Dfyn’s Galaxy Farm Saves Users Over $2 Million in Ethereum Transaction Fees in 2 weeks
We are excited to announce that the Galaxy Farm Cohort-2 has seen tremendous success in the past week, recording significant growth both in the number of transactions on the network and the number of token holders participating in the farm. The exciting multi-farming project hosted on Dfyn.Network has already managed to save users over $2 million in Ethereum transaction fees and prove, yet again, how powerful L2 solutions can be when applied right to the DeFi space.
After a hugely successful Galaxy Farm launched earlier this year, Router Protocol increased collaboration with a number of other DeFi protocols. Together with Dfyn.Network, AMM DEX, and 10 other partner projects we launched a second Galaxy Farm event earlier this month.
Launching the Galaxy Farm Cohort-2 provided our users with the ability to avoid the high gas fees and the network congestions that commonly plague Ethereum. Before we launched Cohort-2, farming an LP pair on Ethereum cost over $500 due to a large number of transactions required to complete the operation each of which carried ATH gas fees. Having the farming event hosted on Dfyn, which is based on the Polygon network and utilizes Biconomy to implement meta transactions, we ensured that our users have a completely gasless experience while farming.
And now, around 2 weeks after the launch of Cohort-2, we can safely say that the numbers achieved went beyond our expectations. Not only did the number of overall participants exceed our estimates, but the total number of tokens held by the participants also significantly increased. The liquidity providers in the Galaxy Farmers are providing liquidity to earn rewards of 11 different tokens at the same time. This not only introduces them to 11 varied, interesting DeFi projects, but also lets them claim and earn those reward tokens free of cost. Running such a group-farming activity on Ethereum would be impractical; Claiming reward tokens from 11 different pools would be a transaction costing north of $500 in itself.
According to data gathered by our team, there has been a total of 74,118 transactions in the first fourteen days of the Galaxy Farm Cohort-2. The largest number of transactions was recorded on day 1 of the Galaxy Farm, with Dfyn processing 13,100 transactions between April 7th and April 8th. The last six days of the farming event saw an average of 5,000 transactions per day. The data only accounts for the transactions done in the pools of the Galaxy Farm Cohort-2 participants. You can check out more information on how galaxyfarm contributes to Dfyn liquidity at Dfyn analytics here.
When it comes to partner project engagement, IGG led the way accounting for half of the total number of transactions — 31,079 across the first fourteen days of the farming event. It was followed by Router, which saw 20,665 transactions during the same period.
And while this type of engagement might not seem groundbreaking in the world of protocols such as Curve and Uniswap, a very important distinction must be made — all of the transactions mentioned above were free and gasless.
If we launched Galaxy Farm Cohort-2 on Ethereum at the same time and saw the same kind of engagement, users would see themselves paying an average of around $30 per transaction. Due to sufficient liquidity in the pools and a functional AMM — the liquidity pools saw many transactions by the communities of the projects participating in the galaxy farm. This means that in the first fourteen days of the Galaxy Farm Cohort-2 farming event, users would have paid over $2 million in Ethereum transaction fees to do the swap transactions. The $2 million considers transaction fees to be at the lower estimates of just $30 while excludes fees such as adding liquidity and withdrawing tokens.
Increase in Polygon token holders
We’ve also recorded significant growth in the number of token holders for each protocol in the cohort. On Day 0 of the Galaxy Farm, there were a total of 4,392 holders of the project tokens across each of the protocols participating in the cohort. On Day 14 of the Galaxy Farm, there were 6,305 project token holders. This represents a growth of 43% and is a major milestone in adoption for project tokens on the Polygon network. The cumulative ETH holders of the project tokens also increased by 10%. Thus we can say that Galaxy Farm is helping projects get adopted by the users in the Polygon network which has now evolved as the leading Layer-2 solution for the Ethereum Network.
About Router Protocol
Router Protocol is building a suite of cross-chain liquidity infra primitives that aims to seamlessly provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchain solutions.
Telegram announcements: https://t.me/router_ann
Dfyn is a layer-2 AMM DEX currently functional on the Polygon network. Dfyn acts as a Router protocol’s liquidity node and will soon be functional on other blockchains.
Previously known as the Matic Network, Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is the Polygon SDK, a modular, flexible framework that supports building and connecting secured chains such as Plasma, Optimistic Rollups, zkRollups, and Validium, as well as standalone chains like the Matic PoS/Plasma, designed for flexibility and independence. Polygon’s Layer 2 POS/Plasma sidechains have seen widespread adoption with 90+ Dapps, ~7M transactions, and ~200K unique users.