Jelly Education

Links & Guides

We’ve compiled a list of tutorials and links to guide you through the exciting world of DeFiChain. The content is organized into sections based on your knowledge and skill level.

Start by setting up your DeFiChain Wallet

To access the DeFiChain ecosystem, you’ll need to use a special wallet app. The most popular one is the DeFiChain Wallet app, also known as the Light Wallet, which can be easily downloaded from the DeFiChain official website.

Note: The Light Wallet is just one of the multiple wallets used for DeFiChain. For smartphones, you can also use the DFX wallet. For desktop, you can use the DeFi Wallet app, which provides the DeFiChain full node. However, it’s recommended for advanced users. There’s also a browser extension called Jellywallet available. You can download all these wallets from the DeFiChain official website.

You can find the DeFiChain Wiki guide for the Light Wallet on this link.

Get the native token $DFI

Once you’ve set up your wallet and created your DFI address, it’s time to get your first $DFI tokens. The most common and easiest way is through centralized exchanges. You can find information about the native $DFI token and a list of exchanges on the DeFiChain official website.

Introducing DeFiChain DEX

Now that we have our wallet as a gateway and $DFI tokens as fuel, it’s time to start our journey through the DeFiChain ecosystem. Let’s begin with the center of it all: the DeFiChain Decentralized Exchange, also known as DEX. Just like in traditional trading systems, centralized exchanges provide liquidity and manage trades. In the DeFiChain DEX, liquidity is provided by liquidity mining pools, which are also used for trades.

Below are some links that provide basic information about the DEX:

Liquidity mining, Crypto vs dToken part of the DEX

As mentioned earlier, pools provide liquidity on the DEX. Each pool is created by pairing two assets, and the ratio of the amounts of each asset determines the asset price. You can find more details about pools on the DeFiChain Wiki and in the Medium article from Solros.

The DEX system has two main parts. The first part is made up of Crypto pools, which are composed of tokenized cryptocurrencies like dBTC and dETH with $DFI token. The second part is made up of dToken pools, which are composed of tokenized assets like dStocks and dETFs with $DUSD token. A special part of the DEX system is composed of Stablecoin pools USDT-DUSD, USDC-DUSD and DFI-DUSD. These pools provide a connection between the Crypto and dToken parts of the DEX and therefore also a connection outside of the DeFiChain ecosystem.

DUSD – The DeFiChain Stablecoin

The decentralized USD, or $DUSD, is a hybrid stablecoin that is partly backed by Crypto and partly an algorithmic stablecoin. It’s important to note that the current state of $DUSD is not ideal, as it has lost its peg to the USD. To avoid an increase in the $DUSD depeg, the DEX Stabilization fee was introduced. This fee currently has 2 parts. The “base” part of the fee is set at 30% and the “discount” part is flexible and is counted according to the current DUSD price. It could be 0-50%. The whole fee is used when leaving the dToken system (swapping $DUSD to Cryptos or Stablecoins). The DEX stabilization fee will be reduced after the repeg of $DUSD. More info about the fee can be found via this link. 

The current state of $DUSD can be viewed from two completely opposite perspectives. On one hand, there is the pessimistic viewpoint that does not trust in repeg, making it unwise to enter the dtoken (DUSD) system. On the other hand, the optimistic viewpoint fully trusts in repeg, making it a no-brainer to buy DUSD at a discount.

Although things are rarely black and white, it’s often possible to find a middle ground. In this case, one option could be to minimize risk by opting to mint $DUSD indirectly through a decentralized loan, rather than purchasing it outright. All you need to know is how vaults, collateral, and loans work, which is explained in the Advanced section of this page.

It is crucial to do your own research and thoroughly consider the advantages and disadvantages of each viewpoint before making any decisions.

How to trade on the DEX

Like a traditional exchange, DEX also allows using basic trading methods such as “Short” and “Long” positions. More detailed information on how this works on DEX can be found in the article on DeFiChain Wiki. The fundamentals of trading are also well explained in this Reddit post. The main advantages against trading on CEX are well explained in this tweet.

Trading tools

A good trader cannot do without sources of information about the current state of the stock market and DEX. In the DeFiChain world, we have some great tools that can help you stay up-to-date with the latest market trends and movements. You can find links to these tools in the Trading Tools section of this page.

The show begins…

That’s it for the basics. Don’t forget to watch the tutorial videos and try everything out. If you need any help or have any questions, please don’t hesitate to contact us. Once you’ve mastered the basics, you can move on to the Advanced section.

Video tutorials

To strengthen your trading skills, we collected video tutorials for you.