What Is Dfyn Network (DFYN)?
The onset of Dfyn Network pandemic resulted in a huge downturn in financial returns, which prompted people to look for more stable returns, with stable coins in lending protocols becoming the preferred choice of many. DeFi lending protocols offer at least 10x returns on stable assets compared to large financial institutions. The addition of a vast number of blockchain-based lending and borrowing protocols like Aave and Compound to the DeFi ecosystem enabled users to gain substantial returns over their idle DeFi assets. With people becoming more and more privacy conscious, DeFi’s intrinsic features of security and transparency have enticed several users to join the DeFi ecosystem, further solidifying DeFi’s position in the crypto verse.
Currently, Ethereum is by far the most popular blockchain supporting the DeFi sector. Being the first Turing-complete, trust less blockchain of its kind, Ethereum has revolutionized the concepts of digital money, global payments, and several other applications. Furthermore, with a large developer resources base and significant community support, Ethereum’s development ecosystem provides a conducive environment for developers to code smart contracts that offer much more flexibility to their projects. With smart contracts forming the heart of most DeFi applications, Ethereum has become the de facto choice for developing and deploying DeFi applications.
Dfyn Network Storage Key Points
|Coin Name||Dfyn Network|
|Circulating Supply||103,597,923.00 DFYN|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
To achieve an inclusive Dfyn Network ecosystem empowered by a fairer, cheaper and more accessible multi-chain AMM. In recent years, several consensus protocol approaches such as Dfinity, Tezos, Polka and Cosmos have actively tried to negate Ethereum’s scalability concerns. During the same time, a number of Layer 2 blockchain such as Matic and xDAI have also surfaced as a viable solution to not only Ethereum’s scalability problems but also to its cost issues.
With a slew of competitors vying for the same market, and none having done so conclusively the DeFi sector faces the prospect of a fragmented market with widely dispersed liquidity and developer communities. In such a scenario, what will be required, it seems, is a multi-chain ecosystem consisting of nodes deployed across multiple blockchains, as well as bridges between those nodes to allow for the seamless flow of liquidity across isolated liquidity pools.
Dfyn Network In what is clearly looking like a multi-blockchain future, we are committed to establishing a thriving multi-chain ecosystem that includes a trust less decentralized exchange (DEX) coupled with an ultra-fast gas less automated market maker (AMM) which is optimized for the multi blockchain universe. By building a thriving multi-chain ecosystem, our mission is to onboard the next wave of crypto users into the DeFi world.
Over-reliance of the DeFi sector on Ethereum has led to it inheriting several flaws intrinsic to the Ethereum platform. DeFi protocols built atop the Ethereum network suffer from scalability and congestion issues, putting billions of dollars in locked value at unease. Although Eth 2.0 is widely expected to offset these issues by transitioning to a proof-of-stake (PoS) system, Ethereum’s full transition to PoS is still months, and possibly even years away.
Dfyn Network Currently, however, most of the secure blockchain solutions in the market offer much less throughput compared to contemporary payment mechanisms afforded by Visa, Master card or PayPal. Even with its transition to PoS, there is no provision, at least for the time being, to combat the issue of high transaction fees which has made it impossible for the small players to trade in the Ethereum network.
With Dfyn nodes spread across multiple Layer 1 and Layer 2 blockchains, Dfyn will act as a multi-chain DEX. This will allow Dfyn to plug into a liquidity super-mesh, enabling users to perform their asset trades seamlessly on several blockchains from a single interface. Dfyn will also build a decentralized swap station to swap large assets negatively like BTC, ETH, ADA in a non-custodial way.
Router’s cross-chain liquidity protocol (XCLP) forms a network of bridges between isolated Dfyn nodes present on different blockchains. This concept can be better understood with the help of the following analogy. Dfyn Network nodes can be thought of as far-flung cities and Router as the highway that connects this city, thereby facilitating free movement of vehicles (in this case, assets) from any one city to the other.
Dfyn as a cross-chain DEX
Dfyn Network Whenever a user request is received for a particular asset trade on a particular blockchain, Dfyn’s AMM requests Router to traverse not only through the same blockchain but also through different blockchains and their AMMs to fulfill the order at the right prices with the least slippage. For example, let us say, Router finds a better ETH/USDT price on a venue on the Solana blockchain instead of Uniswap on Ethereum, so Router will try to fill that order from Solana.