Speaker : Ramani Ramachandran (Advisor Of Dfyn)
Date : Sunday, Nov, 1st 2020
3 SESSION FOR AMA
- PROJECT INTRODUCTION
- FORWARD BEST QUESTION
- FREE ASKING
Hello everyone, welcome to AMA ID Crypto with Dfyn.network
Tonight we have a distinguished guest, Ramani Ramachandran (Advisor Of Dfyn) who will explain the Dfyn project and answer some of your questions.
Thank you for the opportunity
are you ready sir ?
let’s start our AMA now.
but before we start, can you introduce yourself for our community ??
I an an MIT grad from the Class of 2005, and I have since then worked in NY London and Singapore, in banking, consulting and investments. I started in crypto in 2014, along with the rest of my team, all crypto and tech veterans.
We have together built a number of projects in crypto. Including the world’s first stablecoin DEX, an index token, a crypto fund as well as a derivatives exchange
We built the DEX with a a grant from the 0x foundation
I’m glad to know you sir. your background is great
well let’s start our first session,
In this session I will give you 5 questions about Dfyn.network.
- What is Dfyn.network? can you explain a simple definition? And when was Dfyn.network founded?
As Layer 2 protocol development is still in its early days, we have numerous versions such as XDai, Matic, FXRP, Optimistic Rollups etc that are emerging.
The vision with Dfyn is to built a liquidity aggregation infrastructure layer that bridges the liquidity across these emerging protocols and offer the user a simple seamless trading experience
Please also check out how fast trading on the DFYN exchange is in this video
- Does Dfyn.network have its own tokens, what is the ticker and where are your tokens allocated?
However, let me add some more color on the exchange
One big issue with AMMs is the issue of impermanent loss. We have ways to address this issue through some clever architecture, which we will launch in a subsequent version
Our token is not launched yet, and is in private sale. TGE will be along with the launch of yield farming. Anyone interested in the private sale can DM please
details on the DFYN token are in our medium post
As you can see we have a big share – 55% for the community
the idea is to eventually move the governance over to the community. In addition, we have a community fund pool of another 5% that we will use to incentivize active governance, gamify etc
- What benefits can we get if we have your Token?
I had like to highlight a few things with our token design. Most of it is going to the community. The team gets 10% that vests at a very low rate – 10% per quarter. Also, from our separate community pool, we are incentivizing multiple causes in crypto and beyond. Our focus is also to keep the circulation low, like DODO etc so there is an incentive for the community to grow along with the project
Our launch token ‘valuation’ based on circulating supply will be around 0.5 m with tokens likely priced around 9 cents
So we really want to give the community the opportunity to participate and grow
- Can you describe how far your project has gone? And what do you have plans for the future?
The project is coming along nicely. Key milestones so far are as follows
In partnership with Matic, we have launched the beta version of our platform, which is essentially a Uniswap on L2
going forward, we are getting the contracts audited by Zokyo, a global leader in the smart contract audit space
after this we will launch the yield farming on the platform
Post the beginning of yield farming, the next version will be the launch of some analytics for users, as well as improvements to the AMM to address the key issue of impermanent loss
After that we will be working on using Polkadot to aggregate the liquidity to chains other than Matic
with the eventual vision of becoming a liquidity superhighway that aggregates liquidity across multiple chains
sounds very interesting, I hope the community can understand with your explanation.
- What other feature are offered to users and how do they work?
Imagine having the ability to seamlessly trade from the largest pool of liquidity out there, by aggregating across chains. That is the holy grail or the vision. However, in the process of getting there, we will also focus on improvements to the standard Uniswap style UI, address issues around analytics, give liquidity providers more options to manage their pools, and also address the key issue of impermanent loss
Also, the token emission is designed so that it rewards long term liquidity contribution. So the longer someone contributes liquidity, the returns will be exponentially higher, not linearly higher
This is a key point, and we have been inspired by models such as AMPL with our token emission dynamics
we will also do retrospective unistyle drops for our earliest supporters. So please remember to go to the exchange (exchange.dfyn.network), and use the bridge to move some liquidity from ETH to the matic chain and use DFYN either to trade or to provide liquidity!
Thanks for first session.
You are very excited in the first session, let’s move on to the second session which is the question that has been selected from twitter,
Are you ready sir?
SESSION 2 FORWARD BEST QUESTION FROM TWITTER
Okay let’s go..
How do you make users believe that $Dfyn is a high-quality, long-term project? Would you please share 3 main points to convince me and other angel investors to invest in $Dfyn long term?
1) The team and the track record. You can check our Linkedin and other social media profiles to get a sense of our backgrounds. We are not an anon project selling some fruit or food token?
2) Our partnerships – In addition to Matic, we have also partnered with Zokyo and with Hashflow
Matic is a leading Layer 2 protocol, and Zokyo is a global leader in smart contract audits
3) We have already shipped a working product before raising a single dollar in capital!
Hope these are 3 good reasons?
- from @BroDzon1
Is there any difference between buying Dfyn token on Uniswap or Dfyn exchange?
Great question: Liquidity for DFYN token will be much higher on DFYN exchange than on Uniswap. Additionally, it will be zero cost and instant to do so on the DFYN platform. However, some ETH chain users might prefer to buy on Uniswap etc, so it will be available there as well
- from @Kvindvr
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for the them to let them better understand about your project?
Great question – We are just building the awareness campaign across various key geographies. Like we are speaking with ID Crypto, we will also be speaking with other leading communities across Vietnam, Japan, Korea and China
over the next weeks
local translation will be key and we will be having the website and the material in multiple languages including Bahasa
- from @alluzold
Partnerships seem to be very important. How’s the status of Dfyn Network partnerships? Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Great question. Some of our partners include Matic – the leading Layer 2 sidechain, Zokyo – the blockchain security experts, and Hashflow – an emerging liquidity aggregation protocol funded by leading Valley investors
We are additionally speaking to multiple other organizations in China, SE Asia , Korea and Europe, and are also in talks with the Web3 foundation (PolkaDot) for the purposes of a grant
looks like it is a big corporate company, I believe your project is a good project
- from @Rosanela08
How does Dfyn combine the liquidity of Ethereum with the scalability of the L2 and Matic platforms to provide a comprehensive platform for social tokens??
Social tokens are an interesting niche. Our solution is generic. Currently we are using the matic bridge currently to port liquidity from ETH to Matic chain and any tokens can be ported, not just social tokens, as we build out liquidity aggregation. However, the Matic ecosystem is seeing multiple platforms, gaming, prediction markets, NFTS etc grow on it, and we will also see NFTs being traded actively on the DFYN bridge. We are not at the moment, planning a specific NFT platform, to be clear
Very happy to hear your explanation, I hope the community understands your explanation
second session is done, so let’s move to next session
SESSION 3 FREE ASKING
Winter Kommt :
- Dfyn has a periodic buyback and burn system. My question is, how often does this happen? How will it benefit the long-term token holders? Is it better to invest my tokens in Dfyn or to hold?
We will be releasing the complete details on the tokenomics as we get closer to the yield farming process
What geographic market is Dfyn currently focused on?
As with a decentralized crypto project in the DeFi space, there is no geographic market that is a focus. We are spread across geographies as a team ourselves, across Asia and Europe
Диего | Diego | ディエゴ | Satoshi Club | BCCore:
Yeild farming is a new trending so do you have any plan to yeild farming system development?
Yes – details of the yield farming process will definitely be released in the coming weeks
As investors know. Lately there have been a lot of various kinds of token projects and tokens and all of them are holding prasale.
However, when investors buy at an unreasonable price after holding the coin for a long time, the investor does not find a point where the coin will have the right price.
Can you explain what makes us investors confident about your project? What is so unique
This is good question. We touched upon this in the main AMA. The tokenomics are such that the emission is geared towards incentivizing the building of long term value. The team vest is very slow, over 4 years, and except for a very small sliver for early investors, most traders and users will have to view this as a long term project. Effective valuation and token price at TGE will also be very low, unlike YFI etc, so community can actively participate