Dfyn, a multi-chain decentralized exchange, announced it would be launching an Initial DEX (IDO) on the Polkastarter platform.
As per the announcement, Dfyn will only be accepting contributions in ETH for the IDO. Notably, only whitelisted addresses will be eligible to participate in the IDO.
The official announcement on Twitter reads:
“DFYN is now live on polkastarter. All the 3 pools of DFYN are now visible under Featured Pools on https://polkastarter.com and will open at 1:00 PM UTC”
Over 70000 users have already applied for about 1200 whitelisting berths. The whitelist has been split into three sections, including Dfyn1, Dfyn2, and Dfyn3. However, all pools have the same maximum allocation of $300.
All who wish to participate in the event are encouraged to visit the website at least half an hour before the served sale commences. There are currently around 700 slots reserved for the POLS community, with another 300 slots reserved for the non-POLS community.
There are a total of 3,250,00 DFYN tokens allocated for the public sale. The DYFN token is the Dfyn native token that has a supply cap of 250 million. The public sale token price is $0.094.
The network also announced the Incentivized Liquidity Program on the Dfyn Exchange. The liquidity program will facilitate liquidity providers to earn DFYN tokens. The liquidity program began earlier today and will run until May 23. There will be nine different pools in which users will provide liquidity and earn DFYN tokens as rewards. Notably, these pools will have a combined daily reward of 400,000 DFYN tokens.
In addition, DFYN token rewards will have a vesting schedule. 20% of the tokens will be released on May 23, with the remaining rewards being released 20% every other month.
Dfyn Network is a multi-chain ecosystem that includes a trustless, decentralized exchange. It also has an ultra-fast gasless automated market maker (AMMs) optimized for a multi-blockchain universe. The network launched its first node on Polygon Network, which has seen significant traction. Dfyn offers a low fee automated market maker exchange and yield farming opportunities for users.
Dfyn network recently completed its funding round that raised $2.4 million from investors. Some of the participants included CMS Holdings, QCP Capital, Shima Capital, Blockpact, Moonrock Capital, CryptoDorm Fund, Morningstar Ventures, Amesten Capital, DFG, GBIC, Spark Capital, DeFi Capital, Genblock Capital, Lotus Pool, Rarestone, Krypital, MGNR, Signum, AU21, Black Edge, Faculty Group, and Sandeep Nailwal of Polygon.