Dfyn Network - Uniswap Killer?
In the past few years, the Decentralised Finance (DeFi) ecosystem has been transforming and growing rapidly. At the forefront of this changing DeFi landscape, Dfyn.network is bringing something innovative to the table. Dyfn.network is a community-governed DeFi project deployed in beta, the world’s fastest Automated Market Maker (AMM) exchange built on the Matic Network. This is the first version of a Uniswap-style AMM on any layer-2 network. Moreover, Dfyn’s mission is to build the world’s first L2 cross-chain liquidity aggregator.
This revolutionary project aims to significantly reduce gas fees, create lightning-fast transaction throughput, and provide ample yield farming opportunities to crypto traders. In addition to this, Dfyn is working towards building a comprehensive platform for social tokens and NFTs.
Interestingly, the transaction costs in Dfyn exchange are less than 0.0001% of Uniswap and transactions are at least 1,000 times faster. The platform promised to make all transactions on the Dfyn network completely free after a partnership with Biconomy and the integration of meta-transactions. Users will not need to hold any MATIC tokens for transacting on the Dfyn network.
Background
Scalability, security and decentralization are the three core aspects of blockchain. However, due to the lack of scalability, Ethereum struggles under the weight of DeFi growth leading to problems like network congestion and extortionate gas fees. Currently, gas fees for a single transaction on Ethereum are rocketing to $10. On the other hand, on Matic, millions of transactions can be completed under a mere $20. But the biggest advantage of Ethereum is its unparalleled liquidity.
So, what’s the solution?
The launch of Ethereum 2.0 is on the way. However, it might take some time to perfect the latest version and witness any real impact. Therefore, L2 solutions are the need of the hour. Dyfn combines the unmatched liquidity of Ethereum with the scalability of L2 platforms. While Dfyn has launched its project on Matic Network, they look forward to supporting all of the top L2 scaling solutions by building connective bridges to other Blockchains using PolkaDot enabler technology as a middle layer. Dfyn project will be a game-changer for the crypto-traders and liquidity providers who are cautious of crypto-trading due to high-entry barriers like network congestion and high gas fees. This is also critical to onboard the next wave of non-crypto users into the DeFi world.
Why Matic?
Today, one of the most innovative Layer 2 solutions is offered by Matic Network. It brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains. It simplifies the interaction between the users and the decentralized world. Thus, enabling anyone to take advantage of decentralized finance without worrying about the complexities of the system. It provides scalable, secure and instant Ethereum transactions by utilizing side chains for off-chain computation. Thus, Matic is the perfect choice for Dfyn.
The latest updates
Dfyn has joined Oropocket and xBTC in the list of startups in the TDeFi platform. TDeFi accelerator provides access to world-class experts in product development, marketing, growth, and compliance while delivering structured help in regulations, ideation, inventors-relations, and community management. Collaboration with a prestigious platform like TDeFi will unlock new opportunities for Dfyn and will ensure stability and tremendous growth.
Dyfn roadmap and Upcoming developments
The vision for the next two quarters is mapped out for the team:
November:
V1, Release of the Dfyn Exchange on Matic L2, AMM + yield farming functionality.
December:
V2, yield aggregation, optimization tools, impermanent loss fix.
Q1 2021:
V3, Cross-chain integrations using Polkadot as a base layer and cross-chain liquidity aggregation tool. Start of development of a comprehensive platform for social tokens and Non-fungible tokens (NFT’s).
Future:
Derivatives and options trading.
Additionally, the team is in touch with Binance Smart Chain and Tezos to offer cross-chain AMM features.
Upcoming December Dfyn tokensale
In the coming December, lots of exciting events are set to take place.
The public sale of Dfyn is scheduled for December 2020, with a date TBA.
Conclusion
Currently, there are ample opportunities for any platform that can provide lightning-fast transactions and reasonable gas fees. Considering the situation, Dyfn has ventured into the cryptocurrency ecosystem as an AMM, deployed on an L2 platform, at the right time.
Joining TDeFi accelerator, beta release on Matic and upcoming V1 launch are well-thought decisions and will definitely play a crucial role in tackling the biggest challenges of Ethereum. To lay the foundation of a decentralized future and push for the mainstream adoption of cryptocurrency by mass users, accessibility and low gas fees would be the key factors. Dfyn seems to be nailing them both. Apart from that, Dfyn aims to create a fairer version of DeFi by donating part of the farm yield to charitable and community efforts.
On the downside, Uniswap has emerged as the most prominent player among AMMs and thus, competing with this giant won’t be easy for Dfyn. Needless to say, it would be imperative for Dfyn to increase its brand visibility, reach as many users as possible and continuously be in a state of development to carve its own niche in the cryptocurrency world.
If you want to know more and conduct your own in-depth research, feel free to check out the below links –
Dfyn Website: https://www.dfyn.network/
Dfyn Exchange: https://twitter.com/_DFyn
Twitter: https://twitter.com/_DFyn
Telegram: https://t.me/Dfyn_HQ
Discord: https://discord.com/invite/fkzE2EF
