Just weeks after its launch, multi-chain, low-fee automated market maker (AMMs) exchange Dfyn Network is now a success story, amassing over $200 million in total value locked (TVL), thousands of users, and grants or partnerships with top crypto projects.
Currently live on the Polygon network, the exchange, with respect to the current IDO returns, became the fastest-growing performing Polkastarter initial DEX offering of all time.
Dfyn locked up more than $242 million just a week after its May 10 rollout, recording 349 token pairs listed that resulted in one of the highest-grossing IDOs with 86x return for early investors at peak DFYN prices.
Impressive growth wins notable partners
With the young project’s tremendous growth, it was only a matter of time before big-time institutions partnered with it.
In late May, Algorand Foundation handed out a grant to Dfyn for enabling cross-chain exchange capabilities to its ecosystem and run a full Dfyn AMM node.
The exchange’s team is working on a three-phase process for its deployment on Algorand which involves writing code from scratch as the blockchain network is non-EVM compliant and connecting the network to Router Protocol’s existing bridge contracts.
More partnerships
Elrond Network had Dfyn infused into its system last month, allowing its issued assets to be traded through the exchange’s interface.
Elrond Chief Executive Officer Beniamin Mincu said, “The Elrond infrastructure is essential for high bandwidth and inexpensive DeFi ecosystem. Cross-platform growth will enable projects to engage in a positive-sum game,” adding the upside of adoption outside of the current crypto boundaries will also be shared.
Meanwhile, Dfyn also forged a partnership with PoS blockchain system built on the Cosmos network Terra Money for its expansion to the Polygon network. As part of the partnership, Dfyn will host liquidity farms for TerraUSD.
Image courtesy of Cointelegraph News/YouTube
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Source: https://bitcoinerx.com/blockchain/dfyn-network-records-impressive-growth-as-it-reaches-over-200-million-in-tvl/
