Liquidity is of paramount importance in DeFi to facilitate any financial activities (Trading, Lending, Farming,…). While Ethereum is still the blockchain with the highest TVL, it faces growing congestion and extremely high gas fees. The current solution is to build another layer on top of Ethereum or form entirely new blockchains. This way, issues with speed and cost have been settled, but another challenge arises: fragmented liquidity.
It happens when assets are stored in multiple pools from isolated blockchains. In the meantime, when no blockchain is dominant enough to gather most liquidity, a cross-chain infrastructure allowing seamless flow of assets across chains will be needed. Realizing this opportunity, Dfyn Network has partnered with Router Protocol to provide the exact solution for the fragmented liquidity issue in DeFi.
What is Dfyn?
Dfyn is a multi-chain AMM DEX currently launched on Polygon Network. Its networks contain Dfyn nodes spreading across multiple Layer 1 and Layer 2 blockchains. This will enable Dfyn to plug into liquidity pools of any chains so that users can trade their assets seamlessly on several blockchains from a single interface.
Dfyn DEX works quite similarly to Uniswap on Ethereum. However, Dfyn offers the following advantages over Uniswap:
- Ultra-fast speed: Being built on Layer 2 blockchain (Polygon), Dfyn ensures that transactions will be at least 10 times faster than Ethereum Network.
- Negligible cost: Dfyn themselves offer zero gas transactions and the best trading price by smart order routing (explained later).
- Cross-chain transactions: Users can exchange assets on multiple blockchains, not just Ethereum-based assets.
How does Dfyn work?
How does Dfyn enable cross-chain liquidity flow?
The broader architecture of Dfyn has 4 main components:
- Dfyn nodes: Nodes are available on multiple Layer 1 and Layer 2 blockchains, acting as AMMs.
- A network of bridges: Router protocol functions as a bridge between isolated nodes on each blockchain. You can imagine Dfyn nodes as far-flung cities and Router as the highway to enable vehicles (in this case, assets) to move freely and effortlessly from one city to another.
- ParaRouter: This is the bridge contract deployed on each chain having a Dfyn node. When assets need to be transferred across chains, the ParaRouter can lock a stable coin and send a signal to nodes associated with Central Route to take action.
- Router nodes: These nodes receive the signal from ParaRouters, validate them, and forward them for further processing to the destination chain.
How can Dfyn enable the best trading prices?
Users can benefit from the best prices with the lowest slippage transactions on Dfyn by the following mechanism:
- A user wants to trade ETH for USDT on the Polygon Network.
- Dfyn AMM nodes request Router transverse not only through Polygon but many other blockchains as well, searching for optimal price to meet the order.
- In case Router finds the best ETH/USDT price on the Huobi Eco Chain, it will fulfill the trader’s order from Houbi Eco Chain.
See Also: How to use Dfyn Network
What is the DFYN token?
DFYN is the native token of Dfyn Network. DFYN tokens can be used for yield farming on Dfyn and enable holders to take part in the governance of Dfyn Network.
Detailed information about DFYN token
DFYN Key Metrics
- Token Name: Dfyn Network
- Ticker: DFYN
- Blockchain: Ethereum, Polygon, OKExChain
- Token Standard: ERC-20
- 0x9695e0114e12c0d3a3636fab5a18e6b737529023 (Ethereum)
- 0xc168e40227e4ebd8c1cae80f7a55a4f0e6d66c97 (Polygon)
- OKExChain (Updating…)
- Token type: Utility, Governance token
- Total Supply: 249,599,325 DFYN
- Circulating Supply: 23,241,153 DFYN
DFYN Token Allocation
- Reward Pool: 30.00%
- Ecosystem Fund: 17.45%
- Partners & Advisors: 15.00%
- NFT Airdrops: 2.25%
- Liquidity Provision Fund: 4.00%
- Team: 15.00%
- Seed: 7.50%
- Private Sale: 7.50%
- Public Sale: 1.30%
DFYN Token Sales
Dfyn successfully closed seed and private sales on April 17, 2021, at $2.4 million in total. The public sales of DFYN also closed on May 10, 2021, with a total public raise of $305,500 through IDO on Polkastarter.
DFYN Release Schedule
DFYN Token Use Cases
DFYN is currently used for 2 primary purposes:
- Governance: The holders of DFYN have the right to participate in the governance activities of Dfyn. This is done through voting on any Dfyn’s proposals concerning the overall direction of Dfyn Network.
- Inflation control: Each trade conducted on Dfyn will be charged a 0.3% fee, of which 0.25% will be paid to liquidity providers, and 0.05% will be transferred to DFYN treasury for buybacks and gas subsidies.
- Incentives: Users can use their DFYN token to stake and earn attractive rewards.
How to get DFYN token
At the moment, you can get DFYN tokens from multiple platforms:
- DEXs: Uniswap.
- CEXs: Gate, KuCoin, MXC.
- Dfyn Exchange.
How to buy DFYN token
You can buy DFYN on Coin98 Exchange by clicking the swap button at the bottom of this article and following these steps:
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search DFYN.
- If the result does not come up, you can paste the contract of DYFN into the search box: 0x9695e0114e12c0d3a3636fab5a18e6b737529023.
Step 4: Adjust the amount you want to swap
Step 5: Adjust the gas fee, then click Approve
How to store DFYN token
You can store DFYN on Coin98 Wallet by following these steps:
Step 1: At the main screen of Coin98 Wallet, click Receive.
Step 2: Search for DFYN token, choose the network you want to receive the token (ERC-20 / PRC-20).
Step 3: Copy your DFYN wallet address and send DFYN tokens to this address.
- Establish Dfyn nodes on other chains – Arbitrum, Conflux (Currently, Dfyn nodes are launched on Polygon and OKExChain).
- vDfyn vaults: These vaults allow users to stake DFYN tokens in exchange for vDfyn tokens, which claim their share in the protocol revenue. 0.04% of the transaction fee on Dfyn Exchange will be used to buy back DFYN tokens. These tokens are then paid as dividends to the vDfyn vaults.
- Launch of a new UI with a dedicated dashboard for managing yield mining activities (The team is currently improving the UI of some specific features on the website).
- Prediction Markets for $DFYN and $LUNA tokens.
- Cross-chain credit markets infra/tools to enable seamless cross-collateralization and borrowing across chains.
- Integration with Router Aggregator to facilitate smart-order routing (Currently available in the testnet version).
Team, Investors, and Partners
- CEO & Co-Founder, Ramani Ramachandran
- CTO & Co-Founder: Shubham Singh
- Co-Founder: Chandan Choudhury, Priyeshu Garg, Mounica Durga
Dfyn Network’s investors include many notable names: Investors include CMS Holdings, QCP Capital, DFG, Spark Capital, Signum, De-Fi Capital, Rarestone Capital, Krypital Group, AU21, Black Edge, Faculty Group, Shima Capital, MorningStar Ventures, Moonrock, GenblockVC, Amesten Capital, Zokyo Ventures, Lotus Capital, Blockpact Capital, X21, Exnetwork, Momentum 6, MGNR, GBIC, Crypto Dorm Fund, Cryptoslate and Sandeep Nailwal from Polygon.
In addition, Dfyn Network also receives funding from leading protocol founders of projects such as MantraDao, Persistence, Razor, Nord, Umbrella.network, and Frontier.
Dfyn Network is very active in establishing new partnerships to expand the ecosystem more quickly and effectively. Currently, it partners with many other blockchain platforms such as Terra, Algorand, OKExChain,… to launch new nodes and expand the network.
It also works with other protocols such as Polycat, UniLend,… to provide its users with more token utilities: earning rewards, lending,…
Is Dfyn Network (DFYN) a good investment?
I hope that from all the mentioned information, you can get a basic understanding of Dfyn Network to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not. However, I will provide you with some key highlights of Dfyn Network so that you can do your own research and make your own investment decisions:
The solution that Dfyn Network provides is of high demand to solve DeFi’s head-aching problems related to fragmented liquidity. So if Dfyn Network can facilitate the free flow of assets among chains as it promises, then the opportunity for the project to skyrocket is tremendous.
Router Protocol – the bridge between Dfyn nodes on different blockchains has a competitive advantage over other competitors providing the same cross-chain solution such as ThorChain, PolyNetwork,…
However, the scenario of easy flow of capital among chains is still a long way to go for Dfyn. Right now, Dfyn has only launched on Polygon, most recently on OKExchain. Establishments on any other chains are still under progression while the Router supporting cross-chain flow is still the testnet version.
Users are reporting some problems on Dfyn: low speed, transactions can not be validated, hard to swap,…. Trading volume on Dfyn has dropped sharply, making the trading volume of Dfyn significantly low compared to other top DEXs on Polygon (QuickSwap, Sushi).
Cross-chain bridge is a promising aspect to pay attention to as it offers the right solution for the fragmented liquidity faced by DeFi. Many projects have realized this problem and worked on building bridges.
However, up to now, cross-chain liquidity protocols are still under development, and security, the ease of trade,… are among many issues that need to be solved with a cross-chain solution. If Dfyn Network can successfully pursue its mission, stick with the roadmap: expand the nodes to many chains and facilitate a fast and cheap fun flow, then it still has a lot of space to grow in the future.
If you have any questions related to this topic, feel free to discuss with me in the comment section below. You can also join our community at Coin98 Community to discuss other topics that you are interested in.
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Posts “Dfyn Network – Everything about DFYN Token” posted by on 2023-09-30 05:27:13. Thank you for reading the article at www.atccoin.net