We’re excited to announce that DAFI has partnered with Elrond, a highly scalable, fast, and secure blockchain platform for distributed apps, enterprise use-cases, and the new internet economy.
DAFI protocol creates a relationship between network rewards and network adoption, by releasing dTokens that are tied to network consumption. Dafi’s mission is to introduce a completely new inflation model, so every decentralized economy can incentivize based on their own adoption metrics.
This partnership will bring the benefits of DAFI to the eco-system of projects on Elrond’s mainnet, namely staking & network incentives that favour longer term users without hyperinflation, by distributing synthetics. DAFI will be building a bridge between these project’s own token consumption and the emission of it’s quantity.
Synthetic Tokens Elrond eco-system
Elrond is an easy to integrate blockchain with unprecedented scalability, high speed, and inexpensive transactions. The blockchain network can help optimize costs, add security & transparency, or discover new business models. Its adaptive-state sharding brings in 1000x improvement in throughput. It uses a secure proof of stake consensus method with a developer-friendly and high performance WASM VM.
DAFI rewards networks based on their adoption, creating long-term users through synthetics. These synthetics are distributed to users in a reduced quantity initially, to protect a token from hyperinflation. Longer-term users are later rewarded when network demand has grown.
Through our collaboration, DeFi projects building on the Elrond Network can opt to use the Dafi Protocol and complement their economics with an algorithmic model where real adoption is factored in.
DAFI empowers any blockchain, cryptocurrency, or application to create their own version of a dToken, each pegged to their own native token demand.
Beniamin Mincu, CEO of Elrond — Algorithmically adjusting an entire economical model according to the velocity of its underlying denomination is perhaps one of the most creative uses of blockchain and synthetics. We’re happy to work with DAFI and provide this option for projects building on the Elrond Network.
Zain Rana, CEO at DAFI — Elrond is one of the most ambitious blockchain projects, focusing on the issue faced by the industry as a whole — scalability. By successfully implementing sharding even before Ethereum, Elrond achieved 1000x more throughputs and their continued tech advances are unparalleled.
About DAFI protocol
DAFI uses synthetics pegged to different decentralized networks. Every blockchain, application, and cryptocurrency can create a flavor of a dToken to reward their early users, while still enhancing scarcity when demand is low.
DAFI can reward a network even when demand declines, by issuing synthetics that will reward user’s later — instead of earlier. Join us on Telegram for updates.
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.