DFYN IDO Recap: The launch of $DFYN
We are excited to announce that Dfyn Network IDO that took place on Polkastarter on May 10 was sold out in 15 minutes even though the gas fees were exorbitant that day. Participants paid almost $500 in Ethereum gas fees to secure an allocation of $300 at the public sale prices.
The IDO saw over 70,000 applicants and only 1.4% of them finally got in! Roughly 300 applicants were selected from the Dfyn community and whitelisting them was not the easiest task.
We would also like to take this opportunity to thank the wonderful folks at Polkastarter team who were helping us at each step of the IDO.
Thanks to the wonderful teams at Coingecko and CMC — Dfyn Network was quickly listed on both of them. You can find $DFYN on the below links:
- CoinMarketCap- https://coinmarketcap.com/currencies/dfyn-network/
- Coingecko — https://www.coingecko.com/en/coins/dfyn-network
- DexTools — https://www.dextools.io/app/uniswap/pair-explorer/0xcab335e1964363e48a790da303b74ec02d3f8fb2
We have seen a decent spike in Dfyn exchange volume as well as TVL. At the time of writing this post, Dfyn has reached a daily volume of $15M USD and TVL is more than $75M USD.
The TVL is up more than 20 times since the launch of DFYN farms in which we are giving away nearly 2.2% of the entire Dfyn supply to liquidity providers in Dfyn Network for 2 weeks.
As Dfyn started trading on Uniswap, our community experienced high gas fees. This substantiates the need for the gasless trading experience which is why Dfyn is here. All trades on Dfyn are gasless.
This was reflected when to our surprise — the DFYN token was trading at a higher price on Dfyn than Uniswap since buyers were preferring Dfyn due to no fees on the platform. Usually tokens trade at a premium on Uniswap because of its wide reach.
While swapping on Uniswap was costing the community over $300 for a swap, swapping on Dfyn.network was gasless.
We encourage our community to have a gasless trading experience on Dfyn Exchange and share your feedback with us.
Dfyn’s native utility token, the DFYN token, will perform a crucial role in the functioning of the Dfyn ecosystem. The DFYN token is expected to have multiple utilities:
Governance: The holders of the DFYN token will be able to use their tokens to take part in Dfyn’s governance by voting on Dfyn’s proposals concerning protocol amendments and upgrades. Although the specifics in regard to the voting mechanism have not yet been finalized, it is expected that each holder’s votes will be weighed against the amount of DFYN tokens held by them.
Revenue sharing: A competitive 0.3% fee is charged over each trade taking place over Dfyn. Of this fee, 0.25% is distributed to the liquidity providers in proportion to their contribution to the liquidity pool, while the remaining 0.05% is distributed to DFYN governance pool.
We announced the beginning of Incentivized Liquidity Program for the liquidity program to earn DFYN tokens. This is well received by our community and TVL for these pools is more than 50M USD. Please visit here for the complete details on this program. We have also created a guide on how to farm Dfyn tokens.
As they say, the journey never ends, this is just the beginning. We are happy to have such a vibrant community and will continue to work for the mission of making Dfyn the most preferred DEX.
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.
Resources to learn more about DFYN
