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Dfyn x Satoshi Club AMA Recap from 5th of May

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Dfyn and our guest was @Rsquare007 — CEO and co-founder of DFYN network and Router Protocol and @priyeshu. The AMA took place on 5th May.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Dfyn! Welcome to Satoshi Club

D. | Satoshi Club:
Today our guests — @Rsquare007 and @priyeshu !

Hello guys!

Nice to see you in our club!

Ramani Ram:
Hello guys!

Ramani Ram:
Lovely to be here.

D. | Satoshi Club:
Good to have you here

Mary | Satoshi Club:
Hello! Welcome to Satoshi Club

D. | Satoshi Club:
How is it going?

Ramani Ram:
This is amazing!

Going great, full steam heading into our Polka IDO on Monday.

Thank you for inviting us on to this community.

Mary | Satoshi Club:
Yes! It will be a big day for Dfyn

So, let’s start our AMA?

Ramani Ram:
Thanks, fingers crossed!

Yes let us dive right in

Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Dfyn?

Ramani Ram:
Of course.

Ramani Ram:
My name is Ram (Ramani Ramachandran) and I am the CEO and co-founder of DFYN network and Router Protocol.

Previously.

I spent a long time in traditional finance across NYC/London and Singapore and started in Crypto in 2015

Mary | Satoshi Club:
Long time passed

you have good experience in crypto!

D. | Satoshi Club:
So you leader of both projects?

Ramani Ram:
Yes, the team has been continuously building in crypto for the better part of the last decade now. We initially started off with building a bitcoin side chain for trading tokenized pre-IPO securities. We then moved onto build the DEX, way back in 2018, subsequently we built a leading crypto derivatives platform, or rather the matching engine behind it, and then some low latency algorothmic trading software with which we ran a crypto fund. Our team is mostly engineers and product managers, and have been educated at some great schools around the world including MIT, IIT, NIT etc

We actually built the world’s first stablecoin DEX called Fordex, with a grant from 0x, way back in 2018.

D. | Satoshi Club:
Nice, you have pretty experienced team

Ramani Ram:
Yes, I am the CEO, but I have a great team with me which is more important. Including Priyeshu, who is with us today on the AMA as well.

Mary | Satoshi Club:
Never heard about it, is it still live?

@priyeshu welcome here

Ramani Ram:
No, we shut it down..we were seeing a lot of traction but with 0x relayers back then you had to subsidize eth gas costs and we were burning 3–4 eth a week ( around 1000 dollars back then) which was a bit unsustainable especially with well-funded competitors like Radar Relay.

We then moved onto other things including algo trading/low latency trading and so on and so forth

Mary | Satoshi Club:
Yes, I understand.

Ramani Ram:
Before coming back to DeFi sometime Q2 last year.

D. | Satoshi Club:
Since then you are working on Dfyn?

Ramani Ram:
Yes.

Mary | Satoshi Club:
And this is the point where Dfyn history started?

Ramani Ram:
Exactly.

Priyeshu Garg:
Thanks. Pleasure being here today!

D. | Satoshi Club:
Thank you for joining us

Priyeshu Garg:
We were seeing ETH fees going up everyday, it went from 1–2$ per transaction to 50$ in a matter of few months. At high fees , the eco-system leaves out small players and becomes a hub for only whales. We hated that situation. Matic Network had transaction fees in fraction of cents like $0.0004 , so we decided to build AMM there and thats how Dfyn was born.

D. | Satoshi Club:

Ramani Ram:
So we launched dfyn on matic and it is a super smooth experience especially when you compare to Uniswap. Zero gas, instant transactions etc.

Mary | Satoshi Club:
I am happy that we have you, we also are tired of high fees.

Ramani Ram:
Then we realized that the equally important problem was actually getting liquidity onto Matic from Eth and other chains

It is like you have a great suburb next to a city but no roads to get there

Mary | Satoshi Club:
Yes

Ramani Ram:
At this point in time, we started building out Router Protocol, a crosschain liquidity supermesh. Router is live on testnet across 5 chains — ETH, Matic, BSC, HECO and Avalanche. You can check it out at testnet.routerprotocol.com

D. | Satoshi Club:
Great! I will try it later

Ramani Ram:
So together the vision is pretty simple, Router connects chains, like intercity highways or inter city airline routes. DFYN is the onboarding/off-boarding points for liquidity within each chain. At the moment, ROuter is on testnet and expected to go mainnet in a few weeks, and DFYN is live on Polygon and expanding to other chains in a few weeks and months

Mary | Satoshi Club:
It’s only for testnets, right? I see Kovan

Ramani Ram:
Yes.

ROuter currently on testnet.

Going live in a few weeks.

Dfyn is live though.

exchange.dfyn.network

Priyeshu Garg:
https://testnet.routerprotocol.com/

Mary | Satoshi Club:
Fantastic! You did a great job!

Ramani Ram:
Thank you, we have a great team that has been building in crypto for a while now.

Mary | Satoshi Club:
Thank you for this detailed intro, Ramani! Do you have to add something or we can go to the questions from our community?

Ramani Ram:
Yes maybe a couple of things.

Mary | Satoshi Club:
Sure!

Ramani Ram:
With DFYN and Router, we are building out some cool crosschain infrastructure. The reality is that it is going to be a multichain unverse with ETH at the centre of it all, but with other chains having significant community and energy. So we need a way to move liquidity seamlessly across chains, and that is what Router and DFYN and the XCLP framework we are building (Crosschain Liquidity Protocol) is all about

Once we have a way to port liquidity across chains and a way to onboard and offboard liquidity within chains, the possibilities are truly endless. Everything that is currently on Ethereum or Matic or BSC, will not get repurposed to work seamlessly across chains…like if you get a word doc, you can open it up on a macbook or a windows or a linux machine. same way, the specifics of the underlying blockchain will recede into the depths of the blackbox, and you are going to deal increasingly with the application layer. LIke initially we all had Sun SOlaris servers but now everything is in the cloud in AWS or Azure and you deal with a screen on your mobile or ipad or whatever screen. Defi will also thus become truly chain agnostic, with crosschain plumbing like Router bridging these chains, and apps like DFYN and their successor version over the years building various interfaces for trading, lending, swapping etc.

Priyeshu Garg:
We are going to give away 3 whitelist spots in this AMA. one requirement is to ask a great question and another is to be part of our TG community. @dfyn_hq

Ramani Ram:
With DFYN and ROuter, we hope to build a set of core infrastructure building blocks on which app developers can further iterate and build cool apps for trading, crosschain lending, and so on and so forth.

Specifically, this could include, in addition to the sort of 1-inch across chains, potentially an Aave or Compound across chains, or even a Polkastarter across chains, something that folks can use to simulataneously launch multichain IDOs with various communities across chains contributing and competing for liquidity.

Router is already out and trading — listed on Bitmax, Uniswap, Bilaxy etc, we listed at $0.275 and now trading around $9.5.

Dfyn goes live on Monday.

Now we can move to community questions

One more thing.

We have a few whitelist spots for the AMA.

D. | Satoshi Club:
Nice gains

for those who bought earlier

Mary | Satoshi Club:
That’s awesome! Our community will be happy

Ramani Ram:
So just remember to follow DFYN telegram, and ask a great question here on the AMA today.

D. | Satoshi Club:
Cool!

Thank you very much for the awesome intro! ready to star the first part of AMA?

Ramani Ram:
Yes let us do it!

Let me quicky share socials if that is OK?

Website: https://www.dfyn.network/
Telegram: https://t.me/Dfyn_HQ
Telegram Announcement : https://t.me/dfynofficial
Twitter: https://twitter.com/_DFyn

D. | Satoshi Club:

Q1 from Telegram user @jodasf
What are the advantages that Dfyn has compared to other similar DEX networks? What services do you offer that make you stand out from the competition and that will allow you to have a good position in the market?

Ramani Ram:

Priyeshu Garg:
Most DEXes are single chain while DFYN will be multi chain. That is not all, dfyn is gasless while most exchanges require gas.

Ramani Ram:
We are the first true multichain AMM. We also offer instant, gasless transactions on most L2 chains. Because we are multichain we are able to tap into a bigger liquidity pool, spanning across chains. We are also able to draw liquidity from the larger chains such as ETH and BSC to growing chains like Matic, HECO, AVA etc

Hope that answers your question.

D. | Satoshi Club:
thank you for the answer! btw can you share your thought on UniswapV3? V3 is almost here, do you think they will solve their issues in third version of protocol?

Ramani Ram:
Great question, Very thoughtful

Our personal view is that the beauty of Uniswap as it is is the AMM. You are getting trade execution certainty even if you are not getting the most efficient execution. This is the priority in the retail market.

With V3, with concentrated market making etc, they are targeting the established MMs and the professional finance folks from Chicago and NY and elsewhere — Jump Trading, DRW etc.

IIf you want to do that you might as well go the traditional CLOB route, and not be hampered by the v2 style AMM model. It seems to me to be a circuitous way of achieving essentially CLOBs and CEXes do very well.

However, it is still early days, and there might still be a market especially with the increasing main streaming of DeFi.

but it is going to take a while with V3 is what I feel and V2 model and its derivatives across other projects will continue to be super popular as the fungibility of the LP token is a powerful feature that is driving DeFi.

Hope that answers.

Mary | Satoshi Club:
But i should say even if it’s early days DeFi service became much more better and comfortable than they were at the very beginning

D. | Satoshi Club:
Great answer, thank you!

Mary | Satoshi Club:
Thank you for your answers! Ready to proceed?

Ramani Ram:
Yes, please!

Thank you!

Q2 from Telegram user @h1drX
On your website you say that Dfyn was initially launched on Polygon and will soon expand to BSC, HEC, AVALANCHE, POLKADOT, ALGORAND. But I was surprised not to see Ethereum on this list, I know that Ethereum is very troublesome right now, but do you plan to expand Dfyn to the Ethereum blockchain too one day? Maybe when they launch Ethereum 2.0?

Ramani Ram:
Yes, absolutely!

So we could very well launch on Ethereum at some point. But at the current time it is not a priority as ETH is well served by multiple DEXes and gas costs are an issue..At some point we willl definitely have an ETH presence, although it is unlikely to be a basic Uni style AMM

D. | Satoshi Club:
Your approach is cover as many chains as possible? so you will continuously add and support more and more chains? like Cosmos, Solana, etc?

Ramani Ram:
Yes definitely, we want to use ROuter to traverse chains, and use DFYn to onboard and offboard liquidity with in each chain. So Dfyn will eventually have a presence in multiple chains. Solana Cosmos are all on the roadmap

D. | Satoshi Club:
Very nice! got it!

Mary | Satoshi Club:
Can you share your roadmap with us?

Ramani Ram:
Yes definitely. the broad roadmap is to expand DFYN on matic in the first instance, make it the largest DEX on matic, as the liquidity on matic is increasing rapidly. Then we expand to a few other chains and plug into the Router mainnet as that launches

Once that happens, there will be a ton of liquidity flowing across Route into the various DFYN nodes on each chain.

https://twitter.com/_DFyn/status/1389312094739132416?s=19

Mary | Satoshi Club:
Thank you for sharing! Sure, you will reach all goals in time!

Ramani Ram:
The idea is to build a comprehensive crosschain infrastructure on which multple use cases in trading lending etc can be built upon by the developer community as well

We are sure going to try!

Mary | Satoshi Club:
I will definitely try Dfyn!

Ramani Ram:
Awesome!

Mary | Satoshi Club:
Thank you for your answers! Ready to proceed?

Ramani Ram:
Yes definitely.

Q3 from Telegram user @ysasoma
Most of the DeFi projects are totally experimental even if they are launched for public use, which means that they can go wrong, even with a high-end audit, so I believe that what makes a project successful is the ability to identify and solve problems. Can you tell us, what are the tools that Dfyn has to identify and solve any kind of problem that may arise?

Ramani Ram:
Very relevant question — We will be getting all the contracts thoroughly audited.

One of the reasons the testnet for Router is delayed is that it is being audited currently.

Separately we focus lot on operational security and processes.

In light of the multiple hacks in the ecosystem.

Mary | Satoshi Club:
Who made Router audit?

Ramani Ram:
Router is being audited by a couple of firms currently. We will reveal the details before the mainnet launch in a few weeks

D. | Satoshi Club:
The more audits the better

Ramani Ram:
Yes.

Ditto with Dfyn.

Audit details will be out soon.

Mary | Satoshi Club:
Super! We will wait for this ann

D. | Satoshi Club:
Big thank you for the answer! ready for the next question?

Ramani Ram:
Yes, please

Q4 from Telegram user @lzamg
One of the products of Dfyn is the Layer 2 Galaxy Farm. Would you tell us what are the most important features of this farming ecosystem? Is it similar to other yield farming projects or does Galaxy Farm brings new mechanisms and benefits for users? Also, which projects are participating in the development of this farming system?

Ramani Ram:
Am glad you asked this question.

Galaxy farm was originally intended as a growth hack to bootstrap liquidity on to DFYN while we were still in Alpha and pre token.

The narrative is very simple for projects and for farmers.

For Farmers — you just need to provide liquidity in any one pair on DFYN, and you farm 11 tokens.

D. | Satoshi Club:
Wow!

Ramani Ram:
Also, given it is all L2 matic, it is very easy to shift between farms as per yields etc.

So it is probably a very unique group farming initiative.

Mary | Satoshi Club:
That’s fantastic! Is it also already live?

Ramani Ram:
From a project perspective.

You are getting a few things.

  • immediate access to 11 communities and their wallets

Easy integration to the fast-growing Polygon community through an initiative that is supported by Router, Dfyn, Polygon and a number of other projects.

Yes Galaxy farm is live.

galaxyfarm.routerprotocol.com

Is cohort 2.

There are a number of benefits to participating in galaxy farm…dfyn airdrops, and also enhanced yields for various TVL targets.

D. | Satoshi Club:
Btw to participate there, i should add one asset or pair of assets?

Ramani Ram:
It is a liquidity pair that you will be adding, in effect providing liquidity to DFYN.

Priyeshu Garg:
You have to add liquidity onto Dfyn LP pairs

D. | Satoshi Club:
Gotcha!

Ramani Ram:
Yes.

Mary | Satoshi Club:
Hmmm, why i haven’t seen it before

i want to join!

Ramani Ram:
Current cohort it can be any one of Route-ETH, Razor-Eth, OM-Eth, IGG-ETH..there are 11 tokens.

And providing liquidity in just one gives you all the 11 tokens.

Do check it out.

Priyeshu Garg:
Galaxy Farm : https://galaxyfarm.routerprotocol.com/

D. | Satoshi Club:
Thank you for clarification!

Mary | Satoshi Club:
I will after AMA because i am afraid that i won’t be back

Mary | Satoshi Club:
Thank you for your answers, guys! Ready to go to the next question?

Ramani Ram:
Yes, please

Q5 from Telegram user @alaskasb
In your medium, I saw that DFYN carried out NFT Airdrop with an allocation of 2.25% of the total of $DFYN Tokens. Can you give us more details about this and what are your plans for the implementation of NFT? You also mention that these tokens will be unlocked for community initiatives. What strategies do you have to benefit the community and exactly what other plans do you have in mind to incentivize users?

D. | Satoshi Club:
NFT

Ramani Ram:
So these NFTS are a bit like SOCKs tokens on Uniswap with the difference that each of these NFTs will actually hold a preset number of DFYN tokens…

The idea was to introduce an NFT like brag/swag factor but deliver actual financial value in the form of DFYN tokens as well.

We are rollling out our roadmap here but this could potentially be as lucrative as Socks on Uniswap which is trading at 300k + now and just indicates early swag value.

Also

Over here we will be prioritizing the very largest liquidity providers in addition some randomization/lottery etc.

Mary | Satoshi Club:
Good idea

we love NFTs and airdrops

Thank you for your answers! Ready for the 6th and last question from this part?

Ramani Ram:
Yes

Q6 from Telegram user @IsabellaIsla
I found it interesting that DFYN has a Bug Bounty program and other programs like funding research and development of cross-chain protocols and applications. Could you tell us more about this? Can any user support developers, identify attack vectors and strengthen the DFYN ecosystem? What is the purpose of these programs and how would they benefit us?

Ramani Ram:
Yes absolutely..to date we have paid out a fair number of tokens as bug bounty. The idea is to incentivize the community to make the project stronger and the ecosystem stronger, as every hack weakens all of us in crypto at some level. For developers, it is a great way to engage with the interesting things we are building out at DFYN and ROuter.

In addition to earning bounty rewards.

Mary | Satoshi Club:
Is it ongoing or already finished?

Ramani Ram:
Bug bounty is always ongoing!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Korryl
Dfyn is a multichain DEX that also building a proprietary XCLP (Crosschain Liquidity Protocol) on Router testnet. Could you please explain how does XCLP works on your platform and what is the benefit that you get from XCLP?

Ramani Ram:
Once we have a way to port liquidity across chains and a way to onboard and offboard liquidity within chains, the possibilities are truly endless. Everything that is currently on Ethereum or Matic or BSC, will not get repurposed to work seamlessly across chains…like if you get a word doc, you can open it up on a MacBook or windows or a Linux machine. same way, the specifics of the underlying blockchain will recede into the depths of the BlackBox, and you are going to deal increasingly with the application layer. LIke initially we all had Sun Solaris servers but now everything is in the cloud in AWS or Azure and you deal with a screen on your mobile or iPad or whatever screen. Defi will also thus become truly chain agnostic, with crosschain plumbing like Router bridging these chains, and apps like DFYN and their successor version over the years building various interfaces for trading, lending, swapping, etc.

With DFYN and ROuter we hope to build a set of core infrastructure building blocks on which app developers can further iterate and build cool apps for trading, crosschain lending and so on and so forth

Specifically, this could include, in addition to the sort of 1-inch across chains, potentially an Aave or Compound across chains, or even a Polkastarter across chains, something that folks can use to simultaneously launch multichain IDOs with various communities across chains contributing and competing for liquidity.

The possibilities are truly endless.

Q2 from Telegram user @Lucas310
Where can the community buy $DFN tokens? and what are the benefits of buying this token?

Priyeshu Garg:
$DFYN token is not live yet. We will launch our token on May 10 on Polkastarter.

Q3 from Telegram user @MusMine
Hi,

Dfyn AMMs are gasless. How is it possible when the L1/L2 gas is mandatory? How are you going to subsidize the gas for us? Are there any hidden fees?

You’re planning to launch Dfyn nodes on others chains (BSC, Polka, Solana…). Are those nodes ran by the community? If yes, what are the requirements?

How are you going to manage to get enough liquidity pools across all those chains? Are you going to work with a partner?

Thank you

Excited about this project and hope it will go to another galaxy

Ramani Ram:
Yes definitely planning to add other nodes.

Liquidity pools — through DFYN token as well as through ROUTE tokens and the ROUTE liquidity super mesh.

Q4 from Telegram user @K2ice
From your roadmap, I see that the DFYN platform will be having a Cross-chain credit markets infra/tools. Can you explain what it is and in what ways do you think it will be of benefit to users of the DFYN platform?

Ramani Ram:
As mentioned earlier, once we figure out how to move coins across chains, multiple use cases emerge, including swapping, lending, etc…cross-chain credit markets are definitely on the radar as are cross-chain IDO markets.

Priyeshu Garg:
Cross chain lending will allow you to get the best yield and lowest interest on assets across different chain markets.

Q5 from Telegram user @casuallife13
Whil other DEXes have interesting names like pancake, sushi, unicorn; Did you think that name of dfyn did not attract investors that don’t have detailed information about DEXes And crypto? Why dfyn?

Ramani Ram:
DFYN (pronounced Define, from decentralized Finance) has attracted interest from some of the largest investors in the space.

We were planning to raise around 2m, but ended up having interest for 25m.

Our investors include CMS, QCP, OkEx dream fund, HUOBI execs, Matic execs, and multiple protocol founders. ALmost 20 leading funds.

Q6 from Telegram user @JoinThanhLe
What was the idea that motivated you to create Dfyn ? Is your way of managing smart contracts different from the classic smart contracts developed in Ethereum?

Priyeshu Garg:
We are building products for a multi-blockchain future while most products are built for a single blockchain.

Q7 from Telegram user @Karoceh
For future plan, what type of blockchain would you like to bring into the Dfyn crosschain ecosystem?

Priyeshu Garg:
We are exploring to build our own Router chain which will integrate with all other chains.

Q8 from Telegram user @Ariyankhanjim
Where is the roadmap for this year? Can you share with us your main priority for this year and do you have plan to list on big exchange?

Ramani Ram:
We have answered the roadmap question in detail before.

Let me surface ut.

https://twitter.com/_DFyn/status/1389312094739132416?s=19

Q9 from Telegram user @tontoned974
What will dfyn do to compete with established layer 2 AMM like quick-swap?

Ramani Ram:
We are gasless, we are much smoother (Apple to Android), and more importantly, we are a multichain AMM.

That means that unlike any other single chain DEX we are actually pulling our liquidity from multiple chains.

Q10 from Telegram user @highpee
ROUTER connects chain and it allows iteration of cross-chain liquidity protocols and can also port liquidity across chains. Does this mean that it is impossible to integrate the onboard and offboarding function of Dfyn into Router or why is Dfyn necessary? Are the two protocols expected to work in synergy or they can work independently of each other?

Ramani Ram:
Router and DFYN will work closely with each other.The design pattern, with Router the crosschain layer, and DFYN the in-chain onboarding layer is very common — THorchain has this, so does Compound. Our idea is that Router and Dfyn will work closely together.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Dfyn. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
Dfyn Telegram community: https://t.me/Dfyn_HQ
Twitter: https://twitter.com/_DFyn

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Join https://t.me/Satoshi_club for daily AMA’s with 500USD giveaway each. An educational community about crypto.

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