Dfyn To Burn $500,000 Worth of $DFYN Tokens
We are excited to announce that Dfyn will hold its first token burn this week, removing 389,443 $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 $265 million in total value locked (TVL) since the launch, and with over $2B in trade volumes facilitated on the platform over the past two 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 came with an ‘early-exit tax’ of 50% until the launch of Phase 4 of our Yield Farming program, which reduced this tax to 35%. That meant that if LPs wanted to opt-out of vesting their $DFYN tokens, they had 50% of their tokens burnt during the Yield Farming phase.
During a regular evaluation process of the previous Yield Farming phases, our engineers found that 110,975.6 $DFYN tokens were left to be burned in Phase 2, while 278,468.8 tokens were chosen to be burned in Phase 3 of the yield farms.
That equates to a total of 389,443 $DFYN tokens — the amount set to be burned today. The tokens are worth nearly $500,000 as per the latest pricing data at the time of writing this article.
The total supply of $DFYN tokens is 250 million and the 389,443 tokens set to be burned today represent 0.155% of the entire supply. The circulating supply of $DFYN is approximately 18 million tokens, with the burned tokens representing 2.16% of the circulating supply.
Starting from this month, we will regularly burn tokens once each of our ongoing Farming phases ends.
The Scarcity Mission
While our exchange platform has been largely operational since the beginning of the year, it’s been less than three months since we’ve launched the $DFYN token on Polkastarter. Shortly after the launch, Dfyn was given the status of the best-performing Polkastarter IDO of all time. We take immense pride in the fact that we’ve managed to gain such huge support from our community. The $DFYN token helped us build a large following around the Dfyn ecosystem, gathering over 50,000 strong community members across our Telegram groups, mailing lists, and social media.
Our main strategy for bootstrapping the growth of our community and boosting our liquidity has been attractive yields and a superior product offering that is constantly innovating. As some of you might remember, Dfyn was the world’s first gasless AMM exchange and was also the first AMM DEX to launch on Polygon.
As a community-driven project, we’ve taken a significant amount of feedback from our users when it comes to our emissions. We would like to take this opportunity to thank everyone that has participated in the conversations and helped us come up with the guiding principles that will ensure $DFYN stays a scarce and productive asset.
To that end, we have come up with several strategies and programs which will be rolled out over the next few weeks and months:
Rechanneling the fees
The Dfyn exchange currently takes 0.05% of its trading volume as a fee. We will be coming up with a new $DFYN buyback program that will see a large part of those fees utilized to buyback $DFYN from the market. The Dfyn exchange has done more than $2 billion in trading volume since its launch, and 0.05% is a very attractive amount for the buyback. To ensure $DFYN stays as scarce as possible, the buyback will be a perpetual program.
More details about the mechanics of the program will be announced in the following weeks.
Innovative Products
To further support the upcoming buyback program, we have decided to launch several new products within the Dfyn ecosystem. Proceeds from those products, which includes recently launched prediction markets product, will contribute heavily to the Dfyn buyback program and provide our users with another lucrative use for their $DFYN tokens.
Partner Farms
We are currently working on launching a new category of farms called Partner Farms. The new product will enable Dfyn’s partners to come and run their own yield farms in a DYOF (do-your-own-farm) fashion. This is a very interesting product feature that will pioneer Farming-as-a-Service (FAAS) on Polygon
Our turnkey farming solution will provide our partners with access to world-class farming infrastructure in a gasless environment, for free. Rewards for the Partner Farms will be sponsored by the partner projects, which will have the freedom to select time slots, pairs, and reward APRs for their farms. The Dfyn ecosystem will benefit from the significant influx of liquidity — a win-win situation for everyone.
It’s important to note that this isn’t an exhaustive list of our upcoming features. As we spend more time engaging with our community and onboarding new partners, we will be updating and expanding the list with new and improved ideas. We will also be releasing more detailed information about each of the upcoming new features and products in the following weeks, so stay tuned for more updates and announcements.
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
Discord : https://discord.gg/yjM2fUUHvN
Twitter: https://twitter.com/_DFyn
Telegram Announcements: https://t.me/dfynofficial
