DEXs are a hot topic in the world of cryptocurrency, and this is not only because they offer users an opportunity to trade directly with one another. Stakeholders on DEX can earn rewards for supporting or promoting their favorite chain through staking NFTs as collateral.
The “dex for fantom” is a new decentralized exchange that is coming up with the concept of NFT staking. It will allow users to stake their Fantom tokens on the DEX in order to earn dividends.
Fantom, Network, Chainwire, December 25th, 2021
In under 10 seconds, DefySwap, an innovative decentralized cryptocurrency exchange (DEX) on the Fantom (FTM) Network, raised $90,000 USDC ($90,000) via their token presale. The presale, which began on December 9th, was accessible to the general public for 24 hours, with a maximum purchase of 450 USDC per user. Private investors, influencers, seed investors, and institutions contributed approximately 450,000 USDC to the DEX, increasing the total raised to over half a million USDC.
“We are overwhelmed by the reaction,” said DefySwap’s CEO, who goes by the moniker “The Leveler is a device that raises or lowers.” While we anticipated selling out completely, we did not anticipate selling out within seconds of the start. This makes us even more determined to keep our promises as we realize how much the Fantom community has favored every unique idea we’ve brought to the table.” “With a tremendous increase comes great responsibility,” she said.
With a new twist on tokenomics, DefySwap joined the crowded DEX market inside the Fantom ecosystem, where the total supply of their native token, DFY, will never exceed 10 million. This has been accomplished by a deft manipulation of the token emission schedule and incentives, allowing farms and pools to exist indefinitely while never minting more than 10 million DFY. They’ve written a full description of how it works here, and there’s a video explanation of the same content on YouTube here.
DefySwap is now giving a high Annual Percentage Rate (APR) on practically all popular tokens and pairings on the Fantom ecosystem, including DFY-USDC, DFY-FTM, FTM-USDC, and others, making it a highly profitable DEX to utilize for individuals searching for safe but high returns on their investments.
Impermanent Loss Protection (ILP) was also provided by DefySwap for their native farms, which is a built-in insurance for users to limit the danger of impermanent loss. When a user suffers a temporary loss, their completely automatic ILP protection kicks in; it assesses the user’s loss and disburses exactly enough DFY to negate the loss, thereby eliminating the danger of farming. The sole stipulation is that the user must use the farms for at least 30 days in a row to be eligible for this insurance. At the same time, the customer will not be required to pay any additional costs.
DefySwap is also unusual in that the team does not issue any tokens. Almost all prominent DEXes across all chains set aside a portion of their coin for their team, but DefySwap depends only on taxes and trading fees, making it less susceptible to a team-dump risk.
“We are absolutely presenting the finest surprise for our users throughout the next Christmas season,” “The Leveler” remarked when questioned about the FTM chain’s current, huge buzzword, namely NFTs. With the help of Dubwise Renzo, we’ve worked out a method to make this happen. We’ve finished the theoretical modeling and have begun development and testing. We’ll provide an update on this as soon as possible.”
“Till now, we have not provided anything that has been presented before so, sure, anticipate the unexpected,” she said, declining to share the specifics. We will once again deliver something to the market that has never been seen before. Take our ILP or our no-mint-for-team regulations, for example; has anybody seen any DEX do them before?” she said.
Some of the largest figures in the Fantom ecosystem are interested in Defyswap, including DubwiseRenzo, who is mentoring the project. He was enthusiastic about the initiative when approached, saying that it has the ability to compete with the established DEXs on the FTM network and is now flying under the radar. The team has various marketing plans and methods in place, and if they are implemented, DefySwap will draw fresh eyes that are now oblivious of what is going on on the Fantom network. The community’s response to DefySwap has been overwhelmingly favorable, as seen by the presale’s lightning-quick sell-out. There are no indicators of Fear, Uncertainty, or Doubt (FUD) around the project since all signals are favorable.
Overall, DefySwap is on its way to making a significant splash on the Fantom Network, and if they go to another network, they’ll have to live up to the same high standards. They’re also working on a collaboration program, so keep your eyes peeled for that.
DefySwap is a Fantom-based DEX with a CEX-like interface and limit order. Users may travel securely and take use of innovative features to get the most out of their trip.
Visit the following website for additional information:
This information came from DefySwap. This press release is provided only for informative reasons. The material is not intended to be investment advice or a solicitation to invest or trade.
- The Leveler
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The “dex nft” is a new decentralized exchange that is coming up with a new method of staking. There are no fees and the DEX has been designed to be open-source, scalable, and flexible.
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