projects. While this is a tough space to be in, it also gives rise to some of the strongest projects. If you can survive crypto crash after crash, you can survive anything – so to speak.
Despite many Web3 projects fading into the background, this difficult period has also shined a light on some truly robust projects. One of these, DeFiChain, has had an incredible year, launching new projects and rapidly expanding its offerings. In this article, we’ll dive into DeFiChain, demonstrating why investors should keep an eye on this racehorse as we move into 2023.
What is DeFiChain Currently Working On?
This year has killed much of the buzz that Web3 once had going on. One only has to look at the Google Search Trend history for “Cryptocurrency” to see the decline in interest over the year span. As prices continue to fall, people have stopped looking into new projects, waiting for the worst of the crypto winter to be over.
Due to this, investors may have missed out on many of the projects that are making waves in the industry. Without a doubt, one of these is DeFiChain, a blockchain built on Bitcoin that takes advantage of the legacy system’s security. This process is entirely symbiotic, with DeFiChain bringing decentralized financial services to Bitcoin.
But, beyond just providing infrastructure, many investors are watching DeFiChain due to its recent announcement of the Grand Central hard fork. The rollout of this fork brings a range of additional features to the system, strengthening its already strong position in the market.
Alongside a range of smaller modifications, the Grand Central hard fork is bringing the following to DeFiChain:
- On-Chain Governance – Any proposal for change within the blockchain will require voting by the DeFiChain community. After this hard fork, this can be conducted entirely on the blockchain. This will provide complete transparency around the voting practices that DeFiChain uses and will further drive community participation.
- Token Consortium Framework – In order to ensure that all digital assets are backed, DeFiChain has proposed the Consortium. Members of this Consortium will have a specific key for burning and mining of tokenized digital assets. From there, DeFiChain will have much greater transparency, as well as the ability to monitor the backing or tokenized assets.
- Support for Masternode Parameter Updates – Reduces the effort needed to vote on new proposals, ensuring that everyone can vote via the DeFiChain Dashboard.
- Pool Commission and Reward Fixes – Rewards have been shifted to reflect the current state of DeFiChain, ensuring community participation is fairly rewarded.
The ability to not only survive during this crypto winter but thrive, bringing out a range of impressive new features and developing new architecture, is a remarkable feat. With this, DeFiChain is turning heads across the Web3 community.
The Future is Bright for DeFiChain
DeFiChain is a project that’s continually driving for future growth. Beyond its achievements in 2022, the blockchain is currently preparing for the launch of DeFi Meta Chain. It will create a truly interoperable experience, furthering the progression of Web3 infrastructure across the board.
DeFi Meta Chain, or DMC, is built directly on top of DeFiChain. It connects to the original chain, benefiting from Bitcoin’s security, while delivering a range of benefits directly to DeFiChain. DMC is Turing-complete, allowing developers within the DeFiChain ecosystem to access any Web3 code that has been created and deployed within the ecosystem.
Equally, DMC is EVM compatible, helping the entire ecosystem to benefit from interoperability between other chains. It will afford developers the ability to use pre-built infrastructure, tools, smart contacts, and enlist support from other blockchains.
The launch of DMC has pushed DeFiChain even further into the spotlight, helping to foster a world-class Web3 experience for developers and making this ecosystem the premier go-to chain for building new dApps.
Alongside this revolutionary announcement, DeFiChain is still the only blockchain to offer decentralized assets. These dAssets will closely mimic the prices of centralized stocks, allowing investors to invest in mirrors of their favorites without having to stray from decentralized ecosystems.
Invests are quickly realizing that there is a huge amount of exciting content coming out of this blockchain. While 2022 has been a phenomenal year for them, despite the bear market, their plans for 2023 only serve to strengthen the interest.
If you want to identify a project that has all the markings of rebounding from the bear market and surging throughout 2023, don’t look further than DeFiChain.
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