v1.0 Jun 24 2020 Translations: 中文
DeFis Network’s mission is to build an open financial network based on blockchain technology. It enables people worldwide to enjoy safe and equal financial services.
Legacy financial infrastructures are fragmented and isolated from each other due to political influences and technology limits. An open financial network based on blockchain technology will bring revolutions to traditional financial infrastructures.
It will break down international financial barriers, improve global liquidity, create network effects, and create currency and financial programmability.
Based on the blockchain, we can build better currencies, better banks, safer lending platforms, and a better future, so that everyone in the world can enjoy the safety and convenience of digital currencies anytime, anywhere.
Our goal is to become the first global scale and integrated entrance of open financial network.
DeFis Bank allows users to pledge cryptoassets to issue a common settlement currency USDD, which is anchored by the cryptoassets. USDD is a store of value with stable price that completely exists on the blockchain, it provides a risk-return structure different from the underlying collateral. It is a decentralized central bank that issues currency with cryptoassets as the anchor, and uses smart contracts to ensure that the anchor will not be detached, its mintage rights are opened, and mintage are fairly distributed. Compared with DAI's "borrowing and lending paradigm", it can be called "saving paradigm" or "coin hoarding paradigm". It is designed to allow miners' collateral to be 100% safe while enjoying the pledge benefits.
In Swap, users can freely create trading pairs between any two currencies and inject liquidity to build an effective exchange market. According to their proportion of the injected liquidity funds, liquidity providers share the transaction fee revenues generated by the transactions fairly. All these processes are transparent and decentralized. It is a decentralized exchange where everyone can create a market and can become a market maker. Loan Agreement: DeFis Lend In this digital asset lending platform, users can choose to deposit tokens for interest, or over-collateralize their token to lend another token. Interest rates are determined by algorithms to increase the utility rate of token. The platform will ensure the safety of user funds, and make sure that users with insufficient collateral are liquidated in time via a real-time liquidation interface.
In this digital asset lending platform, users can choose to deposit tokens for interest, or over-collateralize their token to lend another token. Interest rates are determined by algorithms to increase the utility rate of token. The platform will ensure the safety of user funds, and make sure that users with insufficient collateral are liquidated in time via a real-time liquidation interface.
By staking platform token DFS, users can synthesize a variety of high-quality real world assets. They can short and long these synthetic asset on the platform. Synthetic assets are minted and can be held for a long time or traded on the platform. It is worth noting that the transaction does not require a counter party. During the transaction, the synthetic assets you sell will be converted into a short version of that synthetic asset automatically, which means an almost unlimited liquidity. Through asset synthesis agreements, off-chain assets such as high-quality stocks and public goods can be bought and sold anonymously on the blockchain.
DFS is the platform token of DeFis Network, which is similar to MKR on MakerDAO and COMP on Compound, but its functions are not limited to governance and interest payment. DFS is mainly used for:
- Transactions
- Governance voting
- Liquidity incentives
- Transaction mining
- Operation cooperation
- Staking dividends
- Creating synthetic assets, etc.
Through the integration of a series of DeFi protocols, DeFis Network will generate a powerful network effect in the field of decentralized finance in the future. The platform token DFS will continue to capture the value generated by these DeFi protocols. DFS holders will continue to receive dividends from protocol fee revenues. Dividend distributions are executed by smart contracts automatically, so that each DFS holder can share the benefits of DeFis Network development fairly. As a DFS holder you can join the DeFis Network community and participate in its key governance.
Maximal Mining Supply Number: 1 Billion.
Initial Circulation Number: 0.
Features: 100% tokens will be released through“Mining by Trade".
Mining Starting Time: UTC 2020-07-20T07:00:00 ,timestamp 595228400
Releasing Principle: 10 tokens will be released in one second. Among them, two will be distributed to the DeFis team to support the project development; eight will be allocated to the bonus pool. All tokens will be mined in three years.
Mining Principle: to trade in DeFis Swap by more than 1 EOS could earn a chance to participate the mining. Bigger the trade amount, bigger the mining weight.
Formula of Mined DFS Amount Calculation:
mining_reward = pool_balance - pool_balance * pow(0.9999, n * pool_mining_weight);
pool_balance is the amount of DFS in the bonus pool, n is amount of trading EOS; pool_mining_weight is the mining weight of the trading pair.
Right now, the mining weight of EOS/USDD pair is 1, other pairs are 0.3. Weight ratios could be adjusted by community's vote in the future.
Mining Example:
pool_balance is 1000 DFS， trading amount is 5 EOS，n = 5, if the trading pair is EOS/USDD or EOS/USDT，then pool_mining_weight is 1，so the amount of DFS gained from mining is：
1000 - 1000 * pow(0.9999,5*1) = 0.4999 DFS
if trading other pairs, then pool_mining_weight is 0.3, so the amount of DFS gained from mining is：
1000 - 1000 * pow(0.9999,5*0.3) = 0.1499 DFS
By staking DFS to the contract, users could get the EOS bonus daily. Currently, 50% of the EOS trading contract fee will be trasferred to the bonus pool; other contract fee will be added to the pool in the future.
Bonus is delivered daily. But users need to get it manually or through a third-party contract/wallet.
To get the bonus by staking, DFS need to be locked. The unlock procedure of DFS lasts for three days without bonus.
- Stablecoin protocol: the DeFis Bank (developed), an over-collateralized stablecoin issuance system with no liquidation mechanism but funded by the foundation, who is also responsible for the system pledge rate maintenance. It makes sure that every USDD is backed by collateral with value more than $1. DFS holders can receive dividends from the system's mintage .
- Asset Liquidity protocol: the DeFis Swap (developed), an algorithmic Dex similar to Uniswap. DFS holders can receive dividends on the agreement fee.
- Asset Lending protocol: the DeFis Lend (similar to compound, under development)
- Asset Synthesis protocol: the DeFis Synthetix (asset synthesis platform, under development)
Other types of DeFi protocols will continue to be developed and added to the DeFis Network to continue to grow this open financial network.
The source code of DeFis Network is contributed and maintained by DeFi enthusiasts for free. The project is started and operated by community enthusiasts. The token distribution method adopts the fair competition distribution method most similar to Bitcoin. Moreover, the proceeds generated by the agreement are distributed fairly to token holders via smart contracts. Therefore, we can say that all users who participate in mining or hold project token DFS are the owners of this project.
All codes under the DeFis Network adopt the GPL open source protocol. Allow any individual or organization ("licensee") to research, review and analyze the software in private. The licensee may quote and modify this software under the constraints of the GPL open source agreement. In any case, the copyright owner is not responsible for any damage or other liability arising from or related to the software due to incorrect use, modification, or contract, infringement or other aspects.
The smart contract for this project has been audited by professional security teams. But there may still has unexpected risks. Please use at your own risk.
DeFis Network aims to build the underlying foundation and entrance of a decentralized financial network, and become a bridge between users and decentralized finance. We are committed to accelerate the arrival of decentralized finance. By unleashing the power of blockchain, the transformation of finance by blockchain can be realized. We promote this vision in a decentralized way. Better future. Respects.