Dfyn’s First Governance Proposal is now live

A few days ago, we announced the launch of our governance portal. Now, we are incredibly excited to report that we have finally published our first governance event on our portal, available here. This marks one of the many governance events to come in the near future. The community will now be able to participate in voting to drive the overall direction of DFYN.

Overview

  • Eligibility: Anyone who owns $DFYN tokens on the Polygon blockchain, or has staked $DFYN tokens in Dfyn vaults/liquidity pools/farms.
  • Snapshot Details: Snapshot has been taken at 6:30 A.M. UTC on Friday, September 3 2021 at block number 18691688 on Polygon.
  • Duration of Vote: The voting will start from 9:00 A.M. UTC on Friday, September 3 2021 and end at the 9:00 P.M. UTC on Wednesday, September 8 2021.
  • Link: https://governance.dfyn.network/#/dfyn.eth/proposal/QmSGG3oNmKf4DJQ5gNkPHG1mDqb8XsVfxQLnaRqV568Mhm

Background

A lot of community members had different suggestions as to what should be done with the fees and we figured that the best way to decide that would be via a community governance vote.

vDFYN Vaults

Options

  • Option 1: Change the 300K USDC to 300K worth ROUTE and provide liquidity to the DFYN-ROUTE pool instead of the DFYN-USDC pool.
  • Option 2: 300K USDC should be used to buyback additional DFYN and all DFYN should be distributed as rewards to DFYN stakers in the vDFYN vault, with the current ETA being mid September 2021.
  • Option 3: No change in status quo.
  • Option 4: The protocol should let DFYN-USDC liquidity stay in the pool for now and compound it by staking the LP tokens in DFYN-USDC farm. Later when vDFYN launches — distribute the rewards and the original liquidity to DFYN stakers. This option is like the second option with the only difference being that the liquidity will be staked in DFYN-USDC farm.
  • Option 5: 300K USDC should be used to buyback additional DFYN and all 600K worth of DFYN tokens should be burnt.

Important Considerations

Voting Standards

  • Users who have staked their DFYN tokens in vaults and provided DFYN token liquidity on Dfyn Exchange (whether or not they have staked their LP tokens in any Dfyn Exchange farms) will have 1.5x voting power, i.e. they will be given 1.5 votes against each DFYN token staked. Note that the votes against DFYN LP tokens staked in other yield aggregating platforms such as Polycat Finance, DinoSwap etc. won’t be taken into consideration.
  • This proposal is using the weighted voting strategy, i.e., each voter will have the option to spread their votes across any number of options.
  • The snapshot for this proposal has been taken at 6:30 A.M UTC on Friday, September 3 2021 at block number 18691688 on Polygon.
  • Voting will remain live from 9:00 A.M. UTC on Friday, September 3 2021 to 9:00 P.M. UTC on Wednesday, September 8 2021.

Quorum Standards

This governance event is an important step in the direction of transitioning DFYN into a community-governed project. Stay tuned for updates as we will be launching more governance events in the coming days.

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

Docs: https://docs.dfyn.network/

Dfyn.network is redefining DeFi for masses.