We are excited to announce that Dfyn will hold its consecutive token burn this week, removing 257,903 $DFYN tokens from the ecosystem. After a thorough evaluation of our tokenomics, and in line with accepted best practices on this front, we have decided to introduce regular monthly token burns to support the growth of our community and to add scarcity to $DFYN token.
Since launching our platform at the beginning of the year, Dfyn has managed to become one of the fastest-growing and most promising projects on Polygon. With close to $100 million in total value locked (TVL) since the launch, and with over $3 B in trade volumes facilitated on the platform over the past months, the platform has consistently had immense support from the DeFi community.
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 phase 6 came with an ‘early-exit tax’ of 35%. What that means is that if the community wants to claim their rewards instantly and opt-out from vesting rewards — they could do it by agreeing to burn 35% of their tokens and receive 65% of the tokens.
Our engineers found that 257,903 $DFYN tokens were left to be burned in Phase 6. The tokens are worth nearly $116,000 as per the latest pricing data at the time of writing this article.
The total supply of $DFYN tokens is 250 million and the 257,903 tokens set to be burned — represent 0.103% of the entire fully diluted supply. The circulating supply of $DFYN is approximately 29.1 million tokens, with the burned tokens representing 0.878% of the circulating supply.
We will continue the practice of regularly burning tokens once each of our ongoing Farming phases ends.
The burn transaction will be updated in this article once the burn transaction is submitted. (within 2–3 days).
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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