Dfyn Early Adopters’ Airdrop is here

In retrospect, it was inevitable..

It is now a DeFi tradition to airdrop tokens to protocol users who have been supporting a project from its earliest days. The airdrop tradition in DeFi is a way to acknowledge and reward early adopters, innovators, and evangelists who are critical to the success of a fledgling product.

Dfyn is growing. We currently have over $175 million in TVL and are seeing daily trade volumes of over $20 million. At our peak, before the big May crash of 2021, TVL had touched 250m, and we are confident that we will get there again very shortly, especially with the second stage of yield farming around the corner.

We are pleased to announce that we are air-dropping 500,000 DFYN (roughly 5% of the circulating supply of $DFYN) tokens to our earliest community members who have traded on Dfyn or have provided liquidity on the platform.

Community is everything. The success of any DeFi project is a direct result of the trust reposed in it by a community. It is only fair that these community members be rewarded for their implicit trust. In fulfilling our commitment to reward Dfyn’s community, we have so far taken the following steps:

  1. Awarded early liquidity providers an exclusive opportunity to buy DFYN during its IDO on Polkastarter
  2. Airdropped DFYN tokens to our valued telegram community members who have stood with the project since its inception

The early adopter air-drop is out third such community rewards program. All Dfyn users are eligible for this airdrop as long as they meet any one of the following conditions;

By 1 May 2021 23:59:59 (UTC), they have

(a) either provided liquidity on the Dfyn exchange

(b) or used the Dfyn exchange to swap assets

For those that have both traded as well as provided liquidity on Dfyn before the cutoff time, the eligibility will be for both categories

How were the users eligible for airdrop identified?

Traders

Step 1. We queried Dfyn’s V4 Graph API to get the list of all user addresses that had performed at least one successful trade on Dfyn until the end of May 1, 2021 (UTC). Since the Graph API returns only the first 1000 entries at a time, we wrote a JavaScript function that queried the Graph API in a loop to get all the entries. You can use the query given below to get the list of the first 1000 traders from Dfyn’s Graph API.

Here, the timestamp “1619913599” corresponds to 1 May 2021 23:59:59 UTC. After running this query in a loop, we received a total of 5680 unique addresses.

Step 2. The data received from the previous step was filtered to remove the admin address and the contract addresses. Post this, we received the final list of traders consisting of 5162 addresses. All these addresses are eligible for airdrop rewards.

Liquidity Providers

Step 1. The list of LPs of all liquidity pools which were created until the end of May 1, 2021 (UTC) was created by running the following query against Dfyn’s Graph API.

Step 2. We found the details of minting and burning activities of all users in all liquidity pools.

Note: LP tokens are minted when a user adds liquidity to a pool and LP tokens are burned when a user removes liquidity from a pool.

Calculation of Individual Rewards

Traders

A total of 387,150 DFYN tokens will be distributed equally among anyone who has successfully performed at least one trade on the Dfyn exchange prior to the IDO announcement. Since a total of 5162 users carried out trading activities on Dfyn, every user will get 75 DFYN tokens.

Liquidity Providers

The number of DFYN tokens distributed to LPs were calculated in proportion to the volume of liquidity provided and the time liquidity was provided for.

The airdrop tokens will not be subjected to any vesting schedule and will be immediately claimable. A total of 112,850 DFYN tokens will be distributed as the retrospective LP rewards.

We will publish another post with the list of addresses that are eligible for the airdrop along with the fine details of how users can claim their respective airdrops in the near future. As a community-oriented project, we consider it our duty to continue to reward our supportive community with more such campaigns in the future.

Stay tuned!

About Dfyn

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.

Website: https://www.dfyn.network/

Telegram: https://t.me/Dfyn_HQ

Telegram Announcement : https://t.me/dfynofficial

Twitter: https://twitter.com/_DFyn

Dfyn.network is redefining DeFi for masses.