DFYN
Trade Reports

DFYN: A Multi-Chain AMM DEX

DFYN is a multi-chain Decentralized Exchange (DEX) that aims to create an inclusive DeFi ecosystem integrated with an optimized Automated Market Maker (AMM). It aims to provide a faster, cheaper, fairer, and more accessible platform for a better multi-chain blockchain universe. Their main goal is to provide a platform to host the next wave of crypto users in the DeFi world. 

Team Behind the Project

For starters, most of the code from the DFYN project has been made open source, where you can check its progress and development here. It is backed up by some major investors and has a good group of partners. The project aims to tackle some of the issues with the current AMM DEX platforms for a better user experience.

Priyeshu: Co-Founder

The DFYN project was co-founded by Priyeshu. Eth G. in 2020 who also co-founded the Router Protocol in 2021. During his past experiences, he co-founded Streetingo: an Android-based street food aggregator in 2016. He worked as a Crypto Analyst from 2018 to 2020 until he started working on DFYN after gaining experience in crypto technology. 

As of now, DFYN is backed up by the following investors: 

Investors of DFYN
Investors of DFYN

Apart from that, DFYN’s partners include: 

Partners of DFYN
Partners of DFYN

DFYN also has an active community base where they regularly interact with the platform users. You can check the same on their telegram channel, and Twitter account for their latest news and updates.

Product Features and Future Scope

To begin with, DFYN is currently working as a multi-chain DEX but will soon transform into a cross-chain DEX in the future. This will allow the users to trade on any blockchain network to other blockchain networks of their choice. It will house an interactive UI where users can explore multi-chain trades, or they will be able to limit trades filled with a single chain. 

In addition, DFYN will soon launch its own Layer 2 Launchpad that will allow creators to enjoy the following benefits: 

  • Get listed on the DEX
  • Initiate farming plays and vesting with no code tools 
  • Stake smart contracts on the platform
  • Launch tokens on multiple chains 
  • Undertake creative Layer 2 IDO strategies without the high ETH fees

Core Values of DFYN 

DFYN greatly emphasizes tackling the problems faced by existing DEX platforms. It aims to do so by offering the following features:

Blockchain Agnostic 

DFYN’s DEX aims to build a blockchain agnostic ecosystem that will work along with the other blockchain technologies. As a result, users can use the platform with any other blockchain network of their choice. Most importantly, it will allow creators to host DFYN nodes on the blockchain to help them earn passive income via fee collection.

Transparency 

Being a decentralized exchange, the platform offers complete transparency to its users. Since most of the code has been made open-source, it allows users to see how the platform operates and the development process on their GitHub platform.

Improved User Experience

Compared to most Layer 1 DEXs, it aims to offer a better experience by offering smart order routing and zero gas transactions. Most transaction costs will be a fraction of the costs in the Ethereum network and will be up to 10 times faster.

How DFYN Solves Existing Problems?

DFYN is continuously moving forward to build a network across various Layer 1 and Layer 2 blockchains. This will benefit DFYN by making them a cross-chain ecosystem with the help of their Router Protocol. As a result, DFYN can plug into various liquidity sources across different chains. Accomplishing a cross-chain bridge will help improve price discovery and efficiency and prevent liquidity fragmentation. 

Currently, DFYN is available on Fantom and Polygon but will soon be available on BSC, HEC, AVALANCHE, POLKADOT, ALGORAND, and more. On Polygon itself, DFYN was able to eliminate gas fees with the integration of meta transactions. Moreover, users can earn fees or use, exchange, or swap tokens if they offer supply to other liquidity pools. 

Tokenomics

For any crypto project, tokenomics play an important role in becoming the deciding factor for investment. It helps the investors understand the project’s future scope and its long-term objectives. Hence, the tokenomics for DFYN are as follows:

Allocations Token %Vesting 
Reward Pool30%Based on mining/farming initiatives
Ecosystem Fund17.45%Unlock 3% on TGE followed by linear vesting for a period of 1.5 years
Partners & Advisors 15%Unlock 10% on day 180 followed by linear vesting over 2.5 years 
NFT Airdrops2.25%Unlock for community initiatives
Liquidity and Provision Fund4%Unlock 10% on TGE followed by 5% each month for 18 months
Team15%Unlock 10% on day 180 followed by linear vesting over 2.5 years
Seed7.50%Unlock 5% on TGE followed by linear vesting for a period of 24 months 
Private Sale7.50%Unlock 20% on TGE followed by linear vesting for a period of 25 months 
Public Sale1.30%Fully unlocked on day 0

Token Utility

DFYN’s tokens are expected to have a range of utilities. For starters, they play an important role in the functioning of the ecosystem. Apart from that, it has the following utilities:

Governance

Users who have DFYN’s tokens will have voting rights on DFYN’s proposals regarding the latest upgrades and protocol amendments. Although the exact specifics have not been finalized, a user’s voting power is expected to be weighted in accordance with the number of DFYN tokens held by them.

Revenue Sharing

For every trade done on the platform, there is a 0.3% fee charged for the same. Out of this, 0.05% is distributed to the users who stake tokens in the vDFYN vault. After that, 0.25% is distributed to the liquidity providers in proportion to their contribution to the liquidity pool.

Roadmap

DFYN has crossed various milestones since its inception in 2020. The latest version of DFYN exchange currently offers gasless transactions and is superfast. This iteration supports OKExChain, Arbitrum, Fantom, and Polygon. Apart from that, the Router’s XCLP’s testnet version is live, allowing users to swap various assets, including DFYN, ROUTE, ETH, MATIC, DAI, USDC, and USDT, between testnets of Polygon (Mumbai) and Ethereum (Kovan).

DFYN is an ongoing project that has achieved the following:

Q3 2020

Development starts
Launch beta AMM exchange on Polygon (exchange.DFYN.network)

Q4 2020

Spacefarm one week farm sprint on L1 – crossed $3 million TVL
Meta-transactions integrated leading to zero gas costs for DFYN users

Q1 2021

GalaxyFarm crossed $2M in TVL in a day
AMM enhancements
L2 farm yielding 5 tokens for every liquidity pair
Spacefarm one-week farm sprint on L1 crossed $3 million TVL
Zero gas costs for users

Q2 2021

DFYN token as collateral on platforms
DFYN node on OKExChain
Single Asset staking/impermanent loss hedging;
TVL reaches ~$250M within 7 days of TGE
Launch of Pre-staking and Popular Farms
TGE listing on UniSwap L1 / DFYN L2

Q3 2021

DFYN node on Arbitrum
vDFYN vault
Launch of Prediction Markets on DFYN

Q4 2021

Limit orders on DFYN
Incentivized liquidity mining program in collaboration with Polygon ($DFYN and $MATIC rewards)
Major tokenomics overhaul – 50M $DFYN tokens burnt across the board
First trading competition on DFYN Exchange
More prediction markets for crypto and non-crypto categories
DFYN Fusion – allowing users to break LP tokens into individual tokens
DFYN node on Fantom
Incentivized liquidity mining program on DFYN’s Fantom node

Q1 2022

Launch of a new UI with a dedicated dashboard for managing yield mining activities
Launch of DFYN’s do-your-own-farms (farming as a service)

Q2-Q3 2022

DFYN v2 with concentrated liquidity and a host of other features
Integration with Router Aggregator to enable smart-order routing
Extension to non-EVM chains
Introducing derivatives trading

DFYN Vs Existing DEXs

Most existing DEXs like Sushiswap and Uniswap allow users to trade assets on a single chain. However, the platform aims to become a multi-chain DEX by allowing users to trade assets across various blockchains. The multi-chain DEX also offers gasless transactions with the help of smart order routing. As a result, it ensures a better user experience than existing Layer 1 DEXs. 

Conclusion

UniFarm is extremely proud and excited to be partnering with DFYN for Thunder Farms. If you wish to stake your DFYN tokens at Thunder Farms and earn a minimum APY of 60%, stake your tokens right now before the pool gets filled. Visit this link to stake on UniFarm. 

Leave a Reply

Your email address will not be published.