BITSONIC’s Cyrpto School Part 4 — dForce
BITSONIC’s Cyrpto School Part 4 — dForce
Bitsonic’s Crypto School introduces promising overseas projects that investors may want to know about.
Part 4 begins with dForce.
What is dForce?
dForce is a Chinese Defi platform, and simultaneously, a project initially started with two major products: Lendf.ME (lending platform) and USDx (the synthetic stable coin of cash).
On April 19, dForce showed a creak in the early stages of the platform launch. About 99% of Bitcoin and Ethereum owned by the dForce Foundation are hacked due to a smart contract code vulnerability on ERC-777.
However, the Singaporean authorities arrested the hacker after two days, and the Foundation’s funds were recovered.
Rebranding!
dForce abandoned Lendf.ME, the original lending platform, due to the hacking. Instead, it rebranded into a DeFi and an open financial platform. Through this, it launched a dForce trade platform and a hybrid-open loan platform.
Available Services
The two large parts of the services are lending and trading.
1. Lending
First, the Lending service is based on dToken, a synthetic token of dForce. dToken is similar to Synthetix’s sUSD, issued based on cash pegging tokens such as dUSDT and dUSDC. USDx by dForce is also supported, and dForce’s lending service is available through these synthetic tokens and cash pegging tokens.
2. Trading
Trading service is also available based on the tokens. It supports the Derivatives Market with a margin function. Users can experience most of the services related to DeFi.
dForce in the future?
On April 16, dForce held a seed round, and the total funding amount was $1.6M, KRW 1.9 Billion.
Although the seed round funding amount is a bit tiny for a DeFi project these days, the dForce project has been supported by the China Trade Bank. Therefore, it grew up without community support from August last year to April this year.
Special attention
In particular, dForce’s dF token has not yet been listed on large global exchanges. Recent services such as Liquidity Mining and Yield Market are also attractive points of dForce.
Check out the dForce community below for more details!
