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dForce DAO Vote to Support the Ethereum POS Network

Ethereum’s set up upgrades — or “the merge” is coming, so we want to write a message out to the community regarding our thoughts and actions plans on what’s to come.

Ethereum’s set of upgrades, which will transition the chain from proof-of-work (POW) consensus layer to the proof-of-stake (POS) consensus layer, aka ‘the merge’, is believed to be rapidly approaching a go-live date.

After the transition, dForce will not allocate resources to supporting any forks of Ethereum. dForce will only support the core POS Ethereum chain. We believe that most members of the DeFi ecosystem will also focus on Ethereum’s mainnet and have already seen announcements from major infrastructure providers indicating as such. For example, dForce uses Chainlink oracles to provide accurate data feeds necessary for maintaining liquidity pools and liquidation frameworks.

Reference: DIP028 — Proposal for Committing to Ethereum POS Network

We quote Chainlink in their recent announcement,

“The Chainlink protocol and its services will remain operational on the Ethereum blockchain during and after the Merge to the PoS consensus layer. Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is aligned with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus.”

For dForce users, we expect that everything should continue uninterrupted through the merge. There are several possible scenarios for what could happen in a post-merge, forked ETH world, but we believe none present a viable economic strategy that would result in long-term success. Without oracle support or stablecoin liquidity/support on a forked chain, any forked protocols, including dForce, will not function as designed.

Additionally, we’d like to point out that we cannot speak about the potential actions of other ecosystem players and actors using dForce. Users should take caution when utilizing any decentralized protocols.

We welcome discussion and proposals from the community regarding the future of dForce. Any DF holder can propose changes to dForce by posting on the forum and voting using Snapshot.

We welcome you to join our community to participate in related discussions.

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