On December 9, 2021, the presale was available to the public for 24 hours with a limit of 450 USDC per buyer. In addition, the DEX raised over 450,000 USDC (*$450,000) from private investors, influencers, seed investors, and institutions, bringing overall fundraising to over half a million USDC.
“We are overwhelmed by the response. While we expected to sell out fully, we didn’t expect to sell out within seconds of the launch. This brings us great joy to realize how much the Fantom community has favored every unique proposition we have brought to the table and makes us more resolute toward delivering our promises. … With a great raise, comes great responsibility.”
The CEO of DefySwap, who goes by ‘The Leveler’
Features of the Fantom-based DEX
Limited Token Supply : 10 Million DFY Coin
In the crowded DEX market of the Fantom ecosystem, DefySwap entered with a unique spin on tokenomics, where the total supply of their native token, DFY, will never exceed 10 million. A very clever manipulation of token emission schedules and incentives has been employed so farms and pools maintain a perpetual supply of tokens while never minting beyond the limit set at 10 million DFY. They have posted a detailed description of the process here, and you can view a video on the same topic here.
Best Yield Farming on Fantom Crypto with High APR
The DefySwap DEX currently offers high annual percentage rates (APRs) on almost all popular tokens and pairs on the Fantom ecosystem, such as DFY-USDC, DFY-FTM, FTM-USDC, and more, making it a very lucrative DEX for those seeking a safe yet high return.
Impermanent Loss Protection through Built-In DefySwap(DFY) Insurance
DefySwap has also introduced ILP (impermanent loss protection) for their native farms – built-in insurance that mitigates the risk of impermanent loss. The fully automated ILP protection kicks in whenever a user experiences an impermanent loss, calculating the loss and disbursing just enough DFY to cushion it. Thus, the risk of farming is effectively eliminated. In order to be eligible for this insurance, the user must use the farms for 30 days uninterrupted. Moreover, the user will not need to pay any additional fees for this.
No-Mint-For-Team Policy
Another unique characteristic of DefySwap is that no tokens are issued for the team. While many DEXes across all chains place a certain percentage of their mints back into their team, DefySwap relies solely on taxes and trade fees, so it is less susceptible to a team-dump.
NFT Staking on Fantom (FTM) Crypto
When asked about the current big buzzword of the FTM chain – namely NFTs – ‘The Leveler’ said,
“We are definitely bringing the nicest surprise for our users during the upcoming festive season. We have figured out a way to make this happen along with the support of Dubwise Renzo. The theoretical modeling is complete, and we have started development and testing. We will issue an update on this shortly.”
However, she declined to reveal the details by adding,
“‘Til now we have not offered anything that has been offered before. So, yes – expect the unexpected. We will again bring something which hasn’t been presented to the market previously. Take, for example, our ILP or our no-mint-for-team policies. Has anyone seen any DEX doing those before?”
The project is attracting interest from some of the biggest names of the Fantom ecosystem, including Dubwise Renzo, who is actively advising DefySwap. When contacted, he expressed excitement about the project and noted that it could compete with the established DEXs on the FTM network and is flying under the radar at the moment.
Several marketing strategies and plans are in the works. When that happens, DefySwap will be able to attract new eyes who may not be familiar with what is happening on the Fantom network currently. DefySwap’s presale sold out in just a few minutes, demonstrating the community’s positive reaction. All signs about the project point to its success, and there is no indication of fear, uncertainty, or doubt (FUD) about it.
Overall, DefySwap is on its way to creating some big waves on the Fantom Network – and if they cross over to another chain, they will certainly meet the expectations of the other chain’s user base as well. Keep an eye out for a partnership program they are planning.
About DefySwap
DefySwap is a Fantom-based DEX with limit orders and a CEX-like interface. Users are able to trade safely and use advanced features for maximum user experience.
Via this site
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
