Vote Escrow coming to DFX!

Since the launch of DFX Finance, we have had a goal, a mission. A mission to create an open decentralised foreign exchange (FX) protocol optimised for trading fiat-backed foreign stablecoins, (CADC, EUROC, XSGD, etc.) for all to participate in. As we continue to build out our infrastructure and ecosystem through our on-chain governance model, it will provide many unique opportunities for all of our users. No matter who you are, or wherever you are. That's why we are excited to announce we are in the final steps of launching the highly anticipated vote-escrow DFX, veDFX! 

What is Vote-Escrow? 

Vote Escrow or most commonly known as “VE”, is a vesting and yield system based on Curve’s veCRV mechanism that many of the leading DeFi Protocols are leveraging. It's a battle tested system that not only gives longevity to the protocol itself but also gives users the ability to increase their voting power. Users will have the ability to lock their DFX from anywhere between 1 Week and 4 Years! The longer you lock, the more voting power you receive. Once you lock up, you will then be able to vote for select gauges and start redirecting emissions. Meaning users will have more control over the DFX protocol. 

What are Gauges?  

A gauge pool, with regards to DFX, is a smart contract that takes DFX LP token deposits and rewards the depositor yield in the form of the DFX token. With veDFX, the amount of rewards can be changed weekly through bi-weekly gauge votes that assign gauges its share of rewards for the week or what we refer to as its gauge weight. This system strongly favours more long term users of the protocol as LP providers who continually lock their rewards increase their pool's gauge weight. Essentially, the ve model encourages long term oriented decision making as locking DFX into veDFX is a long term commitment to the protocol. 

Why veDFX? 

veDFX helps create a more robust decentralised ecosystem with plug & play compatibility with other protocols looking to build on top of DFX protocol, and encourages more long term oriented decision making that aligns the interest of users across the protocol. We are still working on the back end logistics but hopefully in the future, you will be able to leverage other protocols like HiddenHand to participate in bribed voting. This is just one of the many steps we are taking to further decentralise the DFX protocol and make it more permissionless and community-owned. The options for veDFX are only getting started and we can't wait to fully explore them with you all! 

 This past month has been a major month for us, we have made amazing strides ranging from borrowing/lending fiat-backed stablecoins, all the way to a full veDFX launch! We are so excited to continue building out the best decentralised forex protocol for the world to use and thank you for coming with us on this amazing journey.

DFX Finance, Stablecoins for the World! 🌐

DFX Finance Website: 

DFX Dapp:  

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