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.
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:
Apart from that, DFYN’s partners include:
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:
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.
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.
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:
|Reward Pool||30%||Based on mining/farming initiatives|
|Ecosystem Fund||17.45%||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 Airdrops||2.25%||Unlock for community initiatives|
|Liquidity and Provision Fund||4%||Unlock 10% on TGE followed by 5% each month for 18 months|
|Team||15%||Unlock 10% on day 180 followed by linear vesting over 2.5 years|
|Seed||7.50%||Unlock 5% on TGE followed by linear vesting for a period of 24 months|
|Private Sale||7.50%||Unlock 20% on TGE followed by linear vesting for a period of 25 months|
|Public Sale||1.30%||Fully unlocked on day 0|
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:
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.
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.
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:
|✔||Launch beta AMM exchange on Polygon (exchange.DFYN.network)|
|✔||Spacefarm one week farm sprint on L1 – crossed $3 million TVL|
|✔||Meta-transactions integrated leading to zero gas costs for DFYN users|
|✔||GalaxyFarm crossed $2M in TVL in a day|
|✔||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|
|✔||DFYN token as collateral on platforms|
|✔||DFYN node on OKExChain|
|✔||Single Asset staking/impermanent loss hedging;|
|✔||TVL reaches ~$250M within 7 days of TGE|
|✔||Launch of Pre-staking and Popular Farms|
|✔||TGE listing on UniSwap L1 / DFYN L2|
|✔||DFYN node on Arbitrum|
|✔||Launch of Prediction Markets on DFYN|
|✔||Limit orders on DFYN|
|✔||Incentivized liquidity mining program in collaboration with Polygon ($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|
|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)|
|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.
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.
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