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
Since its launch on Polygon in August of 2020, Dfyn Exchange had seen a steady rise in popularity, which led the community to demand a token launch. After much deliberation, our team decided to launch a governance token for Dfyn Exchange — $DFYN. For the token generation event (TGE), we collaborated with one of the most popular IDO platforms in the DeFi space — Polkastarter. Before our IDO, we had a whitelisting process wherein Dfyn’s liquidity providers, $ROUTE token holders, telegram community members, and AMA winners were given an exclusive chance to participate. Some important highlights from the whitelisting process:
- 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.
After weeks of hard work and sleepless nights, we finally had our IDO on 10th May 2021. As anticipated from the overpowering response to our TGE announcement, the IDO turned out to be a massive success as $DFYN tokens were sold out within 15 minutes of the token generation event (TGE). What was even more impressive is that participants paid nearly $500 in ETH gas fees to secure a $300 allocation at the public sale price.
The IDO was a massive success with significant community support, and also clement market conditions. Within an hour of the IDO, the $DFYN token was listed on Uniswap and Dfyn Exchange (Polygon). The token was also listed on centralized exchanges such as MEXC and Bilaxy within a few days of its launch. During this time, we also established meaningful integrations with the likes of 1inch, vfat.tools, Blockfolio, Dextools, Coingecko, DappRaddar and CoinMarketCap. These collaborations, combined with the launch of our incentivized liquidity mining program, resulted in a tremendous surge in TVL, daily volume, and daily active users, as demonstrated by the statistics given below. Subsequently, DFYN was also listed on Gate.io and Kucoin.
Dfyn Exchange on Polygon
Dfyn launched its AMM node on Polygon in August 2020. Dfyn was in fact the first AMM to launch on Polygon, even though we only launched yield farming at a later stage, post IDO in May 2021. While DFYN aims to be a multi-chain AMM, we decided to start with the Polygon Network since its gas fees were a fraction of what users faced on Ethereum or even BSC. Additionally, Polygon’s developer ecosystem was growing rapidly, which is a huge attraction.
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’s Incentivized Liquidity Mining Ecosystem
Dfyn’s liquidity mining initiative is an integral part of our commitment to rewarding our users. We have partnered with over 15 projects in the last three months and launched over 50 farms. Our vibrant farming ecosystem has been one of the major forces behind Dfyn’s popularity amongst the Polygon community members. The first three phases of the liquidity mining programs have helped Dfyn become one of the top DEXes on Polygon, both in terms of volume and TVL.
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
In June 2021, Dfyn officially established its DEX on OKExChain. This was the second Dfyn AMM node. This launch is another step in Dfyn’s journey to becoming a multi-chain AMM. After the integration with Router Protocol’s imminent mainnet, users will be able to bridge their assets from Polygon and Ethereum to OKExChain using the upcoming cross-chain bridge from Router Protocol.
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.
- Revamped UI
- Support for cross-chain swaps
- A dedicated dashboard for users to check their token balances, liquidity positions, and latest transactions
- A liquidity mining program to incentivize users to stake their liquidity on the bridge
- Support for more tokens — USDT, USDC, DAI, ROUTE, DFYN
Prediction Markets on Dfyn
Our most recent product offering involved the launch of prediction markets on the Dfyn Exchange. Our newly introduced prediction markets allow users to predict if the price of assets will go up or down in the next 5 minutes. It is an exciting new offering designed for engaging more and more Dfyn community members while also driving up Dfyn’s daily trading volume. In the first iteration, we launched prediction markets for the MATIC token. However, we are also working on integrating two other tokens for prediction markets, namely $DFYN and $LUNA. We will also be expanding the time frames in addition to adding new assets.
Not only has our technology team made significant progress in the last three months, but so has our business development team. In addition to the foundational support provided by the team at Polygon, we have struck over 70+ partnerships including partnerships with major projects like Terra, Algorand, Avalanche, OKExChain, Elrond, Hashflow, Biconomy, Razor, Umbrella Network, UniLend, 1inch and many more. Most of these projects are deep-rooted into the crypto ecosystem and bring with them a lot of experience and value-add by introducing their communities to Dfyn. We have elaborated on some of these interesting collaborations in the following section.
Terra is a proof-of-stake (PoS) public blockchain network built on Tendermint and the Cosmos SDK. Terra deploys a suite of fiat-pegged, algorithmic stablecoins powering a thriving ecosystem of DeFi applications, including Mirror and Anchor Protocol.
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 is the world’s first pure proof-of-stake foundational blockchain designed for the future of finance. The technology behind the Algorand blockchain enables a set of high-performing Layer-1 called co-chains to provide security, scalability, complete transaction finality, and built-in privacy to its users.
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 is a highly scalable public blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed.
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 is a fully decentralized oracle network that allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts. Chainlink is officially integrating with Dfyn to bring us custom price-feeds for a great user experience while participating in Dfyn’s Prediction markets.
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality.
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 is a blockchain-based decentralized protocol aiming to transform receivables financing connecting buyers, sellers, insurers, & investors for a seamless experience. It brings safe and insurance-backed real-world assets to the crypto world.
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 is building a DeFi ecosystem that interoperates across chains and removes barriers to mass adoption with user-friendly products for swapping, presales and incubations, staking, anti-bot services, and transferring cryptocurrencies.
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.
OKExChain Incentivized Liquidity Mining Program
With a Dfyn node already live on OKExChain, we are aggressively targeting the launch of our farming ecosystem on OKExChain. In the initial phase, we will launch multiple popular farms involving stablecoins such as USDC, USDT, DAI, and other assets like wBTC and wETH. Later, as we integrate Dfyn’s OKExChain node with Router’s bridging infrastructure, we will launch a more comprehensive yield farming setup.
- Stage: Development
- Popular Farms planned in August 2021
Dfyn UI Revamp
In response to community demand, we’re working on a complete redesign of Dfyn’s user interface, which will feature a much more dynamic design and, hopefully, a much more enjoyable user experience. The revamped UI will have a dedicated dashboard where users can track their liquidity positions, farms, both terminated & live.
- Stage: Development
- Launch planned in Late August — Early September 2021.
With the ‘pre-mainnet’ version of Router Protocol live here, the community can expect a similar version of Router’s XCLP on mainnet with some minor tweaks. The first iteration of the mainnet will support cross-chain swaps & transfers between Ethereum and Polygon. In addition to this, it will also support cross-chain transfers to and from OKExChain. Besides stablecoins such as USDC, USDT and DAI, Router will also support direct cross-chain transfers for ROUTE, DFYN, ETH, and MATIC tokens. Router’s contracts have already been audited by Certik and are in the process of being audited by Halborn . However, audits alone are insufficient to ensure security in DeFi protocols, especially in a project as complex as Router Protocol. As the countless exploits and hacks have made obvious, even audited projects can suffer from attacks and lose funds. Therefore, we have partnered with ImmuneFi to launch a dedicated bug bounty program wherein whitehat hackers will be incentivized to report security vulnerabilities in our code.
- Stage: Testing and Audit
- Launch planned in late August/early Sept 2021
New Iteration of Prediction Markets
Following the successful launch of Dfyn’s prediction markets for the MATIC token, we will be coming up with the second iteration of prediction markets. Taking into account the community’s feedback, this iteration will have lower fees, longer prediction times with options(15 minutes per round instead of 5, one hour, one day), and a more intuitive UI. This iteration of the prediction markets will also be accompanied by highly rewarding trading competitions to boost community participation. Additionally, we will also be introducing prediction markets for LUNA and DFYN tokens in this iteration.
- Stage: Design
- Launch planned in September 2021
Partner Farms, Do-Your-Own-Farms (DYOF)/Farming-As-A-Service
Moving forward, we will introduce a new category of farms titled ‘Partner Farms’, where the entire rewards for the farm will be given out by the partner projects. We will also be introducing a ‘DYOF’ service wherein any project can add their token’s liquidity on Dfyn, set parameters for the farms such as the number of days, emission per day, etc. and start their farms on our platform. This will provide new projects access to world-class farming infrastructure for free and will help us scale Dfyn responsibly. Of course, there will be checks and balances here to make sure that only legitimate projects that align with the DFYN vision are launching farms.
- Stage: Design
- Launch planned in September 2021
Even though liquidity mining programs have proved to be highly effective in attracting users to our platform, it is not a sustainable long-term model to gain new users. Eventually, users will tend to congregate around platforms that offer them better features and a better user experience. To this end, we are working on a more optimized version of Dfyn which will ensure higher capital efficiency while adding other innovations that benchmark DFYN against the leading players in this space.
Stage: Early Development
ETA: October 2021
Governance: Launch of Governance Forum and the DFYN DAO
Our mission is to make Dfyn a truly decentralized project and the path to decentralization will start shortly with the introduction of our governance forum where the community will be able to propose, discuss and vote on key issues.
$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.
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.
Discord : https://discord.gg/yjM2fUUHvN
Telegram Announcements: https://t.me/dfynofficial