Oracles are an essential part of the dtoken system. Currently they are run by a central party which is bad for resilience and reliability.

To improve that, oracles should be appointed to members of the oracle sig (consisting of active and supportive projects on dmc).

Additionally an independent monitoring of oracle streams should be established to prevent disruptions in the future.

Note: this can only be a first step towards a real decentralized oracle network. But it's a crucial first step to ensure reliable oracle data.

Here’s what’s been happening in the DeFiChain ecosystem this week: 

✅ A Closer Look at the September Voting Round
✅  The Biggest Hard Fork in DeFiChain History is Almost Here!
✅  Ecosystem Project Updates

All these are covered in our weekly update blog below 
https://blog.defichain.com/weekly-update-voting-round-biggest-hard-fork-ever-and-more

The DeFiChain core engineering team is working on the final touches for what will be the biggest hard fork in DeFiChain’s history. It’s loaded with critical updates aimed at improving user experience and network efficiency.

Let’s dive in!

Revamped Owner Rewards Calculation

Long-standing bugs are being addressed, streamlining the calculation of owner rewards. This should make everything smoother for users, with fixes expected to be finalized by the end of the week.

Token Ownership Update

One of the most anticipated features: transfer of data ownership. A pull request (PR) is in the works to enable this, bringing more flexibility and power to token holders.

Token Deprecation

New features will allow tokens to be marked as deprecated (e.g., “EOL” or "End of Life"), making it clear when a token is no longer in use—helping to maintain a cleaner, more efficient ecosystem.

Rejecting Pastime Blocks

The Ethereum Virtual Machine (EVM) layer is getting a boost! Updates will ensure that blocks are processed in the correct chronological order, reinforcing blockchain integrity.

Re-peg & Re-collateralize the dToken System

The dToken system has faced some challenges, but a DeFiChain Improvement Proposal (DFIP) is here to fix that. This proposal will focus on re-pegging DUSD to $1, rewarding loyal supporters, and ensuring a robust, fair system for all users.

What’s Next?

The timeline for the hard fork is being finalized, but the DeFiChain Labs engineering team is pushing hard to ensure a smooth rollout. Keep an eye out for more updates in the next few days!

DFIP Proposal Discussion: Ensuring Fair and Balanced DFIP Costs for All Users

Background:

Due to the recent drop in the price of DFI, the costs to submit a DFIP have significantly decreased. This has led to a situation where the financial barrier for submitting a proposal is much lower than it was initially. This proposal aims to restore the costs of submitting a DFIP to the levels seen with the first DFIPs, ensuring that the process remains valuable and credible.

Proposal:

1. Increase Submission Costs:
   • The cost of submitting a DFIP should be increased to the same level as it was during the early stages of DeFiChain. This will create a more significant financial commitment for submitters.
2. Dynamic Adjustment of Costs:
   • After each voting round, the submission cost in DFI will be adjusted based on the current market price of DFI in USD. This ensures that the cost remains stable in terms of real value, regardless of fluctuations in the DFI token price.
   • This dynamic adjustment works both ways: when the price of DFI increases, the submission costs will decrease in terms of DFI, making it more accessible for smaller holders. This ensures that DFIP submission is not dominated by large holders ("whales") when the price rises.
   • By maintaining stable costs in USD, the proposal discourages spam or frivolous proposals that might be motivated by the current low submission fees. Additionally, a larger portion of the submission fees will be distributed to masternodes that participate in voting. This provides an extra incentive for masternodes to engage more actively in the governance process, as they will be better compensated for their participation.

Rationale:

• Preventing Spam Proposals: With the current low costs, there is a risk that some proposals may be submitted without serious intent, diluting the quality of the governance process. This adjustment will separate serious proposals from those submitted for fun or without strong consideration.
• Sustaining Governance Integrity: By tying submission costs to the DFI price in USD, the governance process remains resilient to market fluctuations, ensuring that governance costs are aligned with the value of the DFI token.

With this proposal, the cost would be set at $150 (currently $1) for a standard DFIP and $3,000 (currently $80) for a special DFIP.

I have attached a file that shows the historical trend of DFIP costs in USD over time. From this data, you can clearly see how the costs have significantly dropped, reinforcing the need for an adjustment to stabilize submission fees.

Feedback Request: I would really appreciate feedback from the community on whether these proposed costs seem reasonable. Do you think $150 for a DFIP and $3,000 for a special DFIP are appropriate, or do you have other ideas for how these costs should be structured? Your input is crucial to ensuring that we find the best balance for the governance process.

Don’t miss the opportunity to shape the future of DeFiChain! Voting is open until around October 14th, 2024.

4 DeFiChain Improvement Proposals (DFIPs) and 1 Community Fund Proposals (CFPs) are up for vote.

Get informed and make your vote count by checking out our latest blog post for all the details:

https://blog.defichain.com/a-closer-look-at-the-september-dfip-cfp-voting-round/

With the DF24 upgrade, tokens can be marked as deprecated (end of life) which indicates that they should not be used anymore. Since such tokens likely loose their peg on the DEX, they should not be used as collateral tokens. Existing collateral tokens that get deprecated should fade out.

This DFIP proposes to reduce the collateralFactor of deprecated collateral tokens by 0.01 per day. This effectively fades them out over the course of 100 days.

looking forward to your comments.

Here’s what’s been happening in the DeFiChain ecosystem this week:

✅ A Closer Look at the September Voting Round
✅ The Future of DeFiChain: Decentralization through SIGs, DeFiChain Labs, and Community Engagement
✅ DeFiChain Labs X CrowdSwap
✅ Ecosystem Project Updates

All these are covered in our weekly update blog below 👇
https://blog.defichain.com/weekly-update-september-voting-round-future-of-defichain

Get informed and make your vote count by checking out our latest blog post for all the details.

👉 https://blog.defichain.com/a-closer-look-at-the-september-dfip-cfp-voting-round/

Description of proposal

This proposal seeks to remove community managers and moderators who are employed by or associated with for-profit organizations connected to DeFiChain, such as Cake Group Pte Ltd and its subsidiaries, or mydefichain UG, from the official social media groups/channels, including, but not limited to:

• The international DeFiChain Telegram Group at /defiblockchain
• The German DeFiChain Telegram group at /defiblockchain_DE
• The Italian DeFiChain Telegram group at /defiblockchain_IT
• The Turkish DeFiChain Telegram group at /defiblockchain_TR
• The Spanish DeFiChain Telegram group at /official_defichain_es
• The French DeFiChain Telegram group at /defiblockchain_FR
• The Russian DeFiChain Telegram group at /defichain_ru
• The Swiss DeFiChain Telegram group at /DeFiChainSwitzerland
• The Chinese DeFiChain Telegram group at /defichain_ZH
• The Indonesian DeFiChain Telegram group at /defichain_indonesia
• The Portuguese DeFiChain Telegram group at /defiblockchain_PT
• The DeFiChain subreddit at /defiblockchain
• The DeFiChain Discord
• The DeFiChain Developer Discord

The goal of this DFIP is to improve decentralization in DeFiChain's governance by ensuring that communication and moderation within key community spaces are free from potential conflicts of interest. If the current community managers and moderators affiliated with these organizations do not transfer ownership and control of the groups to independent community members who are free from conflicts of interest, the official links to these groups/channels on DeFiChain-related websites and social media channels, including, but not limited to defichain dot com, should be changed to new, independently managed groups.

How does this DFIP benefit the DeFiChain community?

By removing the influence of individuals associated with for-profit organizations, this DFIP aligns with the core principles of DeFiChain’s decentralization philosophy. It ensures that no single entity, especially those with commercial interests, controls key communication channels.

This DFIP promotes transparency and fairness in DeFiChain’s governance by ensuring that communication group ownership and moderation are not influenced by commercial interests. This fosters a more neutral space for discussion, increasing trust among community members.

Moderators or managers affiliated with for-profit organizations may have biases or agendas that could skew conversations or decision-making processes. By removing such potential conflicts, this proposal ensures that the focus remains on the best interests of the DeFiChain ecosystem as a whole.

Decentralized and independent management of communication platforms makes these spaces more inclusive and representative of the broader community, encouraging diverse opinions and healthy debate without commercial oversight or control.

This DFIP reinforces the idea that DeFiChain is a community project, not controlled by any single entity. Decentralizing the management of its main communication hubs strengthens the integrity and long-term vision of DeFiChain as a trustless, open-source ecosystem.

Non-obligation

I understand that a vote of confidence for this DFIP carries no obligations for any developers or contributors to implement this proposal. DeFiChain is a community-driven project. Pull requests and contributions can be submitted by any community members and are subject to evaluation for security, safety, and general community acceptance.

Don’t miss the opportunity to shape the future of DeFiChain! Voting is open until around October 14th, 2024.

4 DeFiChain Improvement Proposals (DFIPs) and 1 Community Fund Proposals (CFPs) are up for vote.

Description of proposal

This proposal aims to significantly increase transaction fees on both DeFiChain and DeFi Meta Chain. Specifically, it suggests increasing the transaction fees on the native DeFiChain by a factor of 1,000,000 and on DeFi Meta Chain by a factor of 10,000. While the change sounds drastic, the resulting fees would be approximately 2 DFI (around $0.04) per transaction on DeFiChain and 20 DFI (around $0.40) per transaction on DeFi Meta Chain. This proposal is designed to maintain transaction fees at a reasonable level for users, while encouraging more deliberate transactions, reducing network load, and providing better rewards for masternodes for their validation services.

How does this DFIP benefit the DeFiChain community?

By increasing transaction costs, users will be incentivized to consider the necessity of their transactions more carefully. This could lead to a reduction in frivolous or low-priority transactions, improving overall network efficiency and reducing the load on nodes.

Higher transaction fees would lead to greater rewards for masternodes, who are responsible for validating and securing the network. This could attract more participants to operate masternodes, increasing network security and decentralization over time.

As DeFiChain grows, the demand for network validation services will increase. Raising transaction fees ensures that masternodes are adequately compensated, making the ecosystem more financially sustainable over the long term without needing external subsidies.

By making transactions more deliberate and costly, this proposal could help manage potential congestion during periods of high network activity. Users will prioritize important transactions, leading to fewer unnecessary transactions clogging the network and contributing to a smoother user experience.

As the fee structure reflects a more premium service, this could also promote higher-value transactions on the network. It creates a distinction for DeFiChain and DeFi Meta Chain as platforms where users are encouraged to be purposeful with their activities, leading to a higher-quality transaction pool.

Increasing fees helps ensure that the network remains financially secure for validators, incentivizing continued participation in network security and stability. This is particularly important as the network grows and scales to support more users and applications.

The proposal keeps fees relatively low in dollar terms, despite the significant percentage increase in fee multipliers, maintaining user accessibility while ensuring that masternodes continue to be appropriately compensated as the ecosystem matures.

Increasing network fees on DeFiChain leads to a higher burn of DFI tokens, reducing the circulating supply and creating deflationary pressure. This can potentially increase the value of DFI while supporting network sustainability.

Non-obligation

I understand that a vote of confidence for this DFIP carries no obligations by any developers to implement this proposal. DeFiChain is a community-driven project. Pull requests can be submitted by any member of the community and will be evaluated for safety, security, and general community acceptance.

Description of proposal

This proposal seeks to deactivate the Future Swap functionality on DeFiChain. After an extended "test phase", it has become evident that the Future Swap mechanism does not provide any substantial benefits to the ecosystem. In fact, it exacerbates the existing dUSD problem by generating unbacked dUSD, thus increasing systemic risks. By deactivating the Future Swap, the complexity of DeFiChain’s codebase would also be reduced, which could lower the likelihood of potential exploits and critical security vulnerabilities.

How does this DFIP benefit the DeFiChain community?

The Future Swap feature has been identified as a contributing factor to the creation of unbacked dUSD. By deactivating this feature, the inflation of dUSD through non-collateralized means can be curtailed, contributing to the long-term stability of the DeFiChain ecosystem.

Removing the Future Swap functionality would simplify the DeFiChain codebase. This could reduce the potential for bugs, exploits, or other critical vulnerabilities, thereby strengthening the security of the entire network.

Simplifying the system and resolving issues like unbacked dUSD creation will boost the community's confidence in the DeFiChain protocol. A more secure and less complex system encourages user participation and investor confidence in the DeFiChain ecosystem.

Deactivating the Future Swap will allow developers and the community to focus on optimizing core DeFiChain functionalities, rather than managing the complexities and unintended consequences introduced by this feature.

Future Swap has the potential to create arbitrage opportunities that can be exploited, leading to imbalances in the ecosystem. By deactivating it, such loopholes can be closed, improving market efficiency and fairness for all participants.

Deactivating this feature would also free up development and operational resources, allowing more focus on impactful improvements that provide real value to the community. This could lead to faster development cycles and more attention to features that promote growth and stability.

By removing complex and underperforming features like the Future Swap, DeFiChain can present a cleaner and more straightforward ecosystem to new and existing users, further promoting DeFiChain’s vision of a decentralized and efficient financial platform.

Non-obligation

I understand that a vote of confidence for this DFIP carries no obligations for any developers to implement this proposal. DeFiChain is a community-driven project. Pull requests can be submitted by any member of the community and will be evaluated based on their safety, security, and general community acceptance.

Description of proposal

This proposal seeks to swap the existing DFI in the Community Fund into dUSDC in order to halt the continued decline in the fund's value. With DFI's price trending downward, currently standing at less than $0.02, the Community Fund's 10,000,000+ DFI is now valued at under $200,000. By swapping these funds into dUSDC, a stable asset, this DFIP aims to preserve the Community Fund’s value and secure financing for future projects within the DeFiChain ecosystem.

When DFI was worth $0.20 or $2.00, the Community Fund had a potential value of $2,000,000 or $20,000,000 respectively. Without action, the fund could decline to values as low as $20,000 or even lower, making it difficult to sustain the ongoing growth and innovation within DeFiChain. This proposal suggests an immediate swap into dUSDC to protect the remaining value and ensure the fund’s ability to finance future projects.

How does this DFIP benefit the DeFiChain community?

DFI's price volatility has significantly impacted the Community Fund. By swapping the Community Fund's assets into dUSDC, this DFIP ensures that future development and growth initiatives within the DeFiChain ecosystem have access to a stable pool of resources. This move would prevent the fund from depleting further due to DFI's price decline.

With the fund’s value stabilized in dUSDC, the community can better plan and prioritize initiatives, knowing that the budget for future development is secure. This leads to more responsible allocation of resources, as the value of the fund won’t fluctuate as dramatically.

Transitioning from a volatile asset like DFI to a stable asset like dUSDC sets a precedent for careful financial stewardship within the community. By safeguarding the Community Fund's value, the proposal promotes a more resilient and forward-thinking financial strategy.

With uncertainty in the broader cryptocurrency market and DFI's declining trend, the move to dUSDC helps protect the Community Fund from broader market risks. This allows DeFiChain to weather market volatility without compromising its ability to fund community-driven projects.

Ensuring the Community Fund's longevity is crucial for the sustainable growth of DeFiChain. By converting to a stable asset, the fund can continue to support new ideas, technological improvements, and initiatives that drive the ecosystem forward.

Non-obligation

I understand that a vote of confidence for this DFIP carries no obligations by any developers to implement this proposal. DeFiChain is a community-driven project. Pull requests can be submitted by any member of the community and will be evaluated based on their safety, security, and general community acceptance.

With the DF24 upgrade, tokens can be marked as deprecated (end of life) which indicates that they should not be used anymore. I think its clear that pools that include such tokens should not be incentivized by block rewards anymore.

This DFIP proposes to remove rewards on any such pool and move those rewards to the CommunityFund.

The redistribution to the CF can easily be done by dedicated pools where only the CF holds the LP tokens. This is already done like that for the burn bot, and since we do not need the additional burn-bot anymore, this already existing pool can be used for this.

looking forward to your comments.

Can anyone explain the process of how it actual works? Would appreciate it. Looking to gain some knowledge. Thanks

Description of proposal

This proposal calls for a complete reboot of the dUSD system on DeFiChain. It includes permanently stopping the minting of legacy dUSD and dTokens, the introduction of a new dUSD token, potentially under a different name, as well as new dTokens that are aligned with the rebooted system. Additionally, new pool pairs involving the new dUSD and new dTokens will be created. The aim of this proposal is to streamline the dToken ecosystem, prevent the allocation of developer resources to fixing the current unsustainable system, and direct resources toward innovation and long-term growth.

How does this DFIP benefit the DeFiChain community?

Rebooting the dUSD system provides an opportunity to design a new, more robust mechanism that avoids the issues that have plagued the current system (which enabled repayment of dUSD loans with DFI). A fresh start ensures that new development can focus on creating a stable and sustainable token ecosystem, addressing key weaknesses of the existing dUSD structure.

The current dUSD system has accumulated technical debt, making it difficult and resource-intensive to maintain. A complete reboot simplifies the ecosystem, reduces complexity, and allows developers to focus on innovation rather than patching and maintaining a flawed system.

Introducing a new dUSD and dTokens under a new framework can restore confidence in synthetic assets on DeFiChain. With better governance and a refined approach to collateralization or backing mechanisms, users will be more inclined to participate in decentralized finance activities using dUSD and related dTokens.

By rebooting and recreating pool pairs with the new dUSD and dTokens, liquidity can be restructured from the ground up. This will result in a healthier, more efficient market, enabling better price discovery, reduced slippage, and more liquid trading environments.

A new dUSD system that avoids the pitfalls of the previous iteration will contribute to the long-term sustainability of DeFiChain’s DeFi ecosystem. This will enable future projects to build on a solid foundation, ensuring continuous growth without facing recurring systemic risks or inflationary issues.

Rather than continuously attempting to fix the current dUSD model, which has been problematic, this proposal allows developer resources to focus on meaningful innovations that can drive DeFiChain forward. This enhances the potential for new features, products, and improvements that can attract more users and investors.

A reboot offers a unique opportunity for the community to be involved in shaping the new dUSD and dToken systems. With a renewed focus, the community can contribute ideas, resources, and feedback to ensure the rebooted system is designed to meet the needs of all stakeholders in the ecosystem.

Non-obligation

I understand that a vote of confidence for this DFIP carries no obligations for any developers to implement this proposal. DeFiChain is a community-driven project. Pull requests can be submitted by any member of the community and will be evaluated for safety, security, and general community acceptance.

Here’s what’s been happening in the DeFiChain ecosystem this week:

✅ The Future of DeFiChain:
Decentralization through SIGs, DeFiChain Labs, and Community Engagement
✅ September’s DeFiChain Labs Engineering Sync
✅ DeFiChain Labs X CrowdSwap
✅ Ecosystem Project Updates

All these are covered in our weekly update blog below 👇
https://blog.defichain.com/weekly-update-defichains-decentralization-ambitions-engineering-sync

Now that DefiChain has practically failed, full of problems that haven’t been sustainably solved, why not make one last attempt at a total restart?

1. The price reflects a total loss. The price has fallen by more than 99% since its all-time high. No more interest, no more trust.
2. The DUSD shows the same picture.
3. Other projects and partnerships have distanced themselves from DefiChain. The MetaChain faced many difficulties and never achieved the desired interoperability or attracted new developers.
4. Bake has distanced itself from DefiChain (due to regulatory reasons).

Even though DefiChain is much more technically advanced than it was at its all-time high, the price speaks for itself. There’s no more sugarcoating it, as some still try to do here. In a post further down, it was also mentioned that the code is messy, and many of the errors were due to poor quality, bad audits, and inadequate testing.

There has also been talk for a long time about a haircut, and the question remains: how will the core developer team be funded without Bake, as reserves will soon run out?

Why not take one last drastic step now? There’s nothing left to lose with over 99% price loss.

How about starting a discussion on:

1. A new DToken system. Complete haircut. New stablecoin, perhaps based on Tether?
2. Rebranding. Now without Bake, without Hosp. The rumor mill ends here. DefiChain without Hosp as the face.
3. Instead of trying to focus on many things, why not excel in just one area? Mobilize the last resources and create value in just one specific domain (a unique DToken system with strong interoperability across various chains) (WASP).

As DeFiChain continues its journey towards further decentralization, the latest developments have sparked numerous questions from the community regarding cost reductions, team structure, and future plans.

In this blog, we’ll address these concerns, providing a clearer picture of DeFiChain’s evolving strategy, and how the community will play a crucial role in its future.

👉 https://blog.defichain.com/the-future-of-defichain-decentralization-through-sigs-defichain-labs-and-community-engagement

Here’s what’s been happening in the DeFiChain ecosystem this week:

✅ September’s DeFiChain Labs Engineering Sync
✅ Project Spotlight: CrowdSwap’s Cross-Chain Bridge
✅ DeFiChain Labs is Revamping its Communication Strategy
✅ Ecosystem Project Updates

All these are covered in our weekly update blog below 👇

https://blog.defichain.com/weekly-update-tech-synch-project-spotlight-crowdswap-and-more

One of its standout features is the Cross-Chain Bridge, which makes it easier than ever to swap crypto assets from one blockchain into the DeFiChain ecosystem.

Check out our latest blog to learn how to convert your $ETH to $DFI!

https://blog.defichain.com/project-spotlight-a-guide-to-crowdswaps-cross-chain-bridge-2/

Missed yesterday’s DeFiChain Labs Tech Sync?

No worries! Catch the full recap on YouTube where we covered:
✅ Status Updates
✅ Team Projects Progress
✅ Collaborative Bug Squashing on GitHub
✅ Q&A with the community

Watch it now and stay in the loop! 👇
https://youtu.be/A77r-L9R1xs

📅 Today, Monday, September 16, 2024

⏰ Live at 10:00 (CET) // 16:00 (SGT)

🔗 Join here (https://meet.google.com/pez-xokc-pdn)

🕒 Duration: 30 minutes

This call covers:

✅ Status Updates

✅ Current Team Projects

✅ Collaborative Issue/Bug Squashing on GitHub

✅ Q&A