Welcome to this post, where we are going to see how Dfyn works, one of the main DEX in different networks and with a model somewhat different from the usual.
Dfyn is a decentralized Exchange that started in the polygon network, but with the idea of expanding and being able to be used in different networks, as we can see today. With a different model with its token, giving more relevance to its staking.
In this guide we will focus on the polygon network, being the most developed and with more options, but many functions are the same in the other networks available on this platform.
What is Dfyn
Dfyn is a fully decentralized multi-chain protocol that relies on automated market makers (AMMs) instead of order books to enable the exchange of tokens. Anyone can use the exchange to trade tokens, or to earn commissions by supplying liquidity to various liquidity pools. On low-gas networks, such as Polygon, Dfyn eliminates gas fees altogether by integrating meta transactions. Currently available on Polygon and Fantom, Dfyn will eventually deploy AMM nodes on multiple layer 1 and 2 blockchains, thus acting as a multi-chain DEX. An ultra-fast gas-free AMM optimized for the multi-blockchain universe.
Dfyn is much like sushiswap, being a DEX with liquidity and utility across different networks, and expanding to more and more blockchains. With its token giving a share of the profits generated by the platform to those who do staking.
Currently we find the polygon network, fantom, arbitrum and Okex, but over time we may see more networks incorporated into this Exchange.
In swap we find the classic swap of any DEX. Where in the from part we will indicate the token we want to use and in to the token we want to get. One of the main differences in Dfyn is the gasless mode option that you can activate by clicking at the top right, next to the gas station symbol.
This option makes that you do not spend gas fee in the transaction or that the consumption is very minimal, although this option is only available in fantom and polygon, it is interesting as a difference from other DEX.
Another feature is that it has the option to color limit orders in a decentralized Exchange. A very interesting option to place positions and not have to be aware of the price of an asset to buy it. It is a very uncommon option in decentralized exchanges and it is very useful. Thus, it is not necessary to use centralized platforms to place a limit order as it used to happen recently, since there are no other reliable alternatives with low commissions.
To place a limit order, the operation is the same as when you are going to make a swap, the only thing you will have to indicate the ratio of the two assets, where you want the order to be executed and change your tokens. Click on place limit order when you have indicated the amount, and the ratio you want the order to be executed and confirm in your wallet. When the price reaches that value, your order will be executed automatically and you will receive the other tokens.
One of the highlights of Dfyn is its farms, as there are many alternatives, especially in the polygon network. The first thing we find are the single token farms, in single-asset vault.
Here, you can stak a single token and lock it for a period of time. Although they are very specific tokens and there is a limit. Once it is full, you will see a filled message and you will not be able to deposit any more tokens to that pool. I recommend you to follow them on their social networks if you are interested in this type of staking, as it is usually filled very quickly.
In the other farms, you will see different categories such as ecosystem or popular, but basically they are the same farms. Here, you will see the % that they are currently giving in APR, in rewards ends in the time left for that pool to end and the total deposited with its value in $. To deposit, you must first create the LP Token in the pool, and then click on deposit. Click on add liquidity and confirm in your wallet. This way you will start receiving the rewards.
Then, we have the dual rewards farms, where you will receive two tokens and they are quite interesting for the annual % you receive. The main difference is that they will be LP of a token with Dfyn, and you will receive Dfyn and the other token, for example in MATIC-DFYN, you receive Dfyn and Matic if you place that LP here. The other aspects are the same as the other farms, where you can see the % you receive in APR and the total liquidity in each pool.
In this section, you will find the staking of your token, dfyn. The staking operation is liquid staking, and also benefits the dfyn stakears to vote on new proposals on the platform.
To staking your Dfyn, it is as simple as indicating the amount, click on stake, confirm in your wallet and that’s it. You can see the change of vDFYN and Dfyn. When you staking dfyn, you will receive vDFYN which appreciates in value with respect to Dfyn, and is what is known as liquid staking.
The annual % that is appreciated comes from the 0.05% of the total that is exchanged on the platform, it is destined to the users that make staking of Dfyn. In addition, you can vote new proposals with your vDFYN. At any time, you can exchange your vDFYN and get back Dfyn to sell them or whatever you want. Above all, do not sell or send your vDFYN or you will not be able to get your Dfyn back. Also, use your ability to participate in new proposals and vote on changes within the platform if you have staked dfyn.
I hope it has helped you to know more in detail how Dfyn works, a decentralized Exchange in different networks. Remember that if you don’t have an account with binance, you can create one just below.