DeFiChain recently made an announcement to surprise its entire community. The firm recently announced that its users would be able to perform liquidity mining on its decentralized exchange ‘DeFiChain DEX. The platform is a blockchain that has been designed and dedicated for financial applications running in the decentralized ecosystem.
In order to promote the launch of its liquidity mining, the firm also made the announcement of promotion for yield farming. The firm named the promotion as ‘DEXember’ campaign for yield farming. The firm had announced that the users will be able to avail bonus liquidity mining rewards the entire month of December. It also confirmed that the users will gain rewards at 100DFI/block.
The firm also predicted how high the yields would go for the liquidity providers. The firm predicted that the yields for liquidity providers may exceed even 400% APY during the promotion period.
The firm confirmed that after the promotion is over, the mining rewards will be settled to the original figure. For now the firm has confirmed that the mining rewards after the promotion would settle down to 45 DFI/block.
In addition to the initial yield farming rewards, DeFiChain also announced the details for the second bonus from the campaign. DeFiChain announced that the second bonus for the campaign would pertain to the maker and taker bonuses.
The firm announced that during the campaign, the users will be able to trade DeFiChain (DFI) tokens at 0% taker and maker fees. The firm had announced that the 0% fee would only be applicable if the trades are made between DeFiChain and Bittrex Global.
The firm announced that with the help of this promotion, the users will be able to increase their profits as they will not incur any extra fees or charges.
It has been confirmed that the firm made the announcement right after it announced the launch of its DeFiChain Exchange (DEX). The firm has advised that the exchange is completely decentralized and non-custodial. Being non-custodial means that it will not require the users to go through the Know-Your-Customer (KYC) checks before becoming a part of it.
The firm announced that within the first week of launch, DEX managed to capture up to $3 million in Total Value Locked (TVL). With this achievement, the firm managed to find its place in the liquidity pool in the DeFi space as one of the top forty firms.
The firm has announced that the main goal of the campaign was to attract more users and adoption towards their platform. It confirmed that the feedback and outcome it has received is more than they had expected. However, the firm has announced that it will continue making progress and introducing more promotions in order to gain more mainstream recognition.