Before us is an intriguing cryptocurrency project that allows the decentralized exchange of one fiat currency for another. Trading is conducted 24/7, and settlements are made instantly. DFX Finance calls itself a “leading crypto FX trading protocol”, which sounds rather dubious. Online reviews are more often positive than negative. The company was launched in 2020, and its headquarters are in the UK. Can we trust this protocol with our money, especially knowing that it was hacked in 2022? Let’s find out.

How to Trade

The decentralized cryptocurrency exchange DFX Finance allows traders to exchange stablecoins pegged to non-dollar fiat currencies via a Web3 interface. Users can also add assets to the liquidity pool and earn passive income. Currently, various stablecoins are supported:

  • USDC – US Dollar.
  • CADC – Canadian Dollar.
  • EUROC – Euro.
  • EURS – Stasis Euro – Euro-backed stablecoin.
  • XSGD – Singaporean Dollar.
  • XIDR – Indonesian Rupiah.
  • NZDS – New Zealand Dollar Stablecoin.
  • TRYB – Turkish Lira.
  • GYEN – Japanese Yen.

The main objective of DFX Finance is to provide the ability to trade forex without interruptions, delays, and slippages.

The project is built on the Ethereum blockchain, and all non-dollar stablecoins are denominated in USDC. At the core of DFX Finance is an AMM (automated market maker) which facilitates the decentralized exchange of tokens according to a bonding curve using the ve-economy (voted escrowed model). The exchange rate for each currency is sourced from the Chainlink oracle.

DFX Finance Vital Info

The firm was founded in 2020, with the token launch ‌taking place in 2021. The token is traded on popular decentralized exchanges like Uniswap, as well as on some centralized ones. It supports not only the Ethereum blockchain but also Arbitrum and Polygon.

The domain of the website was indeed registered in 2020, confirming the company’s foundation date. However, DFX Finance does not have legal documents on its website. Instead, they have open-source code on GitHub and multiple social media accounts, all of which were created in 2020. A search on Companies House shows that such an organization was indeed registered in 2020.

Furthermore, DFX Finance underwent audits from “Trail Of Bits”, “Haechi Audit”, and “Sebone”. Despite these precautions, the project lost over $7.5 million in 2022 due to a hack. It’s also known that angel investors and leading funds have invested in the protocol, including names like “Polychain Capital”, “DeFi Alliance”, and others.


What are the key facts about DFX Finance?

The exchange launched in 2020, introduced its own token, and even underwent audits. At first glance, its operational duration seems short, but for a cryptocurrency protocol, this timeframe is considered substantial in the crypto industry. Information about the founders is almost absent, but the smart contract is open-source and freely available on GitHub. Social media accounts are active, developers continue to work, and the community trusts the protocol, participating in votes.

What's the risk to my wallet when working with this exchange?

This is a decentralized protocol that allows the trading of stablecoins for various fiat currencies. The concept is intriguing, but there are significant concerns about its reliability. Due to vulnerabilities in DFX Finance's system, the project was hacked in 2022, resulting in users losing over $7.5 million. Cryptocurrency always carries high risks. A company can be open and secure, but there's no guarantee that your money won't be stolen. Moreover, stablecoins can lose their 1:1 peg to fiat currency, potentially resulting in users losing their funds.

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