DECHAT is an innovative platform that combines social networking and financial functionality on a decentralized blockchain.
It is a unique platform that facilitates communication, digital asset transactions, and interactive community engagement. Since the $DECHAT token has officially been launched, users can buy and trade it on major exchanges like CoinEx.
This article explains DeChat's core aspects, explores SocialFi's dynamics, lists the DeChat token distribution, and explains how users can trade DECHAT on CoinEx.
What is DECHAT?
DECHAT is a leading platform in the SocialFi industry. It introduced its $DECHAT token to the public with an Initial DEX Offering (IDO) on February 19, 2024.
DECHAT combines social networking with financial operations on a blockchain platform. This combination allows users to easily communicate, explore, and deal with digital assets across different applications.
It is an open and secure Web3 communication protocol that is transforming how people interact online. DECHAT combines the ease of traditional chat services with the advanced, decentralized aspects of Web3 technology.
One of DECHAT's notable features is its use of inscription technology. This makes it the first product in the SocialFi space to incorporate such technology.
The "DCHAT" inscription, based on this technology, has quickly become the leading SocialFi inscription on the BNB Chain, as seen by its large and expanding user base.
Additionally, DECHAT has rolled out an on-chain quest Odyssey system. This system is designed to increase user involvement through engaging activities and help users transition from Web2 to Web3.
DECHAT's ecosystem also provides various digital asset commerce options. These options include, among others, token and NFT airdrops, swaps, and group gifting.
All these activities are secured with end-to-end encryption, which protects the privacy and security of user communications.
Through these efforts, DECHAT is poised to offer a secure, multi-platform, and enhanced user experience to the blockchain community.
Here are some $DECHAT coin metrics and official links:
- DECHAT Price: $0.2743 (July 10, 2024)
- Total Supply: 25 Million $DECHAT Tokens
- Circulating Supply: 4.89 Million as of July 10, 2024
- Website: https://www.dechat.io/home
- Socials: X (Twitter), Discord, Telegram, LinkedIn
What is SocialFi?
SocialFi, short for Social Finance, is a concept that blends social networking with financial elements within the blockchain and cryptocurrency spaces.
It enables users to engage in social interactions, like posting, commenting, and sharing, while also participating in financial activities such as trading, investing, and earning rewards in cryptocurrency.
This innovative approach allows for a more integrated and interactive online community experience where users can benefit financially from their social participation.
SocialFi platforms, like DECHAT, are leading this movement by creating spaces where social interactions directly contribute to the user's economic opportunities within a decentralized framework.
DECHAT Tokenomics
The tokenomics of DECHAT represents how the $DECHAT tokens are distributed among different stakeholders and for various purposes. This is to ensure the smooth functioning and growth of the ecosystem.
The allocation is designed to support the long-term sustainability and development of the platform.
Here are the details of the DECHAT token distribution:
- Teams (5%): A total of 1,250,000 DECHAT tokens are reserved for the team, which are locked for 2 years. Post-lockup, these tokens are released gradually over 24 months to ensure the team remains motivated and aligned with the project’s long-term goals.
- Presale 1 (4%): This consists of 1,000,000 DECHAT tokens available during the first presale phase. The tokens from this phase come with a token generation event (TGE) release of 7% and are then released linearly across 12 months, providing early backers with a staged entry into the market.
- Presale 2 (16%): In the second presale, 4,000,000 DECHAT tokens were allocated. Similar to Presale 1, these come with a 10% TGE and are then distributed evenly over the following 12 months.
- IDO (5.82%): The Initial DEX Offering accounts for 1,455,000 DECHAT tokens. These are subject to a 15% TGE and are also released linearly over 12 months, allowing participants to gradually receive their investment.
- Liquidity, MM, Incentives (10%): 2,500,000 DECHAT tokens are set aside for liquidity, market making, and incentives. They have a 40% TGE and are locked for 6 months, after which they are released linearly in 6 months to support the platform’s market presence and provide incentives.
- Chat To Earn (40%): The largest portion, consisting of 10,000,000 DECHAT tokens, is dedicated to the Chat to Earn feature. These tokens have a vesting period of 4 years, aligning the interests of the users with the long-term success of the platform by rewarding active participation.
- Community Treasure (4.18%): A total of 1,045,000 DECHAT tokens form the community treasure. This fund is released after 2 years, ensuring there are resources available for future community initiatives and growth opportunities.
- Node Rewards (15%): Finally, 3,750,000 DECHAT tokens are reserved for Node Rewards. These tokens are vested over 4 years to incentivize nodes, which are crucial for the maintenance and expansion of the DECHAT network.
What is BNB Chain? Other Coins on BNB Chain?
The BNB Chain is a blockchain network built for running smart contract-based applications.
It operates alongside the Binance Chain, with an emphasis on providing a robust platform for decentralized apps (dApps), and features compatibility with the Ethereum Virtual Machine (EVM).
The BNB Chain aims to offer high transaction capacity and low fees, making it an attractive option for developers and users alike.
Here are three of the many coins that operate on the BNB Chain:
- Binance Coin (BNB): The native cryptocurrency of the BNB Chain, BNB is used for transaction fees, staking, and participating in exclusive token sales on the Binance platform.
- PancakeSwap Token (CAKE): CAKE is the utility token of PancakeSwap, a popular decentralized exchange (DEX) on the BNB Chain known for its low fees and fast transactions.
- BakeryToken (BAKE): BAKE is the native token of BakerySwap, another decentralized finance (DeFi) protocol on the BNB Chain that provides automated market-making (AMM) and NFT marketplace services.
How to Buy and Trade DECHAT Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 6+ millions of users worldwide with 100% reserve. With 1,100+ tokens supported, including DECHAT, users can now trade easily and seamlessly. To buy and trade DECHAT tokens on CoinEx, follow the steps below:
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to the DECHAT Trading Page: Once your account is funded, go to the dedicated DECHAT trading page on CoinEx. You can find a search box and enter the term “DECHAT” to locate the trading pair associated with DECHAT tokens.
- Choose a Trading Pair: Select the trading pair DECHAT/USDT if you'd like to trade DECHAT against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of DECHAT tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade DECHAT on CoinEx.
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