DAFI — Overview & Key dates
Today we have prepared a concise overview of Dafi, including the last year’s progress, and key dates for this week. Everything you need to know is here.
Key dates
Creative competition
Winners announced — March 15th
Community round
Applications close — March 15th (5pm UTC)
Winners are announced (via email only) — March 16th
This will be after the 3pm merit round collection has ended, the winners are contacted by DAO Maker via email, KYC is open for 1 hour
Contributions open (as soon as 1 hour KYC window ends) — March 16th
Contributions close — as soon as 12,500 USD cap is reached
Merit Round
Sign-ins close — March 16th (12pm UTC)
Winners are contacted (via email & social mining only) — March 16th (2pm UTC)
Contacted by DAO Maker via email, KYC is open for 1 hour
Contributions are open — March 16th (3pm UTC)
Contributions close — as soon as 135,000 USD cap is reached
TGE
Scheduled TGE — March 17th
Contract address — Posted in the only official Telegram — March 17th
CEX Listing — March 17th (Time: TBC)
DAFI: The Story So Far
Rewarding users based on network adoption. The first protocol to create staking, liquidity and network incentives proportional to each network’s own demand.
All decentralized economies distribute tokens to users. The problem is that when adoption is low, it creates an excess supply & devalues the economy. There is no link between the release of network supply, and the network’s adoption. This harms longer term users and only favours short-term participants.
Dafi enables every protocol and platform to create a synthetic from their native token. This synthetic is then pegged to the demand of their network and distributed to users. Meaning users are still incentivized when adoption is low, but by being rewarded later, not earlier.
Origins
DAFI set on its path to reinvent blockchain economies after being inspired by the market chaos back in 2018, when the subsequent bear market made it clear that the current incentive models in decentralized networks were flawed.
This sparked the team to commence on the journey of solving the network effect flaw, which meant the need to completely re-engineer token-economics. Such an ambitious mission hadn’t been attempted in the blockchain industry since Satoshi Nakamoto first published the Bitcoin whitepaper.
Development and Institutional Backing
Eventually, Dafi’s team of blockchain experts, specialist economists, and cryptographic engineers worked together to create a new model of Blockchain protocol that involved creating synthetics for tokens. This would address both hyperinflation and reward early adopters of networks, spurring demand.
Rapid developments and technological advances at DAFI led institutions to take notice, and DAFI went on raising the bar by being the first blockchain project to be incubated by a leading European bank, the National Westminster Bank (otherwise known as the Royal Bank of Scotland). DAFI protocol was also spotlighted in the December edition of Natwest’s monthly newsletter.
Support of Academia
With Dafi’s close ties with academia and Zain Rana’s renown as a keynote speaker, Dafi was presented in late 2020 to the University of Manchester and the University of Leeds. On February 1, the prestigious University of York hosted DAFI’s team for a night of stimulating discussions and engaging conversations around the next generation of blockchain economies.
Fundraising from Renowned VCs
During this time, Dafi went on to raise nearly $1 Million USD from its oversubscribed seed round, participated by some of the biggest names in the industry including Rarestone Capital, Spark Capital, LD Capital, AU21 Capital, MoonRock Capital among others.
Proceeding that and with the launch of the platform getting ever closer, Dafi went on to partner with a number of leading projects in the crypto space.
Phantasma Partnership
Dafi Protocol partnered with Phantasma to create synthetic dSOUL tokens, to enhance token scarcity during low-demand phases and allow SOUL users to be rewarded later when the demand has risen in the network.
Gather Partnership
DAFI partnered with Gather to create dGTH for the distribution of rewards to publishers/users without inducing GTH supply shocks. The potential dGTH token will also help improve liquidity, spur adoption, and foster network demand.
Royale Finance Partnership
DAFI partnered with Royale Finance to create dROYA for gaming rewards. This will help rein in hyperinflation, increase network adoption, reward longer-term participants.
Elrond Partnership
DAFI Partnered with Elrond, a highly scalable, fast, and secure blockchain platform. Through the collaboration, DeFi projects building on the Elrond Network can adopt the Dafi Protocol and complement their economics with an algorithmic model where real adoption is factored in.
Details of Token Metrics published
Subsequently, Dafi announced the tokenomics and details of the token sale through DAO Maker’s SHO. $150,000 will be raised through the public sale with 45M tokens (2% of the supply) offered to SHO participants. Based on the raise as well as tokens distributed to critical stakeholders, on the TGE the initial circulating token supply will be 214M DAFI, with an initial market cap of $0.71M.
Approximately 27% goes towards all fundraising. 20% of the DAFI tokens are used as staking rewards for creating synthetics. 11% goes to the ecosystem reserve to incentivize adoption, growth, and products created with DAFI. The remainder is kept reserved for treasury, team, marketing, and advisors.
Token Generation Event
Please only follow information in our official Telegram — as there are a number of impersonations occurring.
The DAFI TGE will take place on the 17th of March and we’re excited to launch this journey forward — stay tuned for updates!
Follow DAFI only through official channels.
· Follow us on Medium
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· Follow us on Twitter
· Read our Litepaper
· Visit our Website
