TL;DR
Despite the downturn of the market, dForce has continued to build. 2022 was a big year for dForce; we struck big partnerships with major players in Web3 (such as Binance, Arbitrum, and Optimism), made countless product upgrades and new deployments, and grew our community to be tighter and stronger by communicating everything with our community.
In 2022, dForce achieved notable multi-chain expansion by deploying a full set of DeFi protocols including USX, lending and trading protocol on 7 blockchains:
At the time of writing, dForce Lending has processed over $ 5 billion in borrowings with more than 2 years of secure operation with no security breaches. dForce’s USD denominated stablecoin USX also achieved a market cap of $166.6m.
Here are some of the highlights looking back at 2022:
The sections below list out each section of our business and details of all updates from throughout this year. Members of our community are welcome to read through, and we encourage you to ask any and all questions in our Telegram and Discord groups!
Product Development
- Revamped dForce Tokenomics to align DF token value accrual more closely with protocol adoption and TVL growth.
- dForce partners with Celer’s cBridge for powering cross-chain bridging of $DF and $USX in a liquidity-pool-based model with lower fees and faster transaction speeds. Learn More.
- Deployment on Polygon Network was completed. Deployed USX and lending protocols on Polygon and enabled the PDLP module to support liquidity operations for USX. Learn More.
- dForce continued to contribute to the development of PoS networks through launching dForce Open Staking Initiative.
- Launched an innovative hybrid DF staking model, featuring both Free Staking and Lock-up Staking. DF holders can earn passive yield and participate in dForce governance. Learn More.
- Call for dForce Governor: veDF holders (participants in Lock-up Staking) can delegate their voting rights to governors of their choice. Anyone can apply and become a governor of dForce — the process is 100% open, transparent, and permission-less. Learn More.
- dForce protocols including stablecoin USX and lending were deployed on Avalanche Network. Learn More.
- dForce Integrated Chainlink price feeds on Arbitrum Network. Learn More.
- Launched dForce Vault (Accepts a wider variety of assets as collateral with a new risk model and independent pool to mint USX).
- dForce Bridge was launched in April, a cross-chain bridging tool facilitating instant and low-cost transfer of $USX and $DF across different blockchains and layers, including Ethereum, Arbitrum, Polygon, BSC, Optimism.
- dForce Lending and USX Stablecoin Protocol have been deployed to the Kava EVM Chain. Learn More.
- dForce launched a Liquid Stability Reserve (LSR) module, which allows users to use supported stablecoins as collaterals to mint USX at 1:1 rate, further enhancing USX’s dollar peg in a more efficient manner. Learn More.
- Dapp has been integrated with Rabby wallet, Brave wallet, OKX wallet and supports WalletConnect.
- The all-new upgraded dForce Trade 2.0 integrated Celer Inter-chain Messaging to Expand Cross-chain DEX. Learn More.
- dForce partners with PulsarSwap to integrate TWAMM for our liquidity-swap facility Learn More.
DeFi Integrations
We partnered with a number of major industry partners, establishing dForce in the ecosystem through integrations and partnerships.
One of the most notable is the adoption of USX by a number of partners. USX is supported by a number of protocols including Uniswap, Curve, DODO, Saddle, Velodrome, KyberDMM, Platypus, SwapFish, AcryptoS Tinnetwork, Liqee, DDDX, etc. Utility and adoption of USX was heightened through dForce Bridge and cBridge; $DF and $USX tokens can be bridged across Ethereum, BSC (Binance Smart Chain), Arbitrum, and Optimism in a liquidity-pool-based model with lower fees and faster transaction speeds. Below is the summarization of USX incentivized pools:
dForce partners with Chainlink to provide price fees for assets supported across Ethereum, Arbitrum, Optimism, BSC, Polygon, and Avalanche.
dForce partners with Celer’s cBridge for powering cross-chain bridging of $DF and $USX in a liquidity-pool-based model with lower fees and faster transaction speeds. Learn More.
Tinnetwork supports dForce on BSC, Ethereum, Polygon, Arbitrum Optimism & Kava.
We also partner with PulsarSwap to integrate TWAMM for dForce liquidity-swap facility.
DAO & Governance
At the heart of dForce’s operations is the dForce DAO, where all governance related decisions are proposed, voted for, and approved by the members of dForce DAO, i.e. our community and DF holders. This section is a quick summary of the Governance agendas and proposals from 2022.
DIP019 — Proposal for the Implementation of PDLP and POO [Passed]
It is proposed to implement PDLP (Protocol-Direct-Liquidity-Provision) and introduce protocol-controlled liquidity to lending protocols integrated with USX and EUX. It is also proposed to implement POO (Protocol-Owned Operator) and leverage treasury liquidity to further supply and demand for USX.
DIP020 — Proposal for New Asset Onboarding [Passed]
It is proposed to add lending support to FRAX and FEI on dForce Lending.
DIP021 — Proposal for PDLP Schedule and Stablecoin Minting Upgrade [Passed]
It is proposed to disable minting of USX and EUX on dForce Lending and Liqee Lending. It is also proposed to grant a 300m PDLP USX limit on Ethereum (including L2s) and a 200m PDLP USX limit on BSC.
DIP022 — Proposal for POO Limits and Disabling of Synthetic Asset [Passed]
It was proposed to approve 50m USX limits for POO operations, which engage mostly in risk-neutral strategies from providing stablecoin liquidity and interacting with lending protocols, to yield arbitraging between underlying assets (i.e., ETH) and staking assets (i.e., wstETH). It was also proposed to disable new minting and lending of dForce synthetic assets including xTSLA, xAMZN, xAAPL, xCOIN, xBTC, xETH on Ethereum and BSC.
DIP023 — Risk Parameter Update for Stablecoins [Passed]
LTV (Loan-To-Value) Ratio update for USDC, USDT, BUSD, DAI, USX across all supported blockchains and/or layers
DIP024 — New Vault for LP Tokens [Passed]
This proposal seeks approval to launch a new Vault that supports $USX paired LP tokens.
DIP025 — Proposal to Implement DF Staking, Governance and New Tokenomics[Passed]
This proposal seeks approval on implementing a hybrid free staking and lock-up staking (4-year maximum) for DF holders, with 5m DF per year distributed to participants in Free Staking, and 5m sDF per year distributed to participants in Lock-up Staking. It is also proposed to implement a new vote weighting and veDF delegation.
DIP026 — New Asset Onboarding to dForce Lending [Passed]
This proposal seeks approval on adding collateral support to AAVE, MATIC, OP, CRV and lending support to sUSD, renFIL across all networks dForce supports.
DIP027 — Proposal to Introduce Liquid Stability Reserve to USX [Passed]
This DIP seeks to introduce a LSR module that allows users to use supported stablecoins as collaterals to mint USX (or redeem USX for supported stablecoins) at 1:1 rate — USX’s full collateralization will remain intact. This module will help USX maintain its dollar peg in a more efficient manner.
DIP028 — Proposal for Committing to Ethereum POS Network [Passed]
This proposal seeks approval from the dForce community to commit to Ethereum POS Chain over other forked POW chain post the merge.
DIP029 — Disabling Lending Support to FEI and GOLDx [Passed]
It is proposed to disable dForce’s lending support to FEI and GOLDx across our networks.
DIP031 — Use of $OP Grant on Optimism [Passed]
dForce proposed to use the 300,000 $OP grant received from the Optimism community to incentivize users, developers, and partners who can help grow dForce on Optimism: 50% through liquidity mining, 30% for developers who build on dForce protocols, and 20% for Optimism focused marketing campaigns.
DIP032 — Proposal for Implementing Liquidity-Swap Facility for USX-DF [Passed]
The objective of this proposal is to create a Liquidity-Swap Facility for USX-DF, which enables the protocol to swap its protocol-minted USX for DF liquidity in the market, so to inject USX liquidity via TWAP and recycle DF liquidity in the market.
DIP033 — Proposal for Distribution of dForce Treasury Income [Passed]
This proposal outlines a continual strategy to utilize the Treasury Income from dForce Protocol to purchase USX tokens in the market, which will then be distributed to the USX depositors and contribute to its yield.
Marketing
- dForce held two Global Community Call in March and November and one in Chinese community in July, updating the community on what we have achieved and and provide insights on what’s in store for the next few quarters.
- dForce hosted a number of AMA sessions in collaboration with our partners in 2022: including Polygon, Arbitrum, Binance, DDDX, Celer Network, Saddle Finance, Bitkeep, ACryptoS, SwapFish, Loopfi.
- As one of the most active projects on Arbitrum, dForce participated in the Arbitrum Odyssey campaign, where winners can get Arbitrum-exclusive NFT designed by the illustrious crypto-renowned artist Ratwell and Sugoi.
- dForce was chosen to receive Polygon’s Liquidity Mining 2.0 incentives.
- dForce received 300,000 OP grants from Optimism.
- dForce launched dForce liquidity mining initiatives on Polygon and Optimism. Learn More.
- dForce kicked off dForce’s Optimistic Winter Campaign on Optimism. There are a lot of rewards to be won, including OP and VELO.
Liquidity Mining
dForce had ongoing liquidity mining initiatives on Ethereum, Arbitrum, and Binance Smart Chain. Gauge have been published on this page every week for the past year.
