Dfyn, a multi-chain decentralized exchange (DEX), is understood to have successfully closed a $2.4 million funding round from investors ahead of its Polkastarter IDO.
Investors in this funding round include CMS Holdings, QCP Capital, DFG, DeFi Capital, Signum, Rarestone, Shima, De-Fi Capital, Genblock Capital, GBIC, Lotus Pool, Krypital MGNR, Crypto Dorm Fund and Sandeep Nailwal of Polygon are among the top cryptocurrency funds. Dfyn plans to use this investment to focus on expanding Dfyn to other blockchains and further developing the cross-chain ecosystem through the Router Protocol, which the team is developing.
The DFYN token sale has garnered $30 million in investor interest and was 12x oversubscribed. Now, together with a core team of investor partners, the protocol can work on the product development and marketing process for several years.
What is Dfyn?
Dfyn provides users with low cost Automated Market Maker (AMM) trading and income farming opportunities. It runs on top of ethereum with the scalability of the “Layer 2” platform. The protocol will also offer social tokens and non-homogenized tokens (NFTs) and is scheduled to launch initially on the Polygon network.
First, AMMs are smart contract-based DEXs that allow users to trade cryptocurrencies in a completely permissionless manner through the use of decentralized liquid pools (completely different from traditional marketplaces where buyers and sellers can be centralized).
Most AMMs operate on a specific blockchain and allow users to trade the cryptocurrencies and tokens associated with that specific blockchain. This means that Ether-based DEX can only facilitate trading in Ether and other ERC20 assets (not for tokens issued on Tron, Solana or Binance Smart Chain).
Dfyn can solve this problem. Whenever a user requests a transaction on the platform, its “nodes” search different blockchains to complete the order with as little slippage as possible. This means, for example, that if a user wants to use the Ethernet network to make an ETH / USDT transaction via Dfyn, the protocol will try to find a better transaction on another blockchain (e.g. Solana) and execute the order.
Therefore, the nodes themselves use the cross-chain bridge of the router protocol to allow information and value transfer between different Dfyn nodes. For the uninitiated, the router protocol is creating a super grid of liquidity connecting multiple cross-chains. Currently, this test network supports Ether, Polygon, BSC, HECO and Avalanche, with Algorand, Solana and Terra to be added soon.
Nodes are distributed across multiple Layer 1 and Layer 2 blockchains and allow Dfyn to act as a multi-chain DEX, meaning users can seamlessly conduct their on-chain, permissionless transactions across multiple blockchains from a single interface.
Multi-chain platforms are a hot commodity among the crypto audience (at a time when ethereum’s gas fee is reaching $100), so it’s not surprising to see strong investor demand for Dfyn.
But you won’t be late to this frenzy. Dfyn is scheduled to raise $305,000 on May 10 via IDO on Polkastarter, the Polkadot-based crowdfunding platform.
Approximately 700 qualifications are reserved for the POLS community and 300 qualifications are reserved for the Dfyn non-POLS community. Only whitelisted addresses can participate. The now closed whitelist application received an overwhelming response with over 70,000 people applying for 1,000 whitelist spots.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/multi-chain-dex-platform-dfyn-secures-2-4-million-in-funding-will-soon-open-ido/
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