DFYN Exchange Trade Data

DFYN API Logo

DFYN API

Information
Network
Polygon
Source type
DEX
Volume 24h
$ 21,934.677
Pairs available
1738
Trades 24h
383
Exchange Information

What is DFYN?

DFYN is a decentralized exchange (DEX) built on the Polygon network. It aims to provide users with low fees and fast transactions for trading various tokens. The exchange was founded in 2021 by Defi For You, a team of blockchain enthusiasts. The name "DFYN" is derived from the word "defy" and represents the project's mission to challenge traditional centralized exchanges. DFYN supports cross-chain liquidity and incentivizes liquidity providers through token rewards.

What are the benefits of using DFYN?

DFYN is a decentralized exchange (DEX) built on the Polygon blockchain. It offers several benefits compared to its direct competitors, such as Uniswap and SushiSwap.

1. Lower fees: DFYN operates on the Polygon network, which has significantly lower gas fees compared to Ethereum-based DEXs like Uniswap. This makes trading on DFYN more cost-effective, especially for smaller transactions.

2. Faster transactions: The Polygon network provides faster transaction speeds compared to Ethereum, enabling users to execute trades quickly and efficiently on DFYN.

3. Improved scalability: DFYN leverages Polygon's Layer 2 scaling solution to handle a high volume of transactions. This allows for greater scalability, reducing network congestion and improving the overall user experience.

4. Enhanced liquidity: DFYN has a strong liquidity pool due to its integration with multiple liquidity providers, such as QuickSwap and SushiSwap. This results in improved liquidity for trading various tokens on the platform.

5. Diverse token offerings: DFYN supports a wide range of tokens, including ERC-20 tokens and native tokens from other chains, providing users with a diverse selection of assets to trade.

6. Community governance: DFYN allows its token holders to participate in the decision-making process through decentralized governance. This ensures that the community has a say in the platform's development and future direction.

In conclusion, DFYN offers benefits like lower fees, faster transactions, improved scalability, enhanced liquidity, diverse token offerings, and community governance compared to its direct competitors. These advantages make DFYN an appealing choice for users looking to trade cryptocurrencies in a decentralized manner.

How does DFYN work?

DFYN is a decentralized exchange (DEX) that operates on the Polygon blockchain. It leverages an automated market maker (AMM) model to enable users to trade various cryptocurrency assets. The underlying technology behind DFYN is based on smart contracts, which are self-executing contracts with predefined rules agreed upon by the participants.

At its core, DFYN utilizes liquidity pools where users can provide liquidity by depositing their tokens. These liquidity pools serve as the backbone of the platform, allowing for seamless and efficient trading. Unlike centralized exchanges, which rely on order books, DFYN relies on liquidity pools to determine the prices of assets.

When a user wants to trade on DFYN, they interact with the smart contracts to swap their tokens. The smart contracts automatically calculate the exchange rate based on the available liquidity in the pools. This process ensures that users can always find a counterparty for their trades without relying on order books.

To prevent impermanent loss and maintain balanced liquidity, the AMM model adjusts the price of assets based on supply and demand. As more users trade a specific asset, the price increases, while larger trades lead to slippage due to the limited liquidity available in the pool.

By operating on the Polygon blockchain, DFYN benefits from its scalability and low fees, providing users with fast and cost-effective transactions. DFYN's decentralized nature ensures that users have full control over their assets without the need for intermediaries.

In summary, DFYN utilizes the Polygon blockchain and an AMM model to enable decentralized trading. Through smart contracts and liquidity pools, users can swap their tokens efficiently and securely on the platform.

How does DIA fetch DFYN trade data?

DIA utilizes a comprehensive approach to fetching trade data from different types of exchanges, including DeFi and NFT exchanges.

For centralized exchanges like Coinbase, Kraken, and Binance, DIA employs scrapers that directly collect trades from the exchange databases using Rest APIs or WebSocket APIs. These scrapers retrieve trade data at varying frequencies, ranging from 1 to 7 seconds, depending on the exchange. This allows DIA to gather accurate and up-to-date trade information from these centralized exchanges.

In contrast, for decentralized exchanges, DIA takes a different approach. It collects data from various blockchains by subscribing to swap events in liquidity pools. By directly accessing the blockchain itself, DIA ensures the integrity and accuracy of the trading data. Notable decentralized exchange sources for DIA include Uniswap, curve.finance, and PancakeSwap.

When it comes to NFT marketplaces, DIA captures live trading data by retrieving information from the integrated marketplaces' smart contracts. The retrieval period for NFT trading data typically ranges from 20 seconds to 1 minute. DIA's integration with notable NFT marketplaces like Blur, X2Y2, OpenSea, and TofuNFT allows for precise and comprehensive data coverage in the NFT market.

Through this comprehensive data management strategy, DIA is able to source highly accurate and customizable price feeds for various types of exchanges, be it centralized, decentralized, or NFT-focused. This ensures that users relying on DIA's data can make informed decisions based on the most reliable and up-to-date information available.

How build oracles with DFYN data?

When building price oracles with DFYN trade data, DIA follows a specific process depending on the type of exchange we are referring to.

For DeFi exchanges, DIA first performs data cleaning and outlier detection. This step ensures that trades with prices diverting from the current market price, possibly due to market manipulation or errors, are excluded. DIA applies an Interquartile Range (IR) filter to remove data points and sets that lie outside an acceptable range relative to the interquartile range. Only trades falling into the "middle" quartiles move forward for further processing.

Next, DIA applies price determination methodologies to calculate the final price from the remaining data points. One example is the Volume Weighted Average Price (VWAP) methodology, which considers the different volumes of trades. All trades from the queried time range are weighted by their volume, and the weighted average price is calculated.

For NFT exchanges, DIA uses a different approach to determine the floor price of an NFT collection. The on-chain trade data is first processed through cleansing filters to exclude outliers and manipulation techniques. Then, a pricing methodology is applied to determine the final price point.

The simplest methodology provided by DIA is the Floor Price, which represents the lowest sale price of an NFT collection recorded on the blockchain during a given time window. However, this method can be manipulated by malicious market actors through techniques like wash trading and floor sweeping.

To combat manipulation, DIA offers advanced methodologies such as the Moving Average of Floor Price, which returns the moving average of a collection's floor price. It also applies an interquartile range outlier detection filter to filter out malicious behavior.

DIA is open to discussing custom filters and methodologies for specific use cases to ensure more realistic and reliable NFT floor prices.

How does DIA source price oracle data?

Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.

Granular trade data collection
DIA retrieves token and NFT tradign data from 100+ exchanges. This enables DIA to build the most precise and customizable price feed oracles.
Instant, direct sourcing
DIA utilizes RPCs and WebSockets to subscribe to swap events and gather trading data from both DEX liquidity pools and CEX databases, allowing for real-time data collection.
Learn more about data sourcing