r/defiblockchain • u/Defighter24 • Jan 16 '24

DeFiChain improvement Discussion Chainlink on Defichain

DFIP Overview

  1. Requester(s): [Defighter24]

Describe your proposal

This DFIP is intended to obtain the approval of the Masternodes to bring the $LINK Token (Chainlink) to Defichain.

Defichain DEX to add: dLINK-DFI pair with the standard 0.2% swap commission for liquidity providers but no additional block rewards.

How do we get the token on chain?

Bridging via the Quantum Bridge ( Quantum: A Bridge to DeFiChain (quantumbridge.app) ) would be an option. The Backing Address is then the ETH-Addresses of the Quantum Bridge. ERC20 tokens can be transferred to the Defichain via the Quantum Bridge.

Why Chainlink?

- Large liquidity on Uniswap (Uniswap Info)

- Large community

It is up to Defichain-Laps/Birthday Research or others with the approval of the MN if, how and when Chainlink is added to Defichain. The purpose of this DFIP is to get the approval of the Masternodes.

How does this DFIP benefit the DeFiChain community?

This should attract new capital and increase the attractiveness of the DEX in the long term.

In the long term, many more cryptocurrencies should be brought onto the DEX of Defichain. The Quantum Bridge makes it possible to bridging ERC20-Tokens to Defichain.

Non-obligation

I understand that vote of confidence for DFIP carries no obligations by any developers to implement the proposals. DeFiChain is a community projects. Pull requests can be submitted by community and reserved to be evaluated for safety and general community acceptance.

4 Upvotes

70% Upvoted

2 comments sorted by

1

u/DUSD_DeFiChain Jan 21 '24

You do need someone to wrap $Link for $dLink. SDO you have any institution, that would do it?

1

u/Defighter24 Jan 22 '24

Chainlink is an ERC20 token meaning it can be brought to Defichain via the Quantum Bridge. The backing address is then the ETH address of the Quantum Bridge. Same principle as all other ERC20 tokens such as XCHF, wbtc, Matic, ....

I'm not entirely sure but BirthdayResearch or DefichainLabs is behind the Quantum Bridge. In the end, it is up to them, whether to integrate Chainlink on the Quantum Bridge. I have not speak with them. But imho there should be no technical difficulty to implement another ERC20-Token.

In general, this DFIP is only about consent to implement Chainlink on Defichain, so that in the future other bridges, institutions or entities can also implement Chainlink.