Dfyn Network

About Dfyn Network

{"time":1704989067000,"blocks":[{"data":{"level":6,"text":"Highlights"},"type":"header"},{"data":{"items":["DFYN is a multi-chain automated market maker (AMM) decentralized exchange (DEX) focused on ultra-fast, gasless swaps and cross-chain compatibility.","DFYN raised $305,500 from Polkastarter on a public round and $2.4 million in a private and seed round."],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Product"},"type":"header"},{"data":{"level":1,"text":"DFYN allows users to instantly swap between coins, provide liquidity, and earn yields."},"type":"header"},{"type":"paragraph","data":{"text":"The DEX will also allow cross-chain swaps in the coming future.\r\nDFYN utilizes cross-chain routing protocol to lap into a deep reservoir of liquidity which enables users to seamlessly move funds."}},{"data":{"level":1,"text":"Problem"},"type":"header"},{"data":{"level":6,"text":"In its current state, DeFi consists of segregated blockchain and layered ecosystems."},"type":"header"},{"type":"paragraph","data":{"text":"It is difficult and costly to move funds between these ecosystems, and gas fees on the main Ethereum blockchain have rendered it impractical for most users.\r\nIn order to scale the industry, a seamless bridge across blockchains and L2 solutions is required.\r\nDFYNs system of cross-chain AMM liquidity aims to be a part of that solution."}},{"data":{"level":6,"text":"Solution"},"type":"header"},{"data":{"level":1,"text":"DFYN was created as the first gasless AMM exchange ever"},"type":"header"},{"type":"paragraph","data":{"text":"It facilitated the transactions with meta transactions to enable gasless swaps where the users would sign the transactions and then Dfyn would further relay the transaction to the blockchain with fees paid.\r\nWhen Ethereum gas fees were peaking to All-time-high, Dfyn solved the problem of costly transactions by leveraging the scalability and interoperability of the Polygon network.The next problem which Dfyn solves is that of cross-chain swaps which will be enabled by leveraging Router Protocol which will allow cross-chain asset and information transfer."}},{"data":{"level":6,"text":"Business Model"},"type":"header"},{"data":{"level":1,"text":"DFYN allows users to instantly swap between coins, provide liquidity, and earn yields."},"type":"header"},{"type":"paragraph","data":{"text":"DFYN is a community-governed DeFi project which offers low-fee AMM exchange alongside yield farming opportunities by combining liquidity with scalability of Layer-2 platforms."}},{"data":{"level":6,"text":"Market"},"type":"header"},{"data":{"level":1,"text":"Polynetwork, Connext, and the Hop Protocol are other platforms seeking to build cross-chain liquidity, however, each of these have their drawbacks."},"type":"header"},{"type":"paragraph","data":{"text":"DYFN facilitates transactions with meta transactions which enables gasless swaps where the user signs the transactions, and then DFYN relates the transaction to the blockchain with the fees paid."}},{"data":{"level":6,"text":"Investors"},"type":"header"},{"data":{"level":1,"text":"Dfyn raised $2.4 Million."},"type":"header"},{"type":"paragraph","data":{"text":"Dfyn investment came from top entities such as CMS Holdings, Signum, QCP, Spark, and Rarestone Capital and major influencers as Ran and Crypto Daku.\r\n"}},{"type":"image","data":{"caption":null,"stretched":false,"url":"https://assets.polkastarter.com/yvnr738bh7efncajj00h8cxx29ft","withBackground":false,"withBorder":false,"file":{"url":"https://assets.polkastarter.com/yvnr738bh7efncajj00h8cxx29ft"}}},{"data":{"level":6,"text":"Team"},"type":"header"},{"data":{"items":["Ramani Ramachandran (Co-Founder and CEO)","Chandan Choudhury (Co-Founder)","Shubham Singh (Co-Founder and CTO)","Priyeshu Garg (Co-Founder)"],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Token Utility"},"type":"header"},{"data":{"level":1,"text":"$DFYN tokens are used to govern the platform."},"type":"header"},{"type":"paragraph","data":{"text":"Additionally, a fee is taken from each swap and is used to buy back $DFYN tokens and send them to the treasury. Bought back tokens are spent at the discretion of governance."}}],"version":"2.27.2"}