Kylin Network is extremely pleased to add yet another DeData ecosystem partner: DAFI Protocol. DAFI has cracked the code to ensuring long-term project health in crypto by ensuring demand-incentivization.
The collaboration will be mutually beneficial to both projects as DAFI integrates oracles from Kylin Network into the protocol’s price feeds, and Kylin Network explores synthetics for its platform pegged to the value of the underlying native token KYL. These synthetics could be used for its rewards program, bounties, and other ecosystem requirements.
DAFI solves a real problem in crypto — front-running liquidity on TGE that works against early supporters and community members:
- Every decentralized economy since Bitcoin, is forced to distribute large amounts of tokens to their network.
- This incentive model creates an excess supply. Nobody likes this, it simply devalues the economy, without supporting early-users.
- Instead of distributing a token directly, the Dafi protocol enables networks to create a synthetic in a reduced quantity. As demand rises, the synthetics (dToken) increase in quantity.
- Dafi can incentivize early-users and maintain a network in bearish markets, without issuing large quantities of tokens.
DAFI rewards networks based on their adoption, creating long-term users through synthetics. These synthetics are distributed to users in a reduced quantity initially, to protect a network from hyperinflation. Longer-term users are later rewarded when network demand has grown.
We look forward to the potential of using DAFI’s novel synthetics in our own operations!
In addition to helping DAFI Protocol with oracle services, ensuring that DaFi protocol’s price feeds for its synthetic dTokens in various networks are accurate and reliable, we will also look to co-innovate on oracle scripting parameters within Kylin that may help further operationalize / monetize aspects of their protocol.
Dylan Dewdney, CEO of Kylin Network:
“We believe that the crypto environment has to keep innovating and holding pace with the traditional tech giants. Our mission at Kylin Network has been to reinvent the oracle systems, and we found this attitude reflected at DAFI. Their goal of reinventing blockchain economies is very interesting and we’re keen on exploring DAFI’s Synthetics for our oracles platform in a variety of ways as well as recommending it as a vehicle within our growing DeData ecosystem.”
Zain Rana, Founder at DAFI:
“Kylin Network has made a name for itself in a short amount of time, and in a way reflects the growth seen at DAFI. We believe the potential integration of their decentralized oracles will improve Dafi protocol’s price data and feeds. We’re also delighted that Kylin Network will explore the possibility of using Synthetics in their platform using DAFI’s dTokens model.”
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
Contact Kylin Network
- Telegram: https://t.me/KylinOfficial
- Twitter: https://twitter.com/Kylin_Network
- Discord: https://discord.gg/PwYCssr
- Medium: https://kylinnetwork.medium.com/
- Linkedin: https://www.linkedin.com/company/kylinnetwork
- Official website: https://kylin.network/
About DAFI Protocol
DAFI uses synthetics pegged to different decentralized networks. Every blockchain, application, and cryptocurrency can create a flavor of a dToken to reward their early users, while still enhancing scarcity when demand is low.
DAFI can reward a network even when demand declines, by issuing synthetics that will reward user’s later — instead of earlier.