In the last days a new proxy has stirred up the EOS mainnet. This is the new DFS Network Proxy, the first community-owned proxy that in just over a week has collected over 39M of Proxied EOS, becoming the second largest proxy right after Block.One.
The DFS Network proxy was launched by DeFis Network, a multi financial framework network looking to create and maintain a series of decentralized financial instruments, such as staking, swap, pools, and banking functions.
Currently, the DFS Network proxy has more than 3,500 unique voters, winning the proxy title with the most proxied accounts ever. Indeed, users have a great incentive to vote for DFS Network, as each voter receives a reward with an amazing double-digit APR. Currently the APY is around 25%.
The DFS Network Proxy is part of a new project launched by DeFis: The Angel Grant or TAG. The proxy rewards are derived from a mining system that is based on the proxied votes to the DFS Network proxy. Users who stake their EOS in favor of the proxy, get mining qualifications and mining weights corresponding to the number of delegated votes. They can then choose which Block Producers will be voted by the proxy.
The goal of the TAG project, is to provide a Grant to EOS projects that need and deserve it. This is to make up for the lack of a similar grant system in the EOS mainnet, which could lead to more innovation within the ecosystem.
Through a strong incentive system, the proxy has been able to grow dramatically in just over a week, collecting over 39M of Proxied EOS and becoming the second largest proxy right after Block.One, and with a big gap from Colin Talks Crypto's third largest proxy.
The proxy has therefore a great strength in defining the ranking of the top block producers. It appears that DFS Network is the largest set of voters in terms of EOS staked at the moment.
Proxy voters can choose their preferences on block producers up to 3 options for each account, and they will be weighted in proportion to the number of DFS tokens deposited on the proxy.
This is a very good initiative by the DeFis Network team, which shakes up all block producers and gives even more strength to the token holders on EOS.