Polygon-Based DFYN Reports User Growth of 128% in 24 Hours

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In Brief
  • Polygon-based exchange DFYN reports user growth of over 125% in a 24-hour period.

  • DFYN transaction also increased by 170% and the platform reported $8.1 billion in volume in the same time period.

  • The spike is attributed to phase 2 of DFYN's yield farming program going live.

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The DFYN exchange has experienced a gold rush of sorts in the last 24 hours, with the multi-chain exchange reporting user growth of 128%.

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While the cryptocurrency industry has suffered through a few rough weeks lately, not all entities within the landscape have been negatively affected. Multi-chain exchange DFYN, which operates on the Polygon Network, has seen a massive influx of new users in a very short span of time.

The total active wallets that interact with the dApps smart contracts have jumped 128%, to 1,490, in just the last 24-hours. The steep rise in users has naturally increased DFYN’s transactions as well, which are up more than 170% in the same timeframe.

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The growth has generated a reported $8.1 billion in volume for DFYN. The explosion in users has also thrust the lesser-known entity into the top-ten most popular decentralized finance (DeFi) platforms on Polygon. 

DFYN launched in early 2021 and has earned nearly $150 million in total value locked (TVL) across its various farms and pools. Predictably, the price of DFYN has also increased around 115% in the last 24-hours, to around $4.83.  

User spike attributed to release of phase 2 of platform’s yield farming

The reasoning behind this jump in interest and transactions on DFYN is likely a result of the platform releasing phase 2 of their yield farming project. The initial phase of the farming venture was aimed at popular pairs including WBTC/ETH and USDT/USDC.

Similar to the phase 2 launch, phase 1 saw DFYN’s TVL shoot to almost $250 million in the week following launch and become one of the more popular dApps on Polygon.  

The second phase will continue with the current farms, but will serve to add several additional opportunities for DFYN token holders that were unavailable during phase 1. DFYN will add three “broad categories of farming” in phase 2.

As reported on May 20, the DeFi market saw heavy liquidation and decreased locked in value as the market corrected itself. Despite this, many of the most well-known assets were still much higher than prices seen earlier in the year.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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