Crypto celebrity Julian Hosp wants to revive the DeFiChain (DFI). But last week, the network went down twice for hours at a time. DeFiChain’s price curve is also stuck in a downward spiral.
The decline of DeFiChain (DFI) continues: data services such as CoinGecko are currently recording a new all-time low almost every day for the crypto company Cake’s project. Around three weeks ago, co-founder Julian Hosp announced a comeback attempt for DeFiChain, now that he is running Cake single-handedly. However, daily tips from Hosp alone are not helping DeFiChain, and technological problems are putting an additional strain on trust.
DeFiChain’s blockchain monitor (here) recorded a network outage of 3 hours and 37 minutes yesterday, Sunday. And on June 10, DeFiCain was also down without warning for 4 hours and 20 minutes. In such situations, no transactions are possible, which calls the basic concept into question. It is also strange that neither Cake (formerly Bake) nor Julian Hosp have yet provided an explanation for the network outages at DFI. At Solana (SOL), for example, notorious for recurring network failures, the developers naturally share the results of their troubleshooting with investors in an attempt to keep the loss of confidence in check.
Another indicator of DeFiChain’s probably hopeless situation is the alleged stablecoin Decentralized USD (DUSD), which is part of the ecosystem. It already lost its 1:1 peg to the US dollar in the summer of 2022 and, according to CoinGecko, hit a new all-time low of just 6 cents a week ago – DUSD has become a parody of a stablecoin. At least former co-founder U-Zyn Chua has now stopped his side-swipes at Julian Hosp, which he was initially unable to refrain from after Hosp’s takeover of Cake.
Conclusion: The slow death of DeFiChain continues
Julian Hosp likes to present himself as a sonny boy who knows a solution to every problem. However, the TenX project, in which Hosp was significantly involved before DeFiChain, also ended in total bankruptcy for many investors. The chances of a comeback for DeFiChain are therefore very slim. The crashed stablecoin DUSD is a warning signal in itself and the network outages are no trifle, as they directly affect the technological basis of the entire DeFiChain. Anyone still investing here should take a critical look at themselves – because observers have long classified DeFiChain as a shitcoin.
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