The following is a documentation of a recent Twitter space hosted by Andreas Isaak (Twitter: https://twitter.com/andreasisaakme).
All I say is purely based on what I know from my knowledge, my experience and current public information that I understand. I do this Twitter space because I saw over at Twitter that a lot of people want to know more about DeFi Meta Chain. If you think I’ve misrepresented or missed anything, I’d be happy to discuss it in the comments below this Twitter space.
What I know from other EVM compatible blockchains
|DeFiChain||DeFi Meta Chain|
|Turing incomplete (no universal programmability, very limited execution possibilities -> eliminating attack vectors)||Turing complete (universal programmability, you can basically do anything -> potential attack vectors)|
|Validators earn block rewards + transactions fees||Validators only earn transaction fees|
|Staking and smart contracts on consensus layer -> hard fork necessary for new features||Staking and smart contracts on app layer -> anyone can deploy smart contracts to DeFi Meta Chain and create dApps at any time. Smart contracts can act as a normal user and trigger other smart contracts -> automation|
|LP trading fee paid out||LP trading fee compounded|
|Rewards paid out immediately without staking||LP tokens need to be staked to earn additional rewards, are claimable manually|
|DeFiChain Wallet||Any wallet that supports custom EVM networks (MetaMask)|
|df1q address format||0x address format|
What I know from U-Zyns presentation
- Those are just ideas from U-Zyns presentation and they are not final yet, everything is work-in-progess. Anything I say might not be applicable anymore. To be honest, I can’t really imagine myself how DeFi Meta Chain will look like in the end.
- DeFi Meta Chain is built on top of native DeFiChain, both chains will coexist
- DFI will exist in the current native-form and also in ERC20-like form on DeFi Meta Chain (ERC20 is a token standard)
- No new emission model
- DeFi Meta Chain will have the ability to latch onto any blockchain emergence without significant engineering effort.
- DeFi Meta Chain seeks to simplify the decentralized finance experience without compromising security, so that users can focus on the core activity.
- Users simply decide on the service and DeFi Meta Chain will guide you through the possibilities in the ecosystem -> marketplace of DeFi protocols.
- DFI will serve as the cross-chain currency.
- DeFi Meta Chain requires DFI staking for users to be able to suggest DeFi services to be added -> reputation token
- Containerization -> I didn’t understand that part, have to look into it again as soon as the concept of DeFi Meta Chain is more outlined.
- Ultimate goal is creating synergy instead of competition
Questions from the community
- Will DeFiChain have its own application (separate desktop and phone app or will it be built into the DeFiChain app)?
- What is the first network that is going to be supported?
- What exactly is DFI needed for when someone downloads a dApp from Ethereum or Binance Smart Chain from DeFi Meta Store?
- Is it technically so easy to connect everything together?
- I guess on DeFi Meta Chain there will be a lot more transactions than on DeFiChain because there will be way more stuff happening. How will DeFi Meta Chain be able to scale? Currently, many other blockchains struggle with scalability or just disregard decentralization to increase transactions.
- Aren’t we just creating another Ethereum or Solana?
- If dApps are created on DeFi Meta Chain by our community using Solidity: What would it take for the core team to implement this on the core layer? Does it have to be rewritten entirely?
We will answer all these questions in the upcoming articles. #DeFiMetaChain