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Last updated: Aug 14, 2023
Dfyn is a decentralized, multi-chain, open-source DEX protocol. It uses automated market makers (AMMs) instead of order books to provide token exchange. In low-gas networks such as Polygon, Dfyn allows for commission-free exchanges. Dfyn is currently available on Polygon, OKC, Arbitrum, and Fantom networks, but over time AMM nodes will be deployed on multiple layer 1 and 2 blockchains, thereby allowing Dfyn to act as a multi-chain DEX.
The project was launched in November 2020 on the Polygon network. And in April 2021, the Dfyn team announced the successful completion of seed and private sales funding rounds, raising $2.4 million from funds such as CMS Holdings, DFG, and Spark Capital.
The current version of the Dyfn exchange is a classic Uniswap-type AMM. The platform allows users to swap tokens, place limit orders, and provide liquidity to earn on swap fees. Notably, the partnership with Biconomy and the integration of meta-transactions ensures that all transactions on the Dfyn network remain gas-free at all times.
Another important feature of Dfyn is its vault, into which users can stake Dfyn tokens and receive vDfyn tokens in return. The vDfyn token will automatically earn users a share of the fees from the protocol — 0.05% of the swap fees will be allocated to vDfyn holders and distributed proportionally among them.
To use Dfyn wallets, like Metamask, Fortmatic, Portis, Coinbase Wallet, and others that support ERC-20 tokens must be connected to the app.
Dfyn's interface is similar to classic AMMs like Uniswap. There are "Swap" and "Pool" tabs, where the user accesses the interface of the exchange and the liquidity pools, respectively. Speaking of Dfyn fees, all swaps on the exchange are charged 0.3% (excluding those swaps carried out on the Polygon network), of which 0.25% goes to liquidity providers and 0.05% to Dfyn DAO (vDFYN token holders).
There is also a vDFYN tab on the site through which the user can stake DFYN tokens and receive vDFYNs in return, affirming the user's right to a portion of the fees charged on the platform.
The last of the tabs is called "Farms", where users can select a pool for their LP tokens received for providing liquidity on Dfyn.
Farming DFYN tokens is done through Single Asset Vaults, available on the "Farms" tab. The deposited tokens are locked for a period from four to six months, depending on the selected vault. There is an early withdrawal option for tokens, which allows users to opt out of receiving rewards in DFYN tokens by giving up 35% of their rewards.
The Dfyn native token DFYN is an ERC-20 standard token. Its total supply is equal to 250 million tokens. The distribution of tokens is as follows: Reward Pool - 30.00%, Ecosystem Fund - 15.00%, Partners & Advisors - 20.00%, NFT Airdrops - 2.75%, Liquidity Provision Fund - 2.25%, Team - 15.00%, Seed - 6.00%, Private Sale - 8.00%, Public Sale - 1.00%.
The DFYN token has several functions. The holders of the DFYN token can use their tokens to take part in Dfyn’s governance by voting on Dfyn’s proposals concerning protocol amendments and upgrades. Token holders who place their DFYN tokens in the vDfyn vault earn 0.05% of the swap fee on the platform.
The Dfyn team consists of 14 people. Since 2015, the team has created several products in the field of cryptocurrencies, including the world's first DEX for a stable coin called FORDEX with the 0x protocol. They also worked on derivatives products as well as cryptocurrency indices. Among the team members are CEO & co-founder Ramani Ramachandran, co-founder Chandan Choudhury, CTO & co-founder Shubham Singh, and co-founder Priyeshu Garg.
Dfyn Network is actively establishing new partnerships to expand the ecosystem. It is currently collaborating with many blockchains such as Avalanche and OKC to launch new nodes and expand the network.
Among other protocols Dfyn is working with are such projects as Polycat, UniLend, Bonded Finance, Nord Finance and Biconomy, etc. These partnerships allow Dfyn to provide its users with additional token capabilities: receiving rewards, crediting, etc.
According to the roadmap, the team is working on the launch of a new UI with a dedicated dashboard for managing yield mining activities. Also, in the near future there will be a transition to Dfyn v2 with concentrated liquidity and integration with Router Aggregator to enable smart-order routing, extend Dfyn to non-EVM chains, and introduce derivatives trading on Dfyn.
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