Repaving the way…
“And… we’re back in the room.”
So- we’ve been AFK a little while.
Skeleton crew keeping the light on in the Telegram chat, as the crypto market stutters its engine, and takes billions of dollars in liquidations and washed up projects that couldn’t weather the storm with it.
The team hit a serious roadblock a couple months back, before the “May crash” with a perfect storm of variables combining to bring work to a slow crawl in DFX HQ.
With our roadmap in tatters, it was decided amidst the “May crash” that we would go back in the lab, and begin work on Phase Three. (ED: So we’re still using the Marvel analogy are we?)
Enter the multiverse
It might seem somewhat redactive to begin work on the next part of a roadmap before we finished the previous, but the change of direction actually made a lot more sense.
Accessibility has always been at the core of the Definitex project, and with gas fees on Ethereum so volatile and costly, this can prove to be a significant barrier when attracting new investors, and participation in general.
We’re not the only ones who think so.
(ED: BSC anyone?)
With the intention of the Definitex platform to offer cross-chain support, it was determined we should move forward with our Layer 2 solution and deploy our ecosystem on that chain.
But where are we going?
As spotted by an eagle eyed investor, a cryptic tweet posted some time ago on our Twitter hinted towards our next steps for the project.
Mike, since the inception of the cross chain functionality for the Definitex platform has been eyeing up the MATIC network as our “first steps into a much larger world.”
The speedy transaction times and near zero fees for contract interactions, provide a much more attractive playground to launch the DFX Lottery, and of course the eagerly anticipated DefiniDEX.
We’ve experimented on the Binance Smart Chain bridging some DFX from the Ethereum network to the BSC and providing liquidity on Pancake swap, and we will continue to experiment on other popular chains as we continue to explore the multiverse of chains (ED: ha — very good.) but Polygon will be our home away from home for the next part of the DFX journey.
We’re of course not “abandoning” the Ethereum network.
Liquidity will remain on Uniswap, for all those OG’s out there just addicted to gas fees, but we will in the next week begin providing liquidity for DFX on the POLYGON network.
Similar to what we did on the BSC, the pools will initially be small, but by early September we will be providing a healthy chunk of liquidity, to support the next steps, namely our DEX.
The next steps…
The DefiniDEX platform that was being BETA tested on the Ethereum network by Mike and his team, is fit for purpose on the MATIC network, and despite some work that is underway to correctly integrate it on the new chain, the impact is minimal.
The DEX will incentivise liquidity providers, with its very own token, native to the chain, which will be used to reward specific liquidity pools on the DEX, an incentive typically described as “liquidity mining” or “farming”.
As for the other missing stop on the roadmap: The DFX Lottery although originally shelved for the Ethereum network, this will be deployed on MATIC also, and will utilize the DefiniDEX token for entry, instead of DFX.
After so long away, all of this might feel like information overload, but this update was just to serve as a general overview of what’s coming up…
And besides, there is just too many moving parts to cram into one Medium update, so we will outline each part in individual articles…
Everything from the basics for the ‘noobs’ (ED: does anyone even say that anymore?) like connecting to the MATIC network, what liquidity mining is… etc. as well as the revised roadmap, and extended details on the DefiniDEX token its role in the ecosystem and the benefit that liquidity mining will provide for existing and long term holders of DFX.
KEEP IT LOCKED.