INTRODUCING DFYN YIELD FARMING PHASE 10
The ninth phase of yield farming on Dfyn.network has come to an end, bringing in the tenth phase of the liquidity mining initiative on Dfyn.network. This phase includes renewal of farms on both Polygon and Fantom.
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 have been doing their best to achieve this. The first nine phases had a lot of achievements which included enabling Dfyn.network to be among the top DEXes on Polygon. Now included in the list is liquidity mining initiative which is one of the ways to reward the community and this will be done by staking tokens and earning rewards. This Incentivized Liquidity program on Fantom has been successful helping Dfyn to maintain over $5 million in Liquidity over the past few months.
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 ninth phase of the 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 any time. 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).
Duration of staking will occur within 45 days, from 20th January, 2022 to 6th March, 2022
Rewards will be gotten daily consisting of 1500 $ROUTE tokens and 12000 $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 45 days, all are rewarded in $DFYN tokens daily which are really high. There is a list of a total of 17 pools (12 on Polygon and 5 on Fantom) where users will be allowed to stake their stablecoins, this includes USDT, UST, USDC, WBTC, ETH, ROUTE and SOL. Liquidity providers will have the choice between delayed vesting of rewards over a period of 6 months (25% in 4 tranches — Day 0, Month 2, Month 4, Month 6) or an immediate unlock of all rewards by claiming 65% of their rewards at the end of the staking period with the remaining rewards burnt.
Stay tuned for more information:
Website: https://www.dfyn.network/
Telegram: https://t.me/Dfyn_HQ
Discord: https://discord.gg/yjM2fUUHvN
Twitter: https://twitter.com/_Dfyn
Telegram Announcement: https://t.me/dfynofficial