At DAFI Protocol, security is one of our top mission-critical priorities. As we aim to reinvent every decentralized economy through the integration of smart synthetic dTokens, it is crucial to ensure that our state-of-the-art rewards mechanism is secured.
We have put a lot of emphasis on building a safe ecosystem. Our team of developers, academics, and industry experts are working together to create DAFI’s own token bridge to avoid the pitfalls of relying on third-party providers.
We also conducted a second security audit on Super Staking and launched this smart contract on the Ethereum network, enabling Dafinauts to enjoy greater incentives.
The dBridge is underway!
Soon, market participants will be able to use $DAFI on multiple high-speed and low-cost networks. With the introduction of the dBridge, it would become effortless to swap tokens between Ethereum, Polygon, and Binance Smart Chain.
The new initiative will prevent us from unknown security risks as it provides a better decentralized architecture to enforce more robust security. It will also increase the demand for $DAFI token and make this service more decentralized as we take matters into our own hands.
Once launched into production, the dBridge will be offered to our growing partner ecosystem as a service when they adopt our smart synthetic dTokens. This will include a fee model which will expand DAFI token demand and utility, creating SuperPools while increasing rewards for those Dafinauts who are super staking.
The decision to launch the dBridge was a community-oriented response to the ChainSwap bridge exploit that led to the sale of $200,000 worth of DAFI and several other tokens.
To show our commitment, not only we decided to develop DAFI’s own native bridge but launched a buyback program. We have repurchased more than $160,000 worth of $DAFI so far and have locked up these tokens for six months. These tokens will be used for community incentives only.
Total DAFI locked nears 32% of the circulating supply
Dafinauts have welcomed Super Staking with open arms.
Over 88,820,000 $DAFI tokens have been ‘Super Staked’ since this smart contract went live on June 30. The launch of Super Staking on Ethereum also contributed to the spike in total value locked (TVL) seen recently, but with great power comes great responsibility.
To ensure that all funds are safe, Block Apex ran an independent security audit on Super Staking. They performed a filtered examination, finding our incentives model to be robust and secure. The main feedback was in supporting some mathematical changes to the dToken rewards distribution, which was already being worked on and implemented by the DAFI team.
You can read the full report here.
As we prepare to bring our revolutionary rewards distribution model to Polygon, we have seen a significant number of tokens move from our Pre-Staking Pool to Super Staking. Roughly 45,992,249 $DAFI are now being delegated in the Pre-Staking Pool by 2,667 unique holders.
Additionally, 6,807,285 $DAFI are being delegated in the DAFI-ETH liquidity rewards program, and another 18,506,017 $DAFI sit in the Uniswap pool.
In total, 160,125,551 $DAFI tokens have been locked up, representing 31.96% of the entire circulating supply. These figures are quite significant when considering that Super Staking is yet to resume on Binance Smart Chain and go live on Polygon.
Network activity surges
With the launch of Super Staking on Ethereum, DAFI’s network activity has significantly increased. We have seen a 10.28% jump in the number of $DAFI holders that have joined the ETH network within the past month.
Meanwhile, 28,817 $DAFI token transfers have taken place to date, with the circulating supply at 501,044,391 $DAFI.
More Dafinauts join the community
Dafinauts are showing up from everywhere in the world. Most of our communication channels are being flooded by market participants who are interested in what we have to offer.
The traditional staking model no longer fits the market demands and cryptocurrency enthusiasts are starting to realize that Super Staking is the way to go.
Indeed, we have gained more followers on Twitter over the past month, with over 1.90 million impressions. The number of mentions within this social media network jumped by 31.50% to hit 2,037.
Our ambassador program will soon empower more cryptocurrency enthusiasts to participate in the adoption of our limitless rewards protocol. Dafinauts will be in charge of promoting awareness and educating newcomers about $DAFI, pushing forward the growth of our community.
Onwards and upwards
Super Staking continues to make its breakthrough in the blockchain space. More and more projects have reached out to us to show their interest in integrating our smart synthetic dTokens.
Terra Virtual Kolect, HAPI, and BitcoinVend are now leveraging DAFI’s technology to expand the utility of their networks and reward long-term users through our state-of-the-art rewards distribution model.
Jawad Ashraf, Terra Virtua Kolect CTO and co-founder, believes that DAFI will play a vital role in the adoption of its cross-platform non-fungible token ecosystem.
“TVK has experienced huge user growth over the past few months. To cement our development and continued expectations for future success, it was only natural we partner with DAFI Protocol and introduce an improved staking model to our community.”
Likewise, the founder of BitcoinVend believes that the integration of smart synthetics will push its all-in-one decentralized application further.
“Our mission remains to enable cryptocurrency integration in everyday life. We are confident in this partnership as a platform towards achieving that objective. DAFI’s innovative distribution solution is a revelation to any protocol. With the implementation of DAFI, we’re now several steps closer to achieving our goals.”
These renowned industry players are confident about DAFI’s rewards distribution model and how it creates a strong resistance towards short-term exits and supply shocks, ushering further sustainability and utility.
On the horizon
We’ve been developing a few upgrades to the Super Staking mathematical model, which will be paired with an increase in APY, and an increase in the network demand factor. This will mean that all unclaimed dDAFI will soon begin self-multiplying, which is an unprecedented milestone for the future of Staking.
The dBridge is in the works. The exciting prospect of this new initiative is that dToken partners can integrate it for their own tokens. Consequently, creating SuperPools and the fees paid for moving tokens between different blockchains are distributed back to Dafinauts that are super staking.
Rather than relying on third-party providers, we believe that creating our own bridge would help us provide the community with the peace of mind needed when Super Staking.
As an effort to also increase token security, this month we will be upgrading the treasury token infrastructure with new multiple-signature cold-storages & vaults.
As we work on bringing greater rewards and more utility, make sure to follow us on Twitter and keep an eye on our Medium page to stay updated on what’s coming next. Don’t forget to join our community in Telegram.