DFX is a decentralized foreign exchange that focuses mainly on stable coins that are fiat currency supported. The main purpose behind creating this platform is to allow for use of stable coins without relying solely on the USD-linked coins. With this platform, users will be able to use stable coins linked to different foreign currencies.
This is an Ethereum based exchange protocol similar to Uniswap. It uses a dynamically tuned bonding system that works best for the stable coins that are fiat-supported. We could not find info on the company other than the mention of AMM Labs Inc., which has built the platform. There are no details related to the launching date, location address, phone number, etc.
Some of the key features of this DEX are as follows
- Stable coin-based exchange
The platform is optimized to support coins like USDC, XSGD, CADC, EURS, etc. It uses real-time FX price feeds. It focuses on the coins that are backed by fiat currencies working on the Ethereum blockchain. As per the vendor, this is a revolutionary platform that uses the present defi environment as a foundation.
- Native token
DFX token is the native token and governed by the DAO protocol which is decentralized. There are two tokens available to users namely the DFX Ethereum and DFX Polygon tokens. A total of 100,000,000 tokens are in supply now. The exchange will distribute all tokens within 96 months from the issue date of the tokens
- Efficient trading
The exchange uses a shifting bonding curve that helps you to spot price changes quickly. The tokens in every pool act as a pivot for the bonding curve slope. Depending on the external price movements, you can spot the dynamic changes.
- Supported countries and exchanges
While the vendor does not provide info on the supported countries, you can get in touch with the support to know whether your country is on the list of the countries it supports. The Balancer, SushiSwap (Ethereum), and SushiSwap (Polygon) are the supported exchanges.
How does DFX work?
The DEX allows for all the following:
1. DFX AMM
The AMM of this platform is designed for low volatility. It includes external FX price feeds, backtesting of currency pairs to improve the efficiency of your capital and reduce the slippage. The USDC acts as the bridge currency for all the stable coins.
2. Creating liquidity pool
With the liquidity mining program which was started with the v0 release of the exchange protocol. The program uses balancer smart pools. For users interested in LP participation, there are two ways. One is to supply liquidity to any of the DFX LPs or stake the LPTs you have.
For successful staking of your DFX tokens, the vendor provides specific staking reward contracts. The popular reward pools include a combination of the USDC with stable coins like XIDR, TRYB, NZDS, CADC, EURS, and XSGD. The platform also allows SushiSwap staking
What can you buy on DFX?
This exchange uses the Ethereum blockchain. You can get the Ethereum tokens in return for the stable coins you supply to the liquidity pool like CADC, EURS, and XSGD. The other coins supported by the platform include USDC, NZDS, TRYB, and XIDR.
Is DFX safe?
As per the vendor, the partnership with Chainlink Price Feeds ensures user data is fully secure and free from tampering. We could not find further info on the security measures used.
DFX fees, compatible wallets, and transactions
We could not find info on the fees the platform charges towards using the platform, for trading, withdrawal, and deposits. The platform supports the Metamask and WalletConnect wallets.
What are the ways to trade on DFX?
We could not find info on the trading methods available for users on the official site.
For support, the vendor provides links to social media channels including Discord, Twitter, Github, LinkedIn, and CoinGecko. Documents providing info on the protocol are present for user reference. We could not find a live chat or phone number feature on the official site that ensures quick support.
Should you trade with DFX?
DFX summaryDFX summary
- Deals with fiat-backed stable coins
- Real-time FX price info
- Limited info on the trading and fees
- Works only on the Ethereum blockchain