Dfyn Burns $210,000 Worth of $DFYN Tokens
We are excited to announce that Dfyn has burnt 931,800 $DFYN tokens worth $211,000 from the ecosystem. This is part of our regular token burns to support the growth of our community and to add scarcity to $DFYN token.
One popular product in Dfyn farming has been Popular Farms. Featuring farms with pairs such as USDT/USDC and WBTC/ETH, Popular Farms offer its liquidity providers the opportunity to either claim their yields instantly or vest them over several months.
Staking funds in our Popular Farms came with an ‘early-exit tax’ of 35%. That meant that if LPs wanted to opt-out of vesting their $DFYN tokens, they had 35% of their tokens burnt during the Yield Farming phases 6,7, and 8.
During a regular evaluation process of the previous Yield Farming phases, our engineers found that 931,800 $DFYN tokens were left to be burned in Phase 6,7, and 8 of the yield farms.
The tokens are worth nearly $210,000 as per the latest pricing data at the time of writing this article.
The total supply of $DFYN tokens is 200 million and the 931,800 tokens set to be burned today represent 0.46% of the entire supply. The circulating supply of $DFYN is approximately 71 million tokens, with the burned tokens representing 1.3% of the circulating supply.
The burn transaction can be found here : https://etherscan.io/tx/0x56408f3ce28cd0d34e5501968141700b8d526083fa60aa062abb578b7bb70e98
At Dfyn, we are constantly thinking of ways to add more value to $DFYN holders, and over the next months, we are going to introduce major tech upgrades and better farming strategies with a focus on capital efficiency.
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
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