Before now, there had been a phase of incentivized liquidity mining on the Dfyn.network. This brings about the next phase which is the yield farming initiative on the Dfyn.network. Yield farming is the practice of staking or lending crypto assets in order to generate high returns or rewards in the form of additional cryptocurrency. Yield farming protocols incentivize liquidity providers (LP) to stake or lock up their crypto assets in a smart contract-based liquidity pool. These incentives can be a percentage of transaction fees, interest from lenders, or a governance token. These returns are expressed as an annual percentage yield (APY).
Dfyn Exchange has grown vastly, in terms of the user base and TVL since the launch of the $DFYN token in May 2021. Dfyn has a lot on their list of priorities and the team has been doing their best to achieve this. The first seven phases had a lot of achievements which includes enabling Dfyn network to be among the top DEXes on Polygon. Now included in the list is the liquidity mining initiative which is one of the ways to reward the community and this will be done by staking tokens and earning rewards.
There is important information to note from the team. This includes:
1. The existing farms won’t cease or be affected by the launch of the new farms. They will keep functioning as usual.
2. There is an early redemption option for those who are staking funds. This enables the users to leave vesting their $DFYN tokens by forsaking 35% of their rewards.
As usual, there will be a burning of the proceeds from the seventh phase of farm within a couple of weeks. There is a renewal of popular farms and ecosystem farms but there is a slight difference in their pool rates. Dual farms are not left out in the renewal.
This type of farming pool allows users to stake LP tokens and earn rewards in 2 different tokens. Also, no lock in period of assets and rewards are received and accumulated block by block and can be gotten at anytime. This type of farm includes:
1. ROUTE-DFYN: Both the DFYN and ROUTER communities have the staking ability; equivalent value of $ROUTE and $DFYN tokens (ROUTE/DFYN LP Tokens). Earn; $ROUTE & $DFYN. Duration of staking will occur within 1 month, from 21st November, 2021 to 21st December, 2021. Rewards will be gotten daily comprising of 2500 $ROUTE tokens and 12000 $DFYN tokens amongst all liquidity providers and will be in proportion to their Liquidity position in the pool.
2. EMON-USDC: The Ethermon community has the staking ability; equivalent value of $EMON and $USDC tokens (EMON/USDC LP Tokens). Earn; $EMON & $DFYN. Duration of staking will happen within 1 month, from 21st November, 2021 to 21st December, 2021. Rewards to be distributed are; 12833 $EMON tokens and 400 $DFYN tokens amongst all liquidity providers and will be in proportion to their Liquidity position in the pool.
In these farming pools, users are allowed to stake LP Tokens of various pairs but at the end of the staking period which is 30 days, all are rewarded in $DFYN tokens daily which are really high. There is a list of a total of 13 pools where users will be allowed to stake their stablecoins, this includes UST, USDC, WBTC, ETH, and ROUTE. There will be an introduction of new pairs also with new tokens namely: SOL and MANA.
Possess the same characteristics as the dual farms which is no lock-in period of assets and rewards are received and accumulated block by block and can be gotten at any time. There is a list below of different pools involved and the rewards to be claimed. All rewards are in $DFYN token.
Stay tuned for more information on the farming initiatives to roll out on Fantom soon.
Telegram Announcements: https://t.me/dfynofficial