From a concept of owning your own funds, DeFi has grown from 0 in 2018 to a strong industry with Total Value Locked at $61.09B (17 June 2021, by Defipulse), bringing more chances and opportunities to people around the world.
“Projects like Uniswap are now dominant players frequently eclipsing large centralized exchanges in daily volume (around $1.07B at 17 June 2021, by CMC). Aggregators like YFI have exploded onto the scene and other leading lending/borrowing protocols like Compound, Synthetix and Aave have built 2 year+ battle tested protocols managing billions of dollars. It’s safe to say DeFi is here to stay.” — Badger DAO
DeFi protocols shift from VC or investor-backed projects with centralized control to a “fair token launch” with the community owning control of the project from the onset. More and more projects use Fair Launch as the concept to reach audience to make its aura and community sustainable.
We believe that DeFi will be the future of finance, where people control their own fund, choose the products they want to use and use them directly from their wallet without custody. That is the reason why we started Defily, as a Full Stack Cross Chain Defi Platform for all.
What is the Defily DAO?
Defily is a decentralized autonomous organization (DAO) with a single purpose: build the products and infrastructure necessary to accelerate DeFi accross multiple blockchains so that every person in the world can approach it.
Projects and people from anywhere can come together to collaborate and build the products our space needs. Shared ownership in the DAO gives builders the incentives to build while the decentralized governance can ensure those incentives remain fair to all parties. The idea is less competing and more collaborating.
Any decisions are made through a governed vote including what, how, and when Defily DAO products are created. Equally important is ensuring there is a fair distribution of $DFL to give all participants the opportunity to get involved and benefit.
The legos of Defily ecosystem includes:
- Defily Builders (TB Labs and Kardiachain Team as initial teams)
- Community created products
- Dedicated Defily operations and supports team
- Fairly initial distribution of $DFL Tokens for governance through IFO (Genesis Farm)
- All code open-sourced
“Defily community members can propose new product ideas to the DAO, pitch the proposal to the greater community over video and finally take the proposal if it passes these stages to an official vote for approval. Once approved the Defily DAO ops team will collaborate with them to build it, fund it and market it. Of course the intention is that it’s not a singular community member proposing these but instead many contributors coming together to create the best products we can.
Defily builders are open and willing to collaborate with anyone wanting to build with together. It would be amazing to see leading developers and DeFi protocols participate in this program.
This structure is meant to give everyone an opportunity to build what’s needed regardless if they are an individual developer, blockchain company, dev shop or just a person with an idea. Anything launched by the Defily community should be inherently fair, transparent and rewarding all those involved in bringing the product to life. This includes shared fees, token rewards etc.
We believe that together the community can build the products that our industry needs more effectively, compared to single centralized entities building fragmented solutions.”
The above concept was perfectly shared by Badger DAO so we want to hold the exact spirit for Defily DAO, and push it further to another level of Governance.
While giving people fair opportunities to grasp $DFL token through Fair Launch Genesis Farm, Defily pays 8% of every $DFL minted to the Defily DAO Treasury, establishing the decentralized budget for the DAO, so that it can fund the activities in future. $DFL token holders can participate in the Governance Contract to propose and vote for any payments made by the DAO, exactly like the way they are shareholders of public companies.
How is $DFL Token Going to Launch?
A Fair Launch is conducted by Defily:
- Defily Dev Team (TB Labs) and Kardiachain Team started the protocol.
- Max supply capped at 1 billion $DFL Crosschain, around 200 million $DFL are available for Kardiachain.
- No surprise launch date and list of assets for staking. The entire community knew a week in advance all these details.
- No investors or capital raised.
- Team is publicly known and involved in ongoing operations.
- 4.5% founder rewards for founding team (one of the founders is Kardiachain Team) and 4.5% dev rewards for TB Labs, and 8% goes to Defily DAO Treasury.
- No seeding of liquidity on exchanges by Defily.
- Leaving control and decisions to the community of how to best distribute and utilize a significant portion of token supply.
You can read more about how Defily launched in the previous announcement.
Founder & Dev Rewards
We believe incentivization is critical for teams to ensure they’re committed to doing everything they can over the long term to make a project successful. With that, we’ve decided to have 9% of the total supply, allocated for founder rewards and Dev rewards. These tokens won’t be distributed all at once. Instead, as $DFL is mined by the community, a percentage of each $DFL will be sent to the founder rewards and dev rewards wallet.
The remaining 91% is for the community and no one else, including 8% for the Defily DAO Treasury (still belongs to the community as $DFL holders are the owners of Defily DAO).
Introducing Defily DAO’s 1st Product, Dragon Farms
The first product of Defily DAO is the Dragon Farms, which allows people to participate by providing liquidity and lock value to KAI DEX (later on other AMMs) and earn $DFL as rewards.
There are four farms available at the Genesis Launch:
1. Single Staking — Wrapped KAI — 1X
2. Single Staking — DPET Token — 1X
3. Pair Staking — KAI-USDT — 1X
4. Pair Staking — KAI-DPET — 1X
After Genesis Launch, there are two more farms added:
5. Single Staking — DEFILY Token — 20X
6. Pair Staking — DFL-KAI — 40X
Later, the DRAGON Pool is added to replicate the Single Staking Defily.
The farming period lasts for 30 days, rewarding 60,000,000 $DFL. After 30 days of Genesis Farm. The Genesis Farms will transform to Perpetual Farms with rewards halving every 30 days (30,000,000 $DFL for Day 31-Day 60; 15,000,000 $DFL for Day 61-Day 90, etc.)
We will announce more information soon outlining every new things happened in Defily ecosystem.
In the meantime, join the conversation, provide any feedback and come say hello.