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Shifting into ‘Lite’speed: DeFiChain Launches Litecoin Liquidity Mining 

Place/Date: Singapore - February 11th, 2021 at 3:00 pm UTC · 4 min read
Contact: Kavi Saglani, Source: DeFiChain

Photo: DeFiChain

DeFiChain, the world’s leading blockchain on the Bitcoin network devoted to decentralized monetary applications, has today announced that Liquidity Mining with full rewards will be available with LTC on the DeFiChain platform. Following a successful one-week testing period, the Liquidity Mining program on DeFiChain will award two DFI coins – DeFiChain’s native digital currency – for every block mined.

By adding Liquidity Mining capabilities for LTC, one of the most popular cryptocurrencies in the world, the platform highlights its commitment to delivering more opportunities, options and diversity for its users, and adds to the existing suite of benefits provided to its users.

Julian Hosp, Chairman of DeFiChain, said:

“Litecoin is one of the most popular and widely used cryptocurrencies in the world, and we are delighted to be partnering with them to offer Liquidity Mining for Litecoin on DeFiChain. Liquidity Mining on DeFiChain allows market making to be done in a fair and transparent manner.”

He continued:

“In order for it to be used by such a vast community, it has to be highly liquid and available in multiple markets. The integration and availability of LTC on the DeFiChain platform gives users another option, thereby empowering holders of the cryptocurrency to provide measurable, beneficial liquidity and earn rewards in return.”

DeFiChain’s DEX (decentralized exchange) offers fast transaction speeds, low fees, low transaction fees, high security, and a fully decentralized trading environment. On DeFiChain, a gamut of Litecoin holders can utilize their holdings and computing resources to provide liquidity and earn sizable returns in the process.

Jay Milla from Litecoin Foundation said:

“This marks the beginning of a new era for LTC, being available on one of the world’s fastest growing decentralised platforms. DeFiChain’s mission, to provide fast, intelligent and transparent financial services is aligned to our own. Throughout the years, Litecoin has continued to grow to become an industry leader, as one of the oldest and most widely utilized and traded cryptocurrencies. It continues to maintain its position within the top cryptocurrencies ranked by market capitalisation.”

DeFiChain, one of the leading blockchains built upon the Bitcoin’s network infrastructure, which democratises market making and liquidity provisions by empowering its rapidly growing community. With this partnership, traders and investors, both retail and institutional, will be able to earn rewards based on the actual, measurable liquidity they create for Litecoin, which in this case, equates to two DFI per block mined.

To access LTC-DFI Liquidity Mining pools on DeFiChain, simply download the DeFiChain desktop app, deposit DFI to the DEX to swap part of it for LTC, then select “Liquidity” from the menu on the left-hand side and the “+” symbol under “Add or remove liquidity” to select the amount to add. It couldn’t be easier.

About DeFiChain

DeFiChain is a blockchain platform dedicated to enable fast, intelligent, and transparent decentralized financial services. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem. Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built on Bitcoin (as a software fork), and leverages Bitcoin’s security by anchoring to the bitcoin blockchain (via Merkle root) every few minutes.

By dedicating the functionality of a blockchain specifically to decentralized finance, DeFiChain is able to provide high transaction throughput, reduced risk of errors, and intelligent feature development.

Visit DeFiChain official website for full information including roadmap and upcoming features. Join on Facebook, meet the team on LinkedIn, join the community on Reddit, keep updated on Telegram, follow on Twitter, subscribe on YouTube.

About Litecoin Foundation

The Litecoin Foundation is a non-profit organization whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Litecoin is a peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. The Litecoin Foundation Ltd. is headquartered in Singapore (registered UEN# 201709179W) with an active team contributing from around the globe.

Disclaimer DeFiChain is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 

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