Decentralized Finance is steadily outgrowing the experimentation phase and moving into real-world adoption. The growth boundaries are thus shifting from product-specific capabilities, such as the ability to operate as designed and generate yield, to platform-specific attributes, such as transaction speed and cost or the number of adopters.
As a result, opportunities are becoming increasingly fragmented, as projects looking to expand and interoperate struggle to grow beyond their initial platform, on one hand. On the other, DeFi users engaging with products on different blockchains have to deal with increased complexity.
This is why we are excited to announce that Elrond assets will be available in the Dfyn multi-chain AMM DEX, which connects to multiple Layer 1 & 2 platforms to address liquidity fragmentation.
“The Elrond infrastructure is essential for a high bandwidth and inexpensive DeFi ecosystem. Cross-platform growth will enable projects to engage in a positive-sum game and share the upside of adoption outside of the current crypto boundaries. Happy to work with Dfyn on expanding the reach for projects building on our mainnet” said Beniamin Mincu, Elrond Network CEO.
Dfyn is building a decentralized exchange that connects to multiple blockchains to allow interoperability between assets and liquidity pools on different platforms. It is capable of providing gasless transactions for its users thanks to the utilization of meta-transactions on the Polygon network.
Our collaboration will focus on adapting the Router Protocol developed by the Dfyn team to work with our mainnet. This will enable Elrond assets to be available in the Dfyn DEX and plug into its multi-chain liquidity super mesh.
“The Elrond Web Assembly VM is a great example of how the building blocks for a scalable and cost-efficient DeFi landscape should look like. Integrating a non-EVM blockchain is far from being a low-hanging fruit for us, but it is essential for our long term goals that we embark on such a mission as early as possible.” said Ramani Ramachandran, CEO of Dfyn Network.
The collaboration is important for the Erond Network as projects deployed on our high-performance blockchain can tap into liquidity and users from additional platforms, which can, in turn, lead to further adoption for our technology.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.