AMA Recap of Dude’s Army x DFYN

On Thursday, May 13th, Dude’s Army community had the great opportunity to host an AMA with DFYN’s team, very instructive and educational. We will share with you a little bit of what this experience was like.

The Dude👨‍💼:

Let’s start this AMA. First intro yourself and share how you started DFYN👍

Ramani Ram:

My name is Ramani Ramachandran, engineer/MBA etc (MIT Sloan), spent some time in tradfi in NYC, London and Singapore, and started in crypto fulltime in 2015. Been building a bunch of things with pretty much the same team that has built DFYN, including the world’s first stablecoin DEX way back in 2018. Dfyn was started when we realized how difficult it was to Uniswap, with congestion and network fees. We ended up launching a public alpha sometime last year and since then have been quietly growing it out. Seemed like a no brainer when we started it, and seems even more relevant now

Especially when it takes 400 dollars to recover 300 dollars of tokens from Polka!

My co founders include Chandan, Shubham Mounica and Priyeshu, all core crypto folks for 5+ years

The Dude👨‍💼:

Explain our community now what DFYN is building and then later explain us why is it better than current #DEXES

Ramani Ram:

The current version of DFYN is (hopefully) on its way to become the largest DEX on Polygon. It is gasless and we have a bunch of product enhancements planned to mitigate traditional AMM issues like IL over the next few months

What is even more exciting however is the following

We are expanding DFYN to other chains including HECO AVA, Algorand etc, with our vision of building a truly multichain AMM

This is important because we also have a product called Router Protocol, which is a crosschain liquidity supermesh of sort that can seamlessly transfer liquidity between chains

DFYN is the airport in each chain where liquidity onboards and Router is the airline routes that ferries liquidity between chains,

This overarching crosschain vision is what we believe sets us apart.

The Dude👨‍💼:

Every trade I make using other chain liquidity I also pay using Matic network correct?

Example…

I want to buy a coin that isn’t on Matic network

Ramani Ram:

Exactly, you can do that from DFYN on Matic

The Dude👨‍💼:

But using DFYN I can buy it from another chain but will I pay matic or the other chain fees?

Ramani Ram:

We will find the best price for you for the pair you want

This design decision is still being reviewed, but the idea is that you pay in dfyn tokens

Matic fees we will subsidize or Route tokens

This we are already doing

The Dude👨‍💼:

It’s just a f amazing solution Ramani

Ok! So when to expect the launch?

I mean the cross chain.

Ramani Ram:

So DFYN Matic is out, next milestone is Router mainnet and integration with that

Once DFYN is integrated into Router

Eth to matic transit round trip will be less than a minute. Currently it is taking much longer

The Dude👨‍💼:

Another milestone here! Within 3 days we can see $100M+ TVL.

Ramani Ram:

And if you imagine that most liquidity from ETH comes to Matic and terminates at DFYN

You can imagine what that does to DFYN liquidity

The Dude👨‍💼:

Yes. Eventually the adoption should come in big time

Ok! So what about DFYN token? Explain us a bit more about it

Ramani Ram:

DFYN token is a governance token similar to other DEX tokens but can be used across chains. Fees collected will be used to buy back and burn dfyn tokens

There is also an NFT component, like socks, which will come soon to reward early liquidity providers

DFYN token on each chain will be fungible with tokens on other chains, as we expand dfyn nodes across various chains

The Dude👨‍💼:

How much $MATIC team is involved with DFYN?

Ramani Ram:

MATIC has been a huge pillar of support

From the very beginning, including the initial grant. They have been sending projects to DFYN for listing

The Dude👨‍💼:

Does polygon foundation endorse you as their #1 dex already? How’s that look backstage?

That’s amazing!

Ramani Ram:

I think for the moment, Quick is ahead of us in terms of volume, but our unique proposition around gasless trades, multichain etc, will mean that we are not really a competitor to Quick

The Dude👨‍💼:

No offense to Quick but you guys are way beyond it. Matic should not even waste their time there as eventually you guys should take over.

Give an estimate for the router integration.

Ramani Ram:

Router 4–6 weeks…

It is working amazingly well on testnet already

testnet.routerprotocol.com

The Dude👨‍💼:

So in 4–6 weeks we can expect crosschain/aggregated liquidity? That’s what I want to understand.

Ramani Ram:

Yes that is the target

At which point we will have aggregated liquidity across ETH and Matic for sure and potentially a couple of other chains as well.

Community Questions

Q1 from Jiren Crypto:

How can I become a Dfyn Noderunner, can you give us the details we need for them, how much revenue can we generate from this?

Ramani Ram:

Great question. As we build out and integrate DFYN with ROuter we will release more details of this program. Essentially you can operate a hub that aggregates liquidity through your marketing efforts and on the backend you can plug into the DFYN cross chain network liquidity. Think of this as a white label AMM of your own

Q2 from Ang Bronx:

One of the DFYN features that caught my attention is “Galaxy Farming” which is in L2 matic could you enlighten us about this? Is it live and working?

Ramani Ram:

Yes this is live. You can stake 1 token and farm 10+. Cohort 2 recently ended and we are soon going to do cohort 3. The URL for that is https://galaxyfarm.routerprotocol.com/

Q3 from Memo:

Could you really explain what is the problem of the fragmentation of liquidity along the chains? And how does this really limit the growth and speed of ecosystems?

Ramani Ram:

The issue with fragmentation is, a lot of bridges are creating their own versions of USDT/DAI and other tokens on each chain they terminate in. The more evolved approaches, like Router, addresses this problem

Q4 from Nrick Anto:

One of the main problems in exchange is liquidity, based on this premise, what does your project offer? Are they mostly looking for the best returns in liquidity and also the risk of going to the many exchanges?

Priyeshu:

Dfyn community will come from the community and we will reward the community appropriately for their participation. Currently dfyn has over $100 million in liquidity

Q5 from Keymer:

Really, why should I do IDOs of a project in Dfyn, when there are platforms like Makerdao and Balancer in which they are very reliable and with great results?

Ramani Ram:

I think we are a complementary offering to some of these platforms. Even after the Polka IDO for instance, a number of projects are now coming to list on DFYN in addition to Uniswap

Q6 from JA:

What is the importance of ROuter to #DFYN?

Priyeshu:

Router Protocol will provide the cross chain communication and value transfer protocol for Dfyn. Not visible on top but very important function underneath.

Q7 from ᒍᑌᗩᑎ ᔕᗩᑎᗪOᐯᗩᒪ :

Is there really no gas to pay at Dfyn rates? Do you mean that more rates are 0? How do they achieve this?

Priyeshu:

You should try using Dfyn exchange at exchange.dfyn.network . The fees are literally zero. We pay all the fees. We do this by enabling partnership with biconomy which relays all transactions users sign on metamask

Q8 from Kevin Salom:

Reading your documentation I came across that Dfyn in the future will be incorporating adjustments to the current Uniswap AMM model, I found that interesting. can you give us a heads up on what their plans are with this, what problems do you think they might solve?

Ramani Ram:

As you saw with V3 Uniswap itself has introduced some interesting variations around concentrated liquidity etc

However, we believe that the LP fungibility is a key feature that Uni introduced and by fragmenting that liquidity

Uni is missing a trick.

Our efforts are around compensation users for impermanent loss through other techniques such as options, tokens etc..which we are exploring

Q9 from Dalmasca Blockchain:

Why is building cross-chain bridges important for DFYN and what is the advantage of cross-chain support in preventing liquidity from splitting between chains?

Ramani Ram:

Liquidity will get split between chains that is a reality

However, with crosschain bridges we help port liquidity. It is like having a main city (ETH) and other cities around it, but now we need bridges and roads and tunnels to communicate

and that is what crosschain infra is doing, connecting communities across chains

Q10 from Super Girl:

Can you give us some current statistics of the platform? How many users have already invested in a player? In the last month how many users have registered?

Anshul Pareek:

An athlete is unlocked in the market once 10,000 shares of the same are bought. But it’s not important for one user to buy all. its a pool where multiple users can come together to unlock a player.

About DFYN

DFYN is an incredibly ambitious initiative that is committed to establishing a thriving multi-chain ecosystem, featuring a trustless decentralized exchange and ultra-fast, gasless automated market makers optimized for multi blockchain operations. Definitely a project to keep an eye on!

More information about DFYN:

Website: dfyn.network

Telegram: https://t.me/Dfyn_HQ

Twitter: https://twitter.com/_dfyn

Recaps of all AMA sessions from @dudesignals, one of the most informative cryptocurrency channels on Telegram.