How to use Dfyn Network: A step-by-step guide
In the past, Ethereum was the dominant platform that captured the most liquidity in the crypto world. But now, with the growth of many blockchains other than Ethereum (Binance Smart Chain, Polygon, Solana,,..) the money is located on numerous platforms. The difficulty in transferring assets among blockchains has led to the phenomenon of fragmented liquidity.
That explains why cross-chain projects, enabling assets to be transferred easily from chain to chain, receive lots of attention. And Dfyn Network is the project on Polygon that is working on that cross-chain liquidity solution. This article will look through all the features that Dfyn Network offers and how to use Dfyn Network step by step.
Dfyn Network Overview
Dfyn is a multi-chain AMM DEX launched on Polygon Network. Its network contains Dfyn nodes spreading across multiple Layer 1 and Layer 2 blockchains. This will enable Dfyn to plug into liquidity pools of any chains so that users can trade their assets seamlessly on several blockchains from a single interface.
Here, I will take you through the most basic features of Dfyn Networks and how to use them step by step.
Preparation for trading on Dfyn Network
What are the prerequisites for trading on Dfyn Network?
First, users need to download and create an account (optional) on Coin98 Wallet.
Coin98 Mobile Wallet version X is available for download.
Read the detailed instruction on how to use the Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:
Coin98 Extension: Follow these steps to install the Coin98 Extension Wallet on Chrome:
Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store.
Step 2: Click Add to Chrome.
Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.
Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.
Create a Polygon Wallet on Coin98 Wallet
Before using Dfyn Network, users need to create a Polygon (MATIC) wallet. Users can create a new Polygon wallet on Coin98 Wallet or import an existing Polygon wallet from other wallets to Coin98 Wallet. Creating a Multi-chain wallet on Coin98 Wallet will also include a Polygon sub-wallet.
Preparing MATIC as gas fee
Dfyn Network uses MATIC for gas fees. Therefore, to trade on Dfyn Network, users must have MATIC in their wallets. Users can buy MATIC on a centralized exchange such as Binance and send it to the Polygon wallet address on Coin98 Wallet.
How to use Dfyn Network with the Coin98 Extension Wallet
Connect the Coin98 Extension Wallet to Dfyn Network
Step 1: Go to Dfyn Network app here: https://app.dfyn.network/#/dfyn
Step 2: Connect to the Coin98 Extension Wallet. Choose Polygon as the Web3 Priority on Coin98 Wallet.
Step 3: Click Connect to a wallet. Choose Injected, then Coin98 Wallet will automatically be connected.
Swap
Step 1: Go to https://exchange.dfyn.network/#/swap to enter Dfyn’ s trading interface.
Step 2: Choose a trading pair, and enter the trading amount.
Step 3: Double-check the information and click Swap to conduct the transaction.
Step 4: Click Confirm Swap and Confirm in the Pop - up window of the Coin98 Extension Wallet.
Add Liquidity
Step 1: Click https://exchange.dfyn.network/#/pool
Step 2: Click Add Liquidity on the right-hand side.
Step 3: Choose the pair of tokens you want to add liquidity, then click Supply.
Step 4: The number of LP tokens you’ll receive will be shown. Click Confirm Supply.
Step 5: Go Back to the page https://exchange.dfyn.network/#/pool to confirm your liquidity position.
Farm
Read the key information on each farm and choose your desired farm to start staking. In this example, I will choose the Ecosystem Farm.
Step 1: Click https://exchange.dfyn.network/#/eco-farms
Step 2: Choose the farm that you already have the corresponding LP tokens. Then click Deposit DFYN LP Tokens.
Step 3: Enter the staking amount and click Approve.
Step 4: Sign off the transaction on Coin98 Wallet and click Deposit to continue.
Step 5: Now, you have successfully staked LP tokens to earn DFYN tokens on Dfyn Network. Check the amount of DFYN accrued under Your unclaimed DFYN.
How to use Dfyn Network with the Coin98 Wallet dApp browser
Connect the Coin98 Wallet dApp browser to Dfyn Network
Step 1: Open the Coin98 Mobile Wallet. Select Browser and search: https://app.dfyn.network/#/dfyn
Step 2: Click the wallet symbol at the bottom right corner. Then choose Polygon Network and your preferred wallet.
Swap
Step 1: Click Swap to enter Dfyn’s trading interface.
Step 2: Choose a trading pair, and enter the trading amount.
Step 3: Double-check the information and click Swap to conduct the transaction.
Step 4: Click Confirm Swap and click Send in the confirmation screen.
Add Liquidity
Step 1: Click Pool.
Step 2: Click Add Liquidity on the left-hand side.
Step 3: Choose the pair of tokens you want to add liquidity, insert the amount then click Supply.
Step 4: The number of LP tokens you’ll receive will be shown. Click Confirm Supply.
Step 5: Go Back to the Pool interface to confirm your liquidity position.
Farm
Read the key information on each farm and choose your desired farm to start staking. In this example, I will choose the Ecosystem Farm.
Step 1: Click Farms.
Step 2: Choose the farm that you already have the corresponding LP tokens. Then click Deposit DFYN LP Tokens.
Step 3: Enter the staking amount and click Approve.
Step 4: Sign off the transaction on Coin98 Wallet and click Deposit to continue.
Step 5: Now you have successfully staked LP tokens to earn DFYN tokens on Dfyn. Check the amount of DFYN accrued under Your unclaimed DFYN.
FAQ about Dfyn Network
Why is there a time limit in Dfyn Farms?
Most of the popular farms will be renewed in each Farming Phase of Dfyn. You can update each farming phase from their Twitter channel: https://twitter.com/_DFyn.
I have claimed liquidity from the farm. However, when I go to “Pool,” I get the “no liquidity found” message? What should I do?
Go to the Pool page, click Import it. Choose the token pair you have claimed liquidity from the farm. Then Your liquidity will be shown in Pool.
Is there a deposit/withdrawal fee?
No. There is no deposit/ withdrawal fee.
How can I get Dfyn Tokens?
At the moment, you can get DFYN tokens from multiple platforms:
- CEXs: Gate, KuCoin, MXC.
- DEXs: Uniswap, Dfyn Exchange.
Conclusion
Congratulations, now you know all the steps of how to use different features on Dfyn Network. Hopefully, you have found this article helpful to start the basic steps and explore other features on Dfyn Network yourself.
If you have any questions, please feel free to comment below for further discussion.