DeFiChain: Major Project Jellyverse Is Cancelling a Launch

DeFiChain (DFI) has come under fire, and co-founder Julian Hosp has to defend himself on several legal fronts. Now the Jellyverse project has also reacted to the situation and canceled a planned launch on DeFiChain. On Reddit, Jellyverse explains why they see no future for DeFiChain for the time being:

1. DeFiChain, with its focus on decentralized finance (DeFi), has been experiencing a loss of importance since April 2022 at the latest, which is reflected in the meltdown of the invested capital. In April 2022, the DeFiChain DEX (Decentralized Crypto Exchange) had over 600 million US dollars TVL behind it, now it is less than 50 million, according to Jellyverse. With so little liquidity, the Jellyverse concept (according to self-promotion: defi 3.0) no longer makes sense, they say.
2. The algorithmic stablecoin DUSD, which is part of the DeFiChain, is not sufficiently covered. Now DeFiChain is focusing on solving the DUSD problem and is losing necessary (financial) capacity to further develop the ecosystem, Jellyverse said in its analysis.
3. Bake, as the crypto company behind DeFiChain, brings too many central components into the decentralized system. This was most recently shown with dBTC, the image of Bitcoin (BTC) . We reported in detail a few days ago () about what is wrong with dBTC in DeFiChain.
4. Metachain as the future of DeFiChain is “not really competitive” with its implementation of the Ethereum Virtual Machine (EVM), according to Jellyverse, and a new announced roadmap for the ecosystem will shift the focus to Web 3.0 rather than through EVM optimization DeFi as previously thought to put in the foreground.

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Jellyverse jumps off DeFiChain – JLY airdrop as compensation

Jellyverse was financially supported by DeFiChain and was considered a showcase project for creating added value for DFIs. The DeFiChain community reacts to X from very disappointed to angry.

As a consolation, Jellyverse meanwhile promises to prepare an airdrop of the planned JLY token. However, a date has not yet been set. Investors who hold DFI and DUSD on a Metachain address should be taken into account. Jellyverse is now looking for a different ecosystem where you can realize your ideas.

What’s next for DFI and DUSD?

Our first warning about DeFiChain dates back to the summer of 2022. Since then, things have basically continued to decline, with DFI currently trading at $0.13, just one cent above its all-time low. DUSD is currently being saved from a total crash by support purchases from Bake and the community, but experts believe the method will only be temporary.

What’s additionally worrying: Rayman Julian Hosp, DeFiChain’s figurehead, is silent on X about the latest developments, and not just about Jellyverse. Normally Hosp is not at a loss for comment. Now he is probably worried about the legal dispute with Bake co-founder U-Zyn Chua and a threatened class action lawsuit in the USA. Unsavory details about Hosp’s lifestyle are also making the rounds on social networks, including drug and sex stories.

Conclusion: DeFiChain and Bake – Julian Hosp sinks next projects

Since 2022, we have repeatedly shown in around ten reports why DeFiChain probably has no future and investors have to fear a total loss. We have also repeatedly highlighted the role of Julian Hosp and his inglorious past at Lyoness and TenX.

If you read Jellyverse’s arguments about DeFiChain carefully, they reflect what has been foreseeable for some time. It is no coincidence or bad luck that Hosp is increasingly alone and the ranks of self-proclaimed DeFighters are thinning out. Here again, a project by Julian Hosp with DFI and DUSD is going down the drain, which critics classify as a pyramid or pyramid scheme. Congratulations to everyone who made the jump on time.

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