DFYN AMA transcript
This week AGA hosted its latest partnership, DFYN, on our telegram. Below you will be able to read more about what the team over at DFYN are doing differently. Here at AGA, we think you’ll be as excited as we are about their future!
Some sentences have been slightly edited for readability purposes.
Transcript of the Telegram AMA begins below:
- Please introduce yourself and your project!
Hi, I’m Priyeshu Garg. I used to be a software engineer in my past life. I worked for some of the big brands like Infosys and Ola cabs. After that, I transitioned my career full time to crypto in 2018 and became a tech-crypto journalist. I covered tech updates/news for a bunch of news sites like Cryptoslate/8btc/newsbtc etc. I found there was a need for cross-chain products and started building. We first built Router Protocol and now we are building Dfyn Exchange.
Dfyn is a multi-chain AMM DEX currently live on Polygon with TVL north of $200 Million. We are soon going to add new chains to our platform.
To combat the issue of exorbitantly high gas fees and low throughput prevalent on the Ethereum network, many Layer 1 and Layer 2 solutions have come to the fore in recent times. Although they have successfully managed to do what they set out to do, i.e. achieving higher throughput and lower gas fees, they have opened the door to another problem — one of liquidity fragmentation. Currently, the crypto space is filled with fragmented liquidity pools. Building the infrastructure to bridge the gap between isolated liquidity pools has become increasingly important. Without a robust cross-chain DEX with ample liquidity and price discovery, the success of other L1s/L2s is a non-starter. In other words, the success of cross-chain DEXs and upcoming L1/L2s with different use cases is mutually dependent. To this end, Dfyn is building a host of cross-chain infra primitives to aggregate liquidity across multiple Layer 1 and Layer 2 blockchains.
2. Can you please tell our community about the tokenomics of the DFYN Platform’s tokens?
The best way to read about our tokenomics is found here:
3. How does DFYN achieve 0 gas fees?
Our partnership with Biconomy and our integration of meta-transactions ensures that all transactions on the Dfyn network remain gasless for the Polygon network. With Biconomy’s collaboration, what happens is that whenever users perform a transaction on Dfyn exchange, the signed data from their wallets is relayed to Biconomy’s relayers.
Biconomy’s relayers pay the gas fees and forward the transaction with user’s signed data to the Dfyn contracts. Finally, DFYN contracts decodes user information from signed data and updates the chain state.
4. I’ve seen people saying that DFYN is a “cross-chain version of 1inch”. Compared to a DEX aggregator like 1inch, how is DFYN different?
Existing DEX aggregators like 1inch and for that matter, Matcha, currently operate only specific chains (1inch on BSC and Ethereum, Matcha on Ethereum).
Unlike them, Dfyn will act as a truly cross chain DEX, with Dfyn nodes spread across multiple Layer 1 and Layer 2 blockchains.
Also, most of the current crop of DEX aggregators is focused on Layer 1 and the experience is highly unsatisfactory.
We also have an advantage in this regards. Dfyn will aggregate liquidity from DEXes across multiple L2 chains. This will allow us to use the scalability and low gas features of Layer 2 blockchains, which most of the other DEXes aren’t able to provide.
5. How does Dfyn compare with Quickswap?
Quickswap is a Polygon only AMM dex. While the first difference will be Dfyn is gasless. Second would be Dfyn is soon going to launch on multiple chains to become a multi-chain DEX. Third would be Dfyn will leverage Router Protocol’s XCLP to become a cross-chain DEX.
6. I think that you’ve already kind of answered this a little, but can you give our community a little more on DFYN’s choice to use Layer-2 Polygon?
In the past year, we have witnessed a massive rise in gas costs and network congestion in blockchains like Ethereum. Such issues have the Ethereum network unattractive for everyday users. Layer 2 blockchains offer a much needed reprieve from the high gas costs and transaction processing times placing them in a much better position when it comes to the long term future of the DeFi section.
7. Can you please tell us about DFYN’s recent development plans, such as, will DFYN integrate with other L2 networks?
Dfyn’s immediate development plans include deploying Dfyn AMM nodes across other EVM compatible blockchains such as OKeX chain, BSC, Heco, Terra and Avalanche as well as on Algorand, which is a non EVM compatible blockchain. Apart from that, we will also be working on integrating Dfyn nodes with Router to enable smart order routing and cross-chain trading.
8. To dive a little more into AGA’s partnership with Dfyn, can you tell us about farms on Dfyn?
For full details, check the link below:
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Telegram Announcements: https://t.me/dfynofficial