Dfyn expands to OKExChain with new ‘AMM’ node

Dfyn Network, the multichain, low-fee automated market maker (AMMs) exchange, has launched its second AMM node on OKExChain, as per a release last week.

We are thrilled to announce our collaboration with @OKExChain, an exciting blockchain community created by @OKEx 💥

Dfyn has launched an AMM node on OKExChain, enabling the official launch of the Dfyn Exchange on the blockchain 🌟

More details 👇https://t.co/C4fFfzBVY3

— DFyn (@_DFyn) June 25, 2021

OKExChain is open-source, public blockchain technology developed by OKEx for building blockchain-based trading applications. It is designed to establish a safe and efficient decentralized finance architecture that can be used to create a decentralized exchange, or DEX, and other decentralized finance (DeFi) applications.

The Dfyn Exchange will be rolled out on OKExChain in three phases:

1. First Phase: Functional AMM which has now launched. The AMM is now integrated with the Dfyn Exchange network and is able to support swaps on OKExChain. 
2. Second Phase: Implementation of the Router Protocol. The mainnet of Router Protocol is launching soon and is going to support OKExChain. Leveraging Router Protocol’s XCLP, the community will be able to bridge $DFYN and $ROUTE tokens to seamlessly enter the OKExChain ecosystem.
3. Third Phase: This phase focuses on user acquisition, TVL expansion, and community building. It features an array of farming activities aligned carefully to bootstrap liquidity on the Dfyn node. It will also have prediction markets and trading competitions.

With the move, the Polkastarter IDO project—which attracted $200 million in TVL on Polygon just weeks after launch—is now available on two chains (Polygon being the first).

About AMMs and Dfyn’s growth

AMMs are smart contract-based DEXs that allow users to trade cryptocurrencies in a wholly permissionless manner via the use of decentralized liquidity pools (as opposed to the traditional market where buyers or sellers could be centralized).

Most AMMs run on a certain blockchain and allow users to trade cryptocurrencies and tokens related to that particular blockchain. This means an Ethereum-based DEX can only facilitate the trading of Ethereum and other ERC20 assets (and not tokens issued on Tron, Solana, or Binance Smart Chain).

Dfyn is currently in process of expanding the Dfyn AMM to different chains like Algorand, Elrond, BSC, and others. And its launch on OKExChain is part of just that roadmap.

As more DFYN nodes will expand to other popular chains and integrate with Router Protocol’s impending mainnet,  they will communicate with each other and other AMMs as well as various other DeFi platforms that are emerging across various blockchains.

Source link: cryptonews.net