Three Months of $DFYN: Looking back, and a glimpse of the road ahead

The last three months have been quite a ride for all of us in the Dfyn community. And not just because of Elon and his tweets!

The implicit trust shown by the DeFi community in Dfyn over the past few months has led to Dfyn becoming one of the fastest-growing and most promising projects on Polygon. At the time of writing, the cumulative trading volume on the Dfyn exchange is over $1.4 Billion, and the total value locked (TVL) is over $260 Million. These numbers are a testament to Dfyn’s inherent potential, as an innovative multichain platform that will enable a seamless trading, as well as a broader ‘DeFi’ experience across key blockchain communities. As Dfyn’s token launch reaches the critical 3-month mark, we would like to take a moment to reflect on what we have accomplished in the last ninety days while also taking a look at what the rest of the year and beyond has in store.

Dfyn IDO on Polkastarter

Pre-IDO Buzz

  • Over 70,000 applications for a total of 1200 whitelist spots.
  • Our Telegram & Twitter community grew by 500% to 20,000+ strong members.
  • Our tweets received over 1,000,000 impressions in the week preceding the IDO.
  • Our IDO whitelisting announcement article on Medium received over 60K views.

IDO

Post IDO

Product Launches

Dfyn Exchange on Polygon

Since its inception, a small community had started gathering around Dfyn, and this community kept growing organically. A few key factors helped; apart from the smooth, Uniswap style user experience, one key draw was the instant, gasless transactions.

At the time of writing, the Dfyn node on the Polygon network is home to over $260M in liquidity and is processing over 60,000 transactions daily. Our activity on Polygon has also resulted in the onboarding and mapping of at least 15 new projects on the Polygon chain. These statistics are a testament to Dfyn’s utility and effectiveness as a DEX.

Dfyn Exchange Current Statistics

Dfyn’s Incentivized Liquidity Mining Ecosystem

Token Burn Event

Staking funds in our Phase 2 and Phase 3 Popular Farms came with an option to burn 50% of the rewards to claim the remaining 50% instantly. During a regular evaluation process of the previous Yield Farming phases, we found that 400,675 $DFYN tokens were left to be burned in Phase 2 and Phase 3 of the yield farms. To remove these 400,675 $DFYN tokens from the ecosystem, Dfyn held its first token burn in the last week of July.

Dfyn AMM node on OKExChain

New Router Protocol XCLP Testnet

As many readers are aware, Router Protocol is a cross-chain project launched by the team behind Dfyn, and will enable users to trade and transfer liquidity across blockchains. Crosschain development in blockchain is very very exciting, and also very very complex, as evident from the numerous hacks of crosschain bridges in this space. To this end, Router has been taking a slow, but steady approach with multiple audits and a controlled roll out.

We recently launched a ‘pre-mainnet’ version of Router’s testnet. This was a significant overhaul on the testnet v1 that we launched in late Q1. The major upgrades from the previous testnet include:

  1. Revamped UI
  2. Support for cross-chain swaps
  3. A dedicated dashboard for users to check their token balances, liquidity positions, and latest transactions
  4. A liquidity mining program to incentivize users to stake their liquidity on the bridge
  5. Support for more tokens — USDT, USDC, DAI, ROUTE, DFYN

Prediction Markets on Dfyn

Collaborations

Terra Money

Dfyn partnered with Terra to onboard their liquidity to Polygon. Even without a direct bridge from Terra to Polygon, we got upwards of $80 Million in liquidity from the Terra community. Terra’s tokens, namely UST and LUNA, gained more traction within the Polygon community. We have more partnerships planned with Terra, including the launch of Router bridge which will plug into TerraSwap on the Terra network to enable transfers & swaps between Terra and Polygon.

Algorand

Algorand Foundation has added Dfyn to their Algorand Grant Program. The resources provided in the Grant Program will be used to build Dfyn’s AMM node on top of the Algorand blockchain and then integrate Router’s cross-chain bridge to that node. Seeing that building an AMM on Algorand is not a trivial task (since it is not EVM-compatible), Dfyn’s Algorand node might take some time to launch.

Elrond

Dfyn’s collaboration with Elrond will see Dfyn launching an AMM node there. Post that, we will also deploy a Router bridge to Elrond, which will enable Elrond assets to plug into the multi-chain ecosystem being built out by Dfyn & Router.

Chainlink

Avalanche

The Dfyn team will be launching an instance of its AMM on Avalanche, with Router Protocol establishing the necessary bridging infra to port liquidity from Ethereum and Polygon to Avalanche.

Polytrade

Dfyn exchange will list the platform’s native TRADE token and support the project in its liquidity programs. Following Polytrade’s upcoming IDO, Dfyn will also host a TRADE farming event, enabling TRADE token holders to earn an attractive yield on their holdings.To further incentivize users to get involved with the Polytrade ecosystem, Dfyn will also host a trading competition, distributing rewards to users with the highest trading activity on the Dfyn exchange.

Ferrum Network

Dfyn will actively support projects coming out of Ferrum Network’s incubator and will be the default DEX partner on Polygon for projects launching on Ferrum Network. Connecting with Ferrum’s growing catalogue of Tier-1 DeFi projects will increase the visibility for both Router and Dfyn, bringing new use cases to the cross-chain interoperability infrastructure that we have been building.

Looking Ahead

OKExChain Incentivized Liquidity Mining Program

  • Stage: Development
  • Popular Farms planned in August 2021

Dfyn UI Revamp

  • Stage: Development
  • Launch planned in Late August — Early September 2021.

Router Mainnet

  • Stage: Testing and Audit
  • Launch planned in late August/early Sept 2021

New Iteration of Prediction Markets

  • Stage: Design
  • Launch planned in September 2021

Partner Farms, Do-Your-Own-Farms (DYOF)/Farming-As-A-Service

  • Stage: Design
  • Launch planned in September 2021

Dfyn V2

Stage: Early Development

ETA: October 2021

Governance: Launch of Governance Forum and the DFYN DAO

$DFYN token holders and the community will drive key decisions within the network and the governance forum will play a key role in driving the DFYN DAO by decentralizing important decisions.

We have come a fair distance with your support in the last three months. The journey ahead promises to be even more exciting, especially with the upcoming mainnet launch of Dfyn’s complex crosschain sibling, Router Protocol. We seem to be in the beginning stages of what could potentially be DeFi summer 2.0.

To quote Robert Frost — “The woods are lovely dark and deep, but we have promises to keep, and miles to go….”. Onwards and upwards. With you with us.

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