What Is DeFi Coin and Is It a Scam? Reviews, Opinions, and DYOR
DeFi Coin (DEFC) is a digital token associated with DeFi Swap, a decentralized exchange that operates on the Binance Smart Chain (BSC). The DEFC token is designed to support instant conversions, yield farming, staking, and other interest-based services. It operates on a community-driven fair launch DeFi protocol with a built-in taxation system that rewards long-term holders and penalizes short-term traders.
DeFi Coin has a good website and is a fairly useful project that guarantees that it will reward its loyal holders and the coins will be gradually burned to create excitement and increase the value of both the token and the project. But is everything as good as the creators explain? Let's figure it out.
DeFi Coin Reviews and Opinions: Reddit and X
As usual, we addressed people who might know something about the project and its legitimacy.
At first, we needed to ask Cryptonica X followers to define their opinions about the project. The thoughts were the following:
As we see, everyone (even if there are only 3 people) voted for the non-scam option. That’s quite interesting, because we asked people in chats, sent the poll to the groups and comments of active people, and, yet, no more results.
At the same time, if we paste the “DeFi Coins” in the search tab, we will see too many posts about DeFi 2.0, other coins, and DeFi, but in general. Thus, we still needed to dig deeper. And we dug.
“DEFC” is the next thing we searched for, and finally got at least something that refers to the project we reviewed. However, the first tweets were related to the phishing website that claims that this is a project exchange. Here is the proof of the scammers that made a fake website:
It’s true. We also saw this website in the first search lines in Google. We even followed the link and then understood that it was a fake website. Luckily, people are warned. Here are a couple of reactions to the news by the users:
Source and Copyright © X
What about Reddit? That wasn’t easy too. We tried to find the DeFi Coins or Swap information in the threads, but that wasn’t obvious. To be honest, we haven’t found anything useful or any relatable comment about the project.
If you have found anything about it, please, reach out to our email in the contact area, and we’ll check it, and add this info. The project’s Reddit is full of different DeFi information. But none of it is related to our topic.
Thus, we give to this part of the project the following mark:
Community, Website, and Social Media Accounts
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If you follow the link of the X account of the project, you may get the message that the account doesn’t exist. This is the official link on the DeFi Coins website. Interesting! Luckily, we’ve found the real account of the project. It is located here. Thus, the X account itself isn’t as active as it may be.
What about the Telegram of the project…this is just a channel of the DeFi Swap Exchange. No less, no more. In the channel you might find signals, though, there is no information about the DeFi Coins project.
There are also Discord, Medium, and GitHub links. Why aren’t they included in our review? Because the links lead to the official DeFi Coins website. That’s it! We tried to find the official accounts on these social networks, and, yet, no success.
Source and Copyright © DeFi Coins website
However, the official DeFi Coins website is quite impressive: it’s professional and has all of the paragraphs that are needed for the project (besides the one about the Team). The website itself promotes DeFi Coin (DEFC) as the "overall best DeFi Coin for long-term investors" and provides information about the token and its features. It’s quite pretty, but still, the project needs to work with their social media.
For now, we give to DeFi Coins website and socials the following mark:
Founders and Investors of DeFi Coins
The specific information about the founders and investors of the DeFi Coins project is not available. The search results mainly focus on DeFi Coins (DEFC) and its association with DeFi Swap, a decentralized exchange that operates on the Binance Smart Chain (BSC).
The DeFi Coin protocol is a community-driven fair launch DeFi Token, and the team behind it has installed an innovative taxation system into the underlying smart contract. However, there is no information about the founders or investors of the DeFi Coins project.
DEFC Tokenomics: Supply, Allocation, Use Case
DEFC token is designed to support instant conversions, yield farming, staking, and other interest-based services.
The DeFi Coin protocol is a community-driven fair launch DeFi Token, and the team behind it has installed an innovative taxation system into the underlying smart contract. The taxation system commands a 10% tax on every buy and sell order that takes place on the DeFi Coin network, with the $100 collected evenly split between existing DeFi Coin holders and the DEFC liquidity pool. A 10% transaction tax is applied, with 5% distributed to existing DEFC holders and 5% used to supply liquidity to decentralized exchange services.
The tokenomics and allocation of DEFC are designed to encourage long-term holding, with rewards for static reflections and staking. Understanding the tokenomics of DEFC is crucial for making informed investment decisions in the rapidly evolving crypto space. However, the project's White Paper doesn't describe the concrete allocation of tokens. Thus, it’s kind of suspicious.
At the same time, one should be attentive conduct thorough research, and exercise caution when investing in cryptocurrencies, as the cryptocurrency market can be associated with various risks, including price volatility and the potential for scams. Especially, you need to take into consideration the fact that we couldn’t even google information about the project’s token distribution…it’s just missing. Another thing to think about.
DEFC Current Price and Price History
Source and Copyright © CoinMarketCap
As of the latest available data, on the 5th of December 2023, the current price of DeFi Coin (DEFC) is $0.001402 with a 24-hour trading volume of $4.62. The market cap is $13,332, with a self-reported circulating supply of 11,674,835 DEFC and a total supply of 100,000,000 DEFC. The fully diluted market cap is $114,194.
The graphics of the coin are quite alarming; we don’t think that the coin is popular…as they say on the internet, reviews, and forums. In addition, the trading volume isn’t as overwhelming as it could be. However, this is only our opinion.
Note that cryptocurrency prices are highly volatile and can change rapidly. For the most up-to-date information, it is recommended to check a reliable source like Binance, CoinGecko, Crypto.com, or CoinMarketCap.
Bottom Line: Is DeFi Coin a Scam or Not?
The DeFi Coin (DEFC) is a native digital token of the DeFi Swap, a decentralized exchange that supports instant conversions, yield farming, staking, and other interest-based services. The token operates on the Binance Smart Chain and is used for Reflection, LP Acquisition, and Burn. A 10% transaction tax is applied, with 5% distributed to existing DEFC holders and 5% used to supply liquidity to decentralized exchange services.
The token is designed to discourage day trading and encourage long-term holding, with holders rewarded static reflections for holding the tokens. The price of DEFC has experienced significant volatility, and it is currently trading at a low value.
Taking into consideration the fact that the coin is listed on exchanges, the project’s website is good and pretty, but the other things are quite suspicious. The founders say that the coin’s price will be increased because of the burning, the money earned on taxes will be distributed to the holders, and the DeFi experience will be more optimized. They may say that, but, who knows if these things will be made? We have 50/50 feelings about that.
Thus, we hope that you may conduct additional DYOR to have a critical opinion for the project; but for now, we remind you of the risks and fluctuations of the new projects that may lead to money loss, thefts, etc. Or the DeFi Coins could be the one that we should trust? The question is left unanswered.