DefySwap, an innovative decentralized cryptocurrency exchange (DEX) on the Fantom (FTM) network, has successfully raised 90,000 USDC (~ 90,000 USD) from their token pre-sale within 10 seconds.
The pre-sale, which took place on December 9, 2021, was open to the public for 24 hours with a cap of USDC 450 per user. The DEX also raised over 450,000 USDC (~ 450,000 USD) from private investors, influencers, seed investors and institutions, bringing the total to over half a million USDC.
DefySwap’s CEO, dubbed “The Leveler”, jubilantly claimed:
“We are overwhelmed by the response. While we expected them to be completely sold out, we didn’t expect them to sell out within seconds of being released. This makes us very happy to realize how much the Fantom community has favored each unique offering we brought to the table and makes us more determined to deliver on our promises. … With a great raise comes great responsibility. “
DefySwap entered the populated DEX market within the Fantom ecosystem with an innovative take on tokenomics where the total supply of their native token DFY will never exceed 10 million. This has been achieved through very clever manipulation of the token issuance plan and incentives where farms and pools are forever sustainable without exceeding the set maximum total of 10 million DFY. They have posted a detailed description of how it works here and a video explanation of the same material can be found here.
DefySwap currently offers a high Annual Percentage (APR) on almost all of the popular tokens and pairs in the Fantom ecosystem including DFY-USDC, DFY-FTM, FTM-USDC and more, making it a very lucrative DEX for those who are looking for safe yet high returns on their investments.
DefySwap has also introduced the Temporary Loss Protection (ILP) concept for their domestic farmsintegrated insurance for users to reduce the risk of temporary loss. When a user suffers a temporary loss, its fully automated ILP protection steps in and calculates the user’s loss and pays out just enough DFY to negate the loss, virtually nullifying the farming risk. The only condition is that the user must use the farms continuously for 30 days in order to be eligible for this insurance. At the same time, the user does not have to pay any additional fees for this.
DefySwap is also unique in that they don’t mint tokens for the team. Almost all popular DEXs from all chains mint a certain percentage of their coins specifically for their team, while DefySwap relies entirely on taxes and trading fees, making it less prone to team dump risk.
When asked about the currently big buzzword of the FTM chain NFTs The leveler ‘saidnamely
“We will definitely bring the best surprise for our users in the coming Christmas season. We found a way to achieve this with the help of Dubwise Renzo. Theoretical modeling is done and we have started developing and testing. We will publish an update on this shortly. “
However, she declined to divulge the details, adding:
“So far we haven’t offered anything that was offered before. So yesexpect the unexpected. We’re going to bring something back on the market that hasn’t been presented before. Take, for example, our ILP or our No-Mint-for-Team guidelines. Has anyone ever seen a DEX that did that? “
DefySwap has interest from some of the biggest names in the Fantom ecosystem, including Dubwise Renzo, who is advising the project himself. When contacted, he was excited about the project, noting that this project has the potential to compete with the established DEXs on the FTM network and is currently flying under the radar.
The team has several plans and strategies for marketing. Whenever that kicks in, DefySwap will attract new eyes who currently do not know what is happening on the Fantom network. The reaction of the community to DefySwap was mostly positive, as the lightning-fast sale of the advance booking shows. Since all signs around the project are positive, there are no signs of fear, uncertainty, or doubt (FUD) around the project.
Overall, DefySwap is on its way to making big waves on the Fantom networkand if they switch to a different chain, the team is expected to meet the expectations of that user base as well. They’re also planning a partnership program so be sure to pay attention to it.
DefySwap is a Fantom-based DEX with limit orders and a CEX-like interface. Users can trade securely and use advanced features for maximum user experience.
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Disclaimer of liability
DefySwap is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest and / or trade.
The Leveler, CEO of DefySwap
Innovative Fantom-Based DEX DefySwap Now Comes With NFT Staking was first published on The Daily Hodl.
Source: Crypto News Deutsch