What is Dfyn Network (DFYN) | What is Dfyn Network token | What is DFYN token
In this article, we’ll discuss information about the Dfyn Network project and DFYN token
Dfyn.network is a community-governed DeFi project that offers a low-fee AMM exchange along with yield farming opportunities. It combines the unmatched liquidity of Ethereum with the scalability of L2 platforms. Dfyn will also work on providing a comprehensive platform for social tokens and NFTs. We are launching with the Matic platform, in the first instance.
As we have seen from the recent spike in Ethereum network gas costs, L2 efforts are critical to DeFi and Ethereum achieving their full potential. Ethereum network throughputs are woefully inadequate, and while there are Ethereum competitors trying to reinvent a universal ‘smart computer’, the odds of an L2 platform becoming the more likely adopted path going ahead are significantly higher than one of the Ethereum competitors displacing Ethereum. We are bullish on Matic, and its potential to be a leading contender as the mainstream L2 variant for the Ethereum ecosystem.
However, Dfyn wants to remain chain agnostic and support all great L2 scaling solutions using Polkadot as a middle layer.
What is ‘Fair’ DeFi
In addition to faster transactions, L2 also allows for the average Jane to participate in DeFi. Currently, unless you begin with at least $10,000 in some cryptocurrency or stablecoin, it becomes infeasible to actually generate a steady, risk-minimized yield from farming. This is far less than the average per capita income of most countries in the world*.
The friction involved with creating liquidity provider tokens, approving transfers, and harvesting farm yields has limited DeFi to a thin sliver of the ‘techno-elite’. Perversely, there are middle-men platforms that solely exist to optimize yield farming for you, by pooling together capital and allocating across farms. Even those farms are not really pocket-friendly for average Joe Farmer.
Badges such as ‘degen’ and ‘chad’, are almost a matter of pride in some telegram channels, with nary a hint of irony. This misses the bigger point — Crypto, and DeFi, are supposed to level the playing field, not perpetuate entrenched oligopolies.
How is Dfyn different?
Gas costs & Speed: Unlike with Ethereum, gas costs on Matic are truly negligible. A million transactions cost ~$18. As most folks that are familiar with Ethereum know, just one transaction to withdraw the recent Uniswap airdrop worth $ 1200 into their wallets recently cost multiples of $18 as congestion peaked with folks rushing to reclaim their Uni tokens. The problem with Ethereum congestion is that one large event is sufficient to bring down the economic-feasibility of entire network. This has happened in the past with cryptokitties as well, and is a periodic occurrence.
Overall vision_: _Our vision is to make DeFi fairer, more accessible, and cheaper to access. This is critical to onboard the next wave of non-crypto users into the DeFi world.
While the near-term goal for Dfyn would be to provide a more efficient alternative for current DeFi use cases incorporating L2 with Matic, the medium-term goal is to leverage PolkaDot enabler technology to build bridges from the Ethereum network to other chains, and take advantage of other products emerging across chains, as well as other parallel efforts to build bridges across various chains. It makes sense to keep the larger picture in mind; Traditional finance gave us the current modern financial infrastructure, with liquidity and capital mobility fragmented and ‘bottle-necked’ across differing geographical exchanges and regulatory regimes.
With DeFi we have the opportunity to leverage the composability of smart contracts, as well as the ‘austere relentlessness of cryptography’ to reimagine capital and liquidity flows as they can potentially be, in an emerging Web 3.0 paradigm.
Under this overarching vision, the product feature set has evolved to the point that it is pretty much standard now — Dfyn will enable trading and yield farming as well as newer use cases and features such as derivatives and options that we are truly excited about. In due course, Dfyn will also be incorporating tweaks to the currently dominant Uniswap AMM model, and address issues such as impermanent loss and slippage. While the first version will be a yield-farm and an AMM-based exchange on the Matic sidechain, the principle can be extended to other projects as xDai, OMG, Flare (FXRP) as well as other L2 solutions that exchanges such as Uniswap are currently working on.
Polkastarter IDO Whitelisting Details
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Date : May 10, 2021
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Public raise (in USD) : $305,500
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Ticker : $DFYN
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Price per token :** $0.094**
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Total amount of tokens on sale : 3,250,000
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Allocation per person (in USD) :** $300**
_To ensure the distribution of Dfyn tokens in a fair and transparent manner only whitelisted users will be able to participate in the IDO. Anyone that wants to participate in the token distribution process must register their interest by submitting the whitelisting form. Please note that even after getting selected to the whitelist — it is important that you show up on time with funds ready to participate in the IDO as the IDOs on Polkastarter are _First-Come-First-Serve.
There will be two whitelists; this is the first one which is targeted towards Dfyn Exchange Liquidity Providers, #dfyn meme contest participants, $ROUTE holders, and AMA winners. You should participate in this round if you want to participate in the whitelisting round by providing liquidity on Dfyn exchange — a multi-chain DEX initially based on Polygon network, or by participating in the meme contest, or by virtue of being a $ROUTE holder or by just asking a great question in AMA. 300 whitelisting slots have been reserved for this first whitelisting round.
Please note that the first round is a NON-POLS round which means you do not need POLS to participate in the first round. The second round will be targeted towards POLS holders only.
Breakdown of whitelisting spots & timings for the first round are as follows: 
200 whitelisting slots: Dfyn Liquidity Providers
60 whitelisting slots: $ROUTE holders
30 whitelisting slots: AMA winners
10 whitelisting slots: Dfyn Meme competition
Start Date & Time : 29 April 5:00 PM GMT (Thursday)
**End Date & Time **: May 4 3:00 PM GMT (Tuesday)
The second round will have a much larger number of whitelist slots but it will be open to POLS holders only. The second round of whitelisting will start on 1st May at 3:00 PM GMT (Saturday).
Users can apply in both the round of whitelists but will get selected in only one of the rounds.
Dfyn Liquidity Provider Participation
Dfyn in its current form is a L2 exchange live on Polygon Network. 200 slots for Polkastarter whitelist are reserved for Dfyn Liquidity Providers. You can view the current exchange stats here: https://info.dfyn.network.
A snapshot of liquidity providers on Dfyn will be taken on 4th May at 1:00 PM GMT and the top liquidity provider wallets from the list of participants who apply for the whitelist will be selected.
Out of these 200 whitelist spots, a part of it will be reserved for the liquidity providers who were Dfyn liquidity providers before this announcement and another part will be for those who will be the top liquidity providers at the snapshot time. The ratio is still being decided, and we will touch more on this subject in a new post.
You can provide liquidity on Dfyn AMM on any pair, those looking to avoid impermanent loss can think of providing liquidity on stablecoin pairs like USDT/DAI. We will not discriminate against any pair while selecting the top liquidity providers for the whitelist. Our formula would be to calculate the USD value of liquidity providers who participate in this whitelist and reward the top ones with the whitelisting spot. You can also provide liquidity to Dfyn by participating in the DFYN galaxyfarm, where liquidity provision for any pair, including Route/ETH, farms 11 tokens on the Polygon network.
Please make sure you apply in this whitelist using the same ERC20 address which is being used to provide liquidity on the Dfyn AMM.
Dfyn Meme Competition Participation
10 whitelisting slots have been reserved for the #dfyn meme competition. Participation in this is rather simple. All you have to do is create a nice (funny/informative/catchy) meme for $DFYN and share it on Twitter by tagging Dfyn’s Twitter handle (@_Dfyn) and hashtag: #dfynnetwork #pols. Our meme selection council will pick the best memes and reward them with 10 whitelists.
Please ensure that you have submitted your entries before 4th May at 1:00 PM GMT.
ROUTE holder participation
60 whitelisting slots have been reserved for $ROUTE holders. 60 $ROUTE holders will be selected from the list of whitelist applicants and they will be awarded the whitelist slots. The number of $ROUTE tokens in the wallet should be at least 100.
A snapshot of $ROUTE holders on Ethereum and Polygon network will be taken on 4th May at 2:00 PM GMT and 60 random wallets who apply to the whitelisting will be offered the whitelisting slots.
How and Where to Buy DFYN ?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase DFYN from the exchange: https://www.polkastarter.com
The top exchange for trading in DFYN token is currently …
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once DFYN gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information DFYN
☞ Website ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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