DefySwap, an innovative decentralized cryptocurrency exchange (DEX) on Fantom (FTM) Network, has successfully raised 90,000 USDC (~$90,000) from their token presale within 10 seconds.
The presale, which took place on December 9, 2021, was open to the public for 24 hours with a cap of a maximum purchase of 450 USDC per user. The DEX additionally raised over 450,000 USDC (~$450,000) from private investors, influencers, seed investors and institutions, bringing the total raised to over half a million USDC.
The CEO of DefySwap, who goes by ‘The Leveler,’ jubilantly claimed,
“We are overwhelmed by the response. While we expected to sell out fully, we didn’t expect to sell out within seconds of the launch. This brings us great joy to realize how much the Fantom community has favored every unique proposition we have brought to the table and makes us more resolute toward delivering our promises. … With a great raise, comes great responsibility.”
DefySwap entered the populated DEX market within the Fantom ecosystem with an innovative spin on tokenomics, where the total supply of their native token DFY will never surpass 10 million. This has been achieved through a very clever manipulation of the token emissions schedule and incentives where farms and pools are forever sustainable while never minting beyond the set total maximum supply 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 is presently offering a high annual percentage rate (APR) on almost all popular tokens and pairs on the Fantom ecosystem, including DFY-USDC, DFY-FTM, FTM-USDC and more, making it a very lucrative DEX to use for those who are looking for safe yet high returns on their investments.
DefySwap also introduced the concept of impermanent loss protection (ILP) for their native farmsbuilt-in insurance for users to mitigate the risk of impermanent loss. Whenever a user is suffering from impermanent loss, their fully automated ILP protection kicks in and calculates the loss of the user and disburses just enough DFY to negate the loss, practically nullifying the risk of farming. The only condition is that the user needs to use the farms for 30 days uninterruptedly to be eligible for this insurance. At the same time, the user will not need to pay for any extra fees toward this.
DefySwap is also unique in the fact that they mint no tokens for the team. Almost all the popular DEXs across all chains mint a certain percentage of their mint specifically for their team, while DefySwap relies solely on taxes and trade fees, making it less vulnerable to a team-dump risk.
When asked about the current big buzzword of the FTM chainnamely NFTs The Leveler’ said,
“We are definitely bringing the nicest surprise for our users during the upcoming festive season. We have figured out a way to make this happen along with the support of Dubwise Renzo. The theoretical modeling is complete, and we have started development and testing. We will issue an update on this shortly.”
However, she declined to reveal the details by adding,
“‘Til now we have not offered anything that has been offered before. So, yesexpect the unexpected. We will again bring something which hasn’t been presented to the market previously. Take, for example, our ILP or our no-mint-for-team policies. Has anyone seen any DEX doing those before?”
DefySwap has interest from some of the biggest names of the Fantom ecosystem, including Dubwise Renzo, who himself is advising the project. When contacted, he was excited about the project and commented 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 lined up for marketing. Whenever that kicks in, DefySwap will attract new eyes that are currently unaware of what’s happening on the Fantom network. The community reaction to DefySwap has been largely positive as demonstrated by the lightning-quick sell-out of their presale. With all signs around the project being positive, there are no signs of fear, uncertainty or doubt (FUD) surrounding the project.
Overall, DefySwap is on its way to creating some big waves on the Fantom Networkand if they cross over to another chain, the team is expected to meet the expectations of that user base as well. They are also coming up with a partnership program, so make sure you keep an eye out for that.
DefySwap is a Fantom-based DEX with limit orders and a CEX-like interface. Users are able to trade safely and use advanced features for maximum user experience.
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