Partnership with Dafi Protocol
We are excited to announce that DIA and Dafi Protocol are partnering to integrate trusted oracles into Dafi’s synthetics protocol.
Dafi’s mission is to solve the problem of excess token supply of the decentralised economies. Currently, projects are forced to distribute large quantities of tokens to the network, resulting in a devaluation of the economy and leaving early-users forsaken. Instead of distributing a token directly, the Dafi Protocol enables networks to create synthetic tokens (dTokens) that increase in quantity as demand rises. It is designed to reward the early users while still enhancing scarcity when demand is low.
With Dafi Protocol, every blockchain, application and cryptocurrency can create their own flavor of a dToken to to stabilise networks in bearish markets, protect tokens from hyperinflation and reward long-term users when network demand has grown. This will stimulate network adoption, encourage users to hold tokens for a longer-term, as well as infuse liquidity into the system.
The partnership will bring DIA’s oracle capabilities and data feeds to Dafi’s network. The initial goal of the cooperation will focus on introducing the functionality of these oracles to the network by providing a verifiable bridge between off-chain data from various sources and on-chain smart contracts.
Michael Weber, Co-Founder and President of DIA Association comments:
“Dafi Protocol addresses many of the issues faced by the blockchain networks, resolving the common problem of token hyperinflation and finding ways to stimulate network demand and token adoption. We believe their synthetics will be key as the industry evolves and we’re delighted to partner with them, to integrate our open-source oracles into their network.”
Zain Rana, CEO at DAFI adds:
“DIA provides open-source oracles that will be vital for the DeFi ecosystem. Its decentralized price data and feeds will go a long way in ensuring the robustness of the DeFi platforms and reliability. We’re glad they took the step to explore how synthetic dTokens provided by Dafi could be reliably used to reward network participants without negatively harming the value of the network.”