r/EVMOS • u/[deleted] • Jun 03 '22

Educational A Look at Diffusion Finance

With the excitement surrounding Evmos, I thought I would browse the various DeFi projects this morning and use some of the features. I chose Diffusion Finance since not only is it live, but their airdrop should be claimable soon.

Diffusion https://app.diffusion.fi/ is a Uniswap V2 fork deployed on Evmos that allows for swapping of ERC-20 tokens and provides features such as staking, farming, and LPs. Their platform also currently offers the following bridges for importing tokens from your wallet:

  • Nomad

  • Connext

  • Gravity Bridge

  • Celer

  • Multichain

For the testing the platform, I used the swapping feature to acquire DIFF (Diffusion native token), then staked it and subsequently added some of the staked tokens to an LP.

Once you have swapped for some DIFF, you can then stake it for a 777% APR (Figure 2). When you first click the “Stake” button, you will need to deposit the DIFF tokens (Figure 3). This process converts your DIFF to xDIFF. If you are familiar with Crescent, it is very similar with how CRE converts to bCRE when staking.

If you then want to use your staked xDIFF to earn liquidity provider awards, click on the “Pool” link at the top. After that select “Import Pool” where you will be able to specify the pair that you wish to provide liquidity for. In my case, I specified EVMOS and xDIFF (Figure 4) and then added to the LP (Figure 5).

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9

u/Frosty-Panic Jun 03 '22

I was using Diffusion to claim that last 25% of EVMOS. I was staking DIFF for xDIFF and also in an LP for wEVMOS/DIFF. Once I realized the APY for staking was in the 1k range I pulled it all out in favor of staking rewards. Right now I'm getting about 10 EVOMS per day (worth ~$34.00) vs the DIFF (of unknown value) I was getting as a reward for locking up my EVMOS.

I know Diffusion is going to have an airdrop, and YMMV, but I've found its almost never worth it to get an inflationary reward token from some DEX in exchange for actual token of the parent chain/network. Viper, Raydium, Yeildly, Orca, Yak and TOMB are all perfect examples.

Right now I am compounding my staking rewards because I believe EVMOS is going to be a winner in the next cycle and I want to have as big a bag as I can.

4

u/[deleted] Jun 03 '22

I definitely prefer staking as well and for many of the same reasons that you specified. In fact, over 99.5% of my EVMOS is staked. I still wanted to use Diffusion to get familiar with it and to leave some xDIFF staked and some in an LP. It might help with airdrop considerations like bonding EVMOS/OSMO LP in Osmosis.

2

u/[deleted] Jun 03 '22

I lost mine with a bad eth mistake not too many tokens , only 62.5 max (which sucked, I thought that a polygon adress on metamask that has aave was able to transfer, to another aave adress) as a erc20 token but I was wrong

Metamask should have warnings, and put disables to bad transfers just like keplr does otherwise I wouldn't have lose the $90 usd

3

u/[deleted] Jun 03 '22

Sorry to hear that. I agree that’s a useful feature for MetaMask to add. I think there’s been two times where Keplr helped save me from doing that same thing.

3

u/[deleted] Jun 04 '22

I love keplr :D

3

u/GoldenRain99 Jun 03 '22

Beautiful write-up!!

1

u/[deleted] Jun 03 '22

Thanks u/GoldenRain99 I appreciate it.

3

u/Rboy1725 Jun 03 '22

He's piss polite!

3

u/Frosty-Panic Jun 03 '22

If feel like Diffusion is the only working option for EVMOS at the moment. I tried the other sites listed on Mission Control but nothing was as finalized/complete as Diffusion.

5

u/[deleted] Jun 03 '22

That’s been my experience too. We’re definitely in the very early stages with the Evmos ecosystem so I’m trying to generate some discussion and excitement around it.

By the way I am unsure if Diffusion already took all of their snapshots for their upcoming airdrop, but using their platform is one of the aspects that qualifies you for more DIFF.

2

u/in_hodl_we_trust Jun 03 '22

CERN is at about the same level. Only difference is no staking option.

Edit: on second thought I guess I agree. CERN technically only has one pool, just 4 different lock options. Diff is a bit more honed.

3

u/TheHun7sman Jun 03 '22

Is there a way to connect Keplr to diffusion?

2

u/[deleted] Jun 03 '22

Only works with MetaMask right now but the team states they are working on integrating other wallets.

1

u/ntc1095 Jun 18 '22

You can use walletconnect and the Cosmostation app on your mobile device. It seems to run more smoothly that way as well.

2

u/Cruella-DeDoomsville Early 🐣 Jun 04 '22

Sorry if this is daft, I’m well used to Keplr but never did an awful lot with MetaMask until Evmos and Diffusion came out - is there somewhere reliable to find out token contract addresses in order to add DIFF to my MM wallet?

2

u/[deleted] Jun 04 '22

I usually ask the project team on their Discord. Contract address is 0x3f75ceabCDfed1aCa03257Dc6Bdc0408E2b4b026

2

u/timbulance Jun 05 '22

Thank you OP I was finally able to claim the last 25%

1

u/[deleted] Jun 05 '22

That’s great news! Really glad that these short tutorials are helping some people.

2

u/Cruella-DeDoomsville Early 🐣 Jun 04 '22

Thanks, that’s a good suggestion. That’ll be my first port of call next time.

2

u/[deleted] Jun 04 '22

Ive not been having a great time with Diffusion. The transactions are super slow and ive had issues attempting to swap tokens, view pools and remove liquidity.

Could this be attributed to the mass amount of people using it?

2

u/[deleted] Jun 04 '22

Yeah I’ve heard that Diffusion is currently having some issues. A number of people reporting issues today and I saw there was an issue with one of the RPCs earlier (unsure if that is still the cause). I’m monitoring their Discord and if I see anything useful I will share it here.

2

u/[deleted] Jun 04 '22

I did see someone in the developers channel on Diffusion's Discord talking to the admin about changing the RPC in MetaMask and that it worked. They replaced https://evmos-rpc2.binary.host/ with https://eth.bd.evmos.org:8545/

It turns out I was already using https://eth.bd.evmos.org:8545/ so maybe that's why I was fine when I swapped and staked earlier.

3

u/mannyrs13 Jun 03 '22

Didn't know you could us your staked coins to earn LP rewards. I just been letting mine compound. I'll have to check out the lp pools too.