DFYN Network Review
We are currently living in a time of rapid technological growth. The rise of blockchain technology is ushering in a new generation of the internet, with decentralized finances and digital assets leading the way to a global, digital economy. But, with this technology comes one major issue: multi-chain exchanges.
There are more and more tokens coming out every day on different blockchains and subchains, and it is becoming very difficult to exchange your money across these varying chains.
That is, until now. The DFYN Network is trying to build a multi-chain ecosystem that is easy to use, ultra-fast, and with the lowest transaction fees. The platform has a decentralized exchange, or DEX, that uses a gas-free automated market maker to find real-time prices.
With its broad range of uses, simple system, and accessibility, the DFYN Network is hoping to draw the next wave of users into the world of decentralized finance.
How Does the DFYN Network Work?
The DFYN Network has nodes on multiple Layer 1 and Layer 2 blockchains, allowing them to easily act as a decentralized exchange between the many chains. Users can trade assets and other crypto tokens on several blockchains all in one place.
One of the main ideas is to be able to swap large assets natively across various chains, such as Bitcoin, Ethereum, or Cardano, without incurring the large gas fees usually associated with these transactions.
The company uses a gasless automated market maker (or AMM) that handles all transactions into and from the liquidity super-mesh of the DEX.
Using DFYN Network’s innovative platform, creators can mint and launch tokens across multiple chains and get listed on the local DEX. Farming and staking can also be easily implemented on DFYN.
The DFYN Network’s Key Features
Utilizing its groundbreaking technology and using Layer 2 blockchains, the DFYN Network can carry out all transactions instantly while incurring minimal gas fees (only a fraction of the cost of the Ethereum network). As it hosts nodes across many different chains, traders can use the DEX to trade across any network they wish.
DFYN Network will soon add a node-runner feature, which will allow investors to buy and run a node on a blockchain, where they can make money from fees.
In the future, DFYN’s smart contracts and codebase will all be made available to the public. This means that everyone can see how the network works.
The platform has huge pools of funds at its disposal to help control the prices of all assets in its ecosystem. DFYN can make sure that all of the assets on its network have enough money in reserve by integrating liquidity pools from many different chains and tokens.
What are DFYN Crypto Tokens?
In the same way that most platforms on the blockchain have utility tokens, DFYN has one that speeds up payments and is very important to the way the ecosystem works.
DFYN Tokens will be the native currency of the network and will help provide liquidity to other nodes in the DEX. As a reward for users who stake their DFYN tokens and help the network, these tokens will also play a big role in the governance of the platform, giving stakers a say on every important change the owners want to make.
How Does Governance Work?
Anybody who has staked their DFYN Tokens in the liquidity pools will be allowed the chance to vote on proposals made by the platform operators. Most of the time, these are changes or upgrades to the protocol and partnerships with other networks, all of which are very important because they can change the liquidity pools.
To ensure fairness, all votes cast will be proportional to the amount you have staked; those users with more DFYN in pools will have a larger proportion of the total vote. So, if you want your voice to be heard, you’ll need to have invested a fair amount.
How DFYN Token Inflation Control Works
Every trade taking place over the DFYN Network is subject to a very small fee of 0.3%; 0.25% is distributed proportionally between liquidity providers based on how much they have staked, and the other 0.05% is sent directly to the DFYN treasury for use in the operation of the platform.
To control the inflation of tokens in its ecosystem, DFYN has formed a network of bridges that creates free movement of assets from one chain to another. These bridges make it easy for DFYN’s smart AMM to move money from one liquidity pool to another for reserves.
The ParaRouter’s Operation
Every single chain on the DFYN network will have a bridge contract called a “ParaRouter” attached to it. These bridge contracts check all the information and then connect to the router nodes that send the information across to another chain. This is the first step in the cross-chain transfer of multi-chain assets.
How Router Nodes Work
Router nodes receive and listen to events from the ParaRouters before sending them onwards to their destination chain. You can imagine chains being like cities, routers as the roads, and para routers as checkpoints.
The chains, or cities, are full of people and businesses, always busy. To go from one city to the next, you must cross a route (or a road) that is first controlled by a checkpoint, the ParaRouters. The checkpoint takes your information and, if it gets validated, you can freely travel down the road to your destination city.
How the DFYN Exchange Functions
The DEX on the DFYN Network works just like other decentralized exchanges, except it is fully multi-chain, superfast, and completely gasless; transfers only require a tiny 0.3% charge.
The network takes data from a node on the starting network, sends it via the ParaRouters to the routers, which then takes the asset on its ultra-fast journey over to its next chain.
How Does DFYN Liquidity Mining Work?
To take part in DFYN’s liquidity mining feature, users must first stake some coins in a liquidity pool. This will give the investors LP tokens that validate their input into the pool.
These LP tokens can then be deposited at any of over 50 farms and used to farm various tokens, including ROUTE tokens, another utility token in DFYN’s ecosystem. Users can “harvest” their farm whenever they wish to receive dividends or pull their funds out entirely, as there is no obligation to lock in LP tokens.
Who Is The Team Behind The Project?
The DFYN Network is operated by a team of some of the brightest technological minds in South Asia. The CEO and founder, Ramani Ramachandran, built Fordex, the world’s first stable coin DEX, and launched one of Asia’s earliest cryptocurrencies.
The team has a wealth of experience in modern blockchain technology and they have been working together for many years to become one of the leading forces in bringing the blockchain revolution to the Asian (and even global) market.
With such strong and reliable backgrounds, this is a team you can trust to come up with innovative solutions to modern technological issues and progress the blockchain revolution. Platforms such as this are already solving many teething problems and are helping to create a mass-market adoption of blockchain, meaning you could be using DFYN a lot in the future.
- The DFYN Network is trying to build a multi-chain ecosystem that is easy to use, ultra-fast, and with the lowest transaction fees.
- The platform has a decentralized exchange, or DEX, that uses a gas-free automated market maker to find real-time prices.
- The platform has huge pools of funds at its disposal to help control the prices of all assets in its ecosystem.
- DFYN Tokens will be the main currency of the network and will help other DEX nodes get money.
- By integrating liquidity pools from many different chains and tokens, DFYN can make sure that all of the assets on its network have enough money in reserve.
Further DFYN Network Information
- Dfyn Network
- Price $0.027
- Market Cap