Dfyn Exchange, one of the earliest AMM DEXs built on Polygon has announced a new tokenomics upgrade to its DFYN tokens which would see over $50 million worth of the asset burnt by the network.
Today, $DFYN has turned 6 months old!
We are introducing some major tokenomics changes: – https://t.co/8Nkp0M614z
1.) 20% $DFYN tokens across all categories will be burnt. ❤️🔥❤️🔥
2.) Seed Investors and Private Investors will have vestings changed to 2 years linear. ⌛️⏳
— Dfyn (@_DFyn) November 10, 2021
According to a press release shared with us, Dfyn revealed that the change to its tokenomics is geared towards benefiting its global community and at the same time help to propel the growth and development of the Dfyn ecosystem.
Dfyn exchange to burn $50 million token
Per the release, there would be a “20% quantity rebase across all categories in our tokenomics. The effective total supply will reduce from 250 Million to 200 Million, as 50 Million tokens will be burnt across all categories of the tokenomics – All categories, Ecosystem fund, Partners & Advisors, NFT Airdrops, Liquidity Provision Fund, Team, Seed, and Private Sale will see their tokens reduced by 20%.”
The AMM DEX believes that with this new burning mechanism, it would be able to reduce about one-third of the current inflation battling the network. This way, the value of the token could rise and at the same time, it would be able to incentivize its use in liquidity programs and other expansions into other chains.
Introduces vDFYN for staking
Apart from its rebased tokenomics, Dfyn revealed that its vesting period has also been changed as private investors would now have to wait for at least 2 years before accessing their investments.
The elongated vesting periods will also ensure that most of our users and investors are part of our journey as we enable a cross-chain exchange and launch the integration with Router Protocol’s XCLP to enable cross-chain swaps. The long vesting will ensure that the majority of our growing supporter base is incentivized as DFYN traverses the exciting arc from promise to potential.
Also, it has recently introduced a new vault option, vDFYN, that has already seen over 6 million DFYN tokens staked on it. With staking, community members can earn protocol fees
Currently, Dfyn has over $300 million in total value locked (TVL). It has so far processed over $3 billion transactions. Additionally, it is always ranked among the world-leading DEXs.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefitsPosted In: DeFi, Exchanges