Chia Network Planning New Defi Products

Bram Cohen: Chia Network Planning New Defi Products

The Chia Network has been consistent in the development of its ecosystem. Just last week, it was reported that the project released its official pooling protocol.

The founder of Chia Network Bram Cohen has revealed his new plans for the protocol in a series of his recent tweets. According to Cohen, he is planning to develop a new set of DeFi-related products within the ecosystem of the Chia network.

DeFi Products to be Offered by Chia

The founder revealed that the DeFi products will have a homegrown decentralized exchange (DEX) and AMM accompanying Chia’s forthcoming project.

Decentralized exchanges have become a quite common feature in the Defi space. According to available data from Defiprime, the platform has recorded a total transaction volume of over $140 billion within the last one year.

Apart from that, a report shows that “over $2 billion was traded on 16 different dex platforms and $15 billion total over the last week. Of that $15 billion, Uniswap captured $10.3 billion of all that volume and outshines Sushiswap and Pancakeswap’s volumes combined.”

Decentralized exchanges are crypto exchanges that allow for direct P2P cryptocurrency transactions to happen securely on the web without the need for a third party.

Scammer Is Impersonating Chia Founder

The creator of Chia also directed attention to a scammer, who he discovered had been impersonating him on Facebook. He advised the public to report such a profile when they come across it.

“There’s a scam artist impersonating me on Facebook. If they contact you, please report it as a fake,” said he.

Cohen, who is willing to get his account verified, added that “If anyone knows how to get verified on Facebook, it will be very helpful.”

The Chia Network has been consistent in the development of its ecosystem. Just last week, it was reported that the project released its official pooling protocol, which gives Chia Coin farmers a better chance of winning a small amount of the cryptocurrency by collaborating with other farmers instead of competing against them.

According to the Chia Network, its pooling implementation will enable farmers to move their plots between pools or go back to self-hosting their plots at will. They will also be guaranteed of getting rewarded.

Per a report, getting started with pools requires an update to version 1.2.0 of the Chia Blockchain software. The Chia Network said that plots established using previous versions of the software would continue to function, however, farmers looking to continue mining their own plots don’t necessarily have to upgrade if they don’t want to.

Chia Network, founded by Bram Cohen, develops blockchain and smart transaction platforms with a Proof-of-Stake consensus.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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