DeFiChain, a decentralised finance (DeFi) protocol based on a Bitcoin (BTC) fork and Proof-of-Stake (PoS) consensus, has announced the addition of a valuable component to its asset list.
Following a recent community referendum, DeFiChain added four new decentralised tokens (or dTokens), according to an official announcement shared by the company. Every dToken is connected with a stock or ETF. This addition includes tokens representing Walt Disney, iShares MSCI China ETF, MicroStrategy Incorporated, and Intel Corporation.
As a result, cryptocurrency fans are subject to fluctuations in the value of “underlying” firms. At the same time, these assets should not be considered tokenized stocks since they do not represent ownership, voting rights, dividends, or other shareholder benefits.
dTokens’ prices do not necessarily follow those of connected stocks and ETFs: instead, they reflect a number of variable factors and use oracles to capture those feeds. Prasanna Loganathar, DeFiChain’s lead engineer, highlights the necessity of this release for crypto adoption and the development of token markets.
DeFiChain previously integrated tokens connected with the S&P 500, Tesla, Apple, Alibaba, GameStop, Nasdaq 100, Nvidia, Amazon, Microsoft, Netflix, Meta, and other popular platforms. Unlike traditional stocks, dTokens may be used in a variety of DeFi mechanisms. Users can stake them, use them for liquidity mining, transfer them freely, and so on.
Finally, DeFi enthusiasts may create dTokens on the DeFiChain blockchain by putting up BTC, DFI, dUSD, USDT, or USDC as collateral.
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