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Defigram

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Discover Defigram's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Defigram?

Defigram (DFG) is a cryptocurrency token that powers an instant messaging social software based on the Telegram communication protocol. It allows users to seamlessly integrate with Telegram communities and channels while providing a decentralized wallet service for various DeFi products. The token is traded on centralized exchanges and has a total supply of 1 billion DFG tokens.

How is Defigram used?

Defigram (DFG) is a cryptocurrency token that can be used for various purposes within its ecosystem. The specific use cases of Defigram are not explicitly stated in the provided sources, but based on general cryptocurrency practices, it can be inferred that DFG can be used for transactions, trading, and potentially as a form of payment or store of value within the Defigram network.

How do I store Defigram?

To store Defigram (DFG) tokens, you have two primary options:

  1. Store on an Exchange:

    • Hold your funds on a centralized exchange (CEX) like BYDFi, Binance, or KuCoin. This provides convenient access to various investment products and features such as spot and futures trading, staking, lending, and more. The exchange will securely manage your funds, but make sure to select an exchange with strict security measures to ensure your assets are safe.
  2. Use Non-Custodial Wallets:

    • Withdraw your Defigram (DFG) to a non-custodial or self-custodial wallet. This grants you complete control over your private keys. You can use hardware wallets, Web3 wallets, or paper wallets. However, this option may be less convenient if you wish to trade your Defigram (DFG) frequently or put your assets to work. Be sure to store your private keys securely to avoid losing your Defigram (DFG).

How to buy Defigram?

To buy Defigram (DFG) tokens, follow these steps:

  1. Choose a Reliable Centralized Exchange:

    • Select a trustworthy exchange that supports Defigram (DFG) purchases, such as Binance or KuCoin.
    • Consider factors like ease of use, fee structure, and supported payment methods.
  2. Create an Account:

    • Enter the required information and set a secure password.
    • Enable two-factor authentication (2FA) for added security.
  3. Verify Your Identity:

  • Complete Know-Your-Customer (KYC) verification, which may vary based on your nationality and region.
  1. Add a Payment Method:

    • Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  2. Buy Defigram (DFG):

    • Use fiat currency if supported, or first purchase a popular cryptocurrency like USDT and then exchange it for Defigram (DFG).

Alternatively, you can also buy Defigram (DFG) via a crypto wallet that supports fiat-to-crypto purchases. Ensure you understand the fees and security measures involved.

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History of Defigram

The history of Defigram (DFG) is marked by significant highs and lows. The cryptocurrency reached its all-time high (ATH) of $14.03 in February 2023. Since then, the price has been constantly changing, with notable fluctuations in recent months.

In the first half of 2024, Defigram's price experienced a decline, dropping by 11.75% since the start of the year. However, predictions suggest that the price could increase by 121.28% by the end of 2024. This volatility is reflected in the daily price charts, which show frequent changes in the high and low prices over short periods.

Despite these fluctuations, Defigram remains a notable cryptocurrency, with a current market capitalization of $27.35 million and a circulating supply of 10 million coins. The market capitalization is a key indicator of the asset's value, and Defigram's ranking of 575 among all known cryptocurrency assets reflects its relative popularity.

Overall, Defigram's history is characterized by significant price swings, making it an interesting and dynamic cryptocurrency to follow.

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How Defigram works

Defigram (DFG) is a cryptocurrency that operates by integrating a decentralized wallet into an instant messaging platform. This integration allows users to manage their multi-chain assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Smart Chain (BSC), directly within the messaging platform. The decentralized wallet supports various Defi (Decentralized Finance) activities such as pledge mining, lending, trading, and gaming.

One of the key features of Defigram is its ability to communicate seamlessly with Telegram communities and users. This allows project owners to engage directly with users, fostering a sense of community and facilitating discussions around Defi projects. Additionally, Defigram supports the display and authentication of NFT (Non-Fungible Token) assets held by users, enabling users to showcase and reward each other's NFT works using DFG tokens.

DFG tokens also play a crucial role in governance. Holders of DFG tokens can vote on future development proposals for Defigram, ensuring that the community has a say in the direction of the project. Furthermore, DFG tokens can be used for transactions within the platform, such as purchasing NFT assets or participating in gamefi (gaming finance) activities.

Overall, Defigram aims to bridge the gap between users and project owners in the Defi space by providing a user-friendly platform that combines the functionality of a decentralized wallet with the social aspects of an instant messaging service.

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Defigram's strengths

The token Defigram (DFG) has several strengths that contribute to its value and potential for growth:

  1. Seamless Integration with Telegram: Defigram is built on the Telegram communication protocol, allowing users to create barrier-free links between Defigram and Telegram communities, channels, and users. This integration enhances communication efficiency and reduces costs.

  2. Decentralized Wallet: Defigram provides a decentralized wallet service, enabling users to access various DeFi products directly within chats. This feature greatly improves the user experience and facilitates the use of DeFi services.

  3. NFT Support: Defigram supports NFT authentication and display, allowing users to showcase their NFTs and interact with others who share similar interests.

  1. Governance and Community Engagement: DFG token holders can participate in the governance of Defigram by voting on development proposals. They can also reward other users with DFG for their NFT works and purchase these NFTs directly.

  2. GameFi Platform: Defigram incorporates a GameFi platform, allowing users to utilize their DFG assets in gaming applications, further expanding the token's use cases.

  3. Fixed Supply: The maximum supply of DFG tokens is capped at 1 billion, which could lead to increased scarcity and potentially drive up the price as demand grows.

These strengths position Defigram as a versatile and user-centric platform that combines social messaging with DeFi capabilities, making it an attractive investment opportunity.

Defigram's risks

Defigram (DFG), a cryptocurrency project, faces several financial risks that are inherent to the decentralized finance (DeFi) ecosystem. These risks include:

  1. Liquidity Risk: The possibility of insufficiency of funds to realize the value of a financial asset. This risk is particularly relevant in DeFi services where market makers are incentivized to liquidate under-collateralized loans, which can lead to unanticipated default risks for original counterparties and liquidity providers.

  2. Market Risk: The possibility that asset value will decline over time due to various market conditions, investor behaviors, or new information. DeFi's ease in fund transferring and its complex instruments increase the possibility of market manipulation, leading to liquidations and price swings.

  3. Credit Risk: The risk of default by borrowers, which can be exacerbated by the lack of standardized price discovery mechanisms in digital currency markets. This risk is particularly significant in DeFi lending protocols where the liquidation incentive structures can fail, leading to default risks for liquidity providers.

  1. Smart Contract Risks: Weak coding in smart contracts can create openings for malicious actors to exploit and drain liquidity pools of tokens. This risk is particularly significant in DeFi protocols that use liquidity pools to track token prices.

  2. Regulatory Risks: Regulatory oversight can pose a significant threat to DeFi projects like Defigram. Strict regulations can stifle innovations, while inadequate regulations can lead to market manipulation and instability.

  3. Operational Risks: DeFi protocols are vulnerable to operational risks such as flash loan attacks, reentrancy attacks, and rug pulls, which can directly harm users providing liquidity to affected pools.

These financial risks are critical for Defigram and other DeFi projects to address in order to ensure the stability and sustainability of their ecosystems.

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Did Defigram raise funds?

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Defigram's ecosystem

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Defigram’s team

  • James Wo: Founder & CEO of DFG, an experienced entrepreneur and investor in the crypto space who oversees over $1 billion assets under management.
  • Terry Culver: Executive Director at DFG.

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The fundamental analysis assistant for crypto value investors.

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