It has been a great 2019 for dForce ecosystem and we never stop shipping, there are plenty more progresses and protocols and product release in 2020.
dForce is positioned as an integrated and interoperable platform of opening finance protocols. Our goal is to build a full stack of DeFi protocols including stable-assets, lending, liquidity protocols etc, creating an interconnected, interdependent protocol ecosystem.
Going forwards, we will be streaming more frequent ecosystem updates to align with our community and partners. Here are some of the recaps on the key scheduled release over the next quarter — it will be a busy quarter for protocol and product delivery with 4 new protocols/products very close to launchpad:
Existing Protocol and Ecosystem Project Updates:
Description: USDx is the first protocol launched by dForce Network in August 2019 designs for stability, scalability and fungibility. It is a synthetic indexed stablecoin pegged into a basket of constituents at pre-determined weighting, which is adjustable through on-chain governance.
Latest Progress: Integration with the Yield Enhancing Protocol (DIP001) by end of February 2020 and introduction of USR (USDx Saving Rate) into USDx protocol.
Description: Lendf.Me started off as a dForce ecosystem project late last year with grants from dForce Foundation. It is a decentralized lending protocol launched in September 2019 and integrated with USDx, utilizing smart contracts and over-collateralized loans to provide easy borrowing and yield generating for end users.
Latest Progress:
Support more stablecoins and cryptoassets and integrated with the Yield Enhancing Protocol (DIP001) by end of February 2020.
Planned 2.0 upgrade in progress to depreciate existing modules for more flexible and scalable infrastructure.
New Protocol/Product Release in Q1 2020:
Yield Enhancing Protocol (DIP001) (Introduction):
Description: The Yield Enhancing Protocol proposes to unlock collaterals from an initiated collateralized DeFi protocol and supply those collaterals into designated yield generating protocols. Additional interest earned will be pooled together for future distribution (i.e. to award contributors to the originated protocol and to burn DF token).
DIP001 will help USDx to implement the first-ever USR (USDx Saving Rate) as a fiat-back synthetic stablecoin.
DIP001 is also a general protocol that will be integrated with X-Swap, Stableswap to earn yield with their reserves.
Latest Progress: Code frozen for external audit.
Release Schedule: Integration with USDx and lending protocols by end of February (external code audit underway), followed by further integrations with X-Swap by mid-March and StableSwap mid-April.
USDx Saving Rate (USR)
Description: USR is a critical feature of USDx stablecoin — this will be the first fiat-back synthetic stablecoin implementing systematic saving rate.
USR delivers the following benefits to USDx holders:
1. Simple transactions to get a systematic saving rate and holders of USDx can earn current account interest by simply supplying USDx into USR contract.
2. There will be no liquidity risk to earn USR. USDx holders can withdraw at any time and interest is earned on per block basis.
3. Lending protocols supporting USDx and integrated USR could deliver USDx depositors USR+USDx Supply Rate, a combined yield that could outperform most fiat-stablecoin saving rate in the market.
Where the interest comes from?
As a result of DIP001 implementation, the majority of USDx constituent stablecoins will be supplied to lending protocols for yield generating, part of the yield will be pooled to fund the USR.
Latest Progress: Yield Enhancing Protocol (dForce Improvement Proposal 001, DIP001) will be released for governance poll in mid-February and integrated with USDx Protocol.
Release Schedule: by the end of February or early March.
X-Swap (official name to be determined, coming Soon)
Description: X-Swap supports swaps between the majority of ERC20 stablecoins, i.e USDx/USDC/PAX/TUSD/USDT, etc. It will be integrated with the Yield Enhancing Protocol (DIP001) and is capable to support considerable trading volume (i.e. approx. $100K) with 0% price slippage. The initial plan is to support swaps between USDx/USDT/USDC/PAX/TUSD.
This simple toolkit will allow you to swap between stablecoins in one trade for size of US$100k or above with 0% price slippage.
Latest Priority: Codes completed by Nov 2019 and pending for UI&UE furnishing and integration with the Yield Enhancing Protocol (DIP001).
Release Schedule: By mid-March 2020.
S-Swap (official name to be determined, coming Soon):
Description: S-Swap is Uniswap-like stablecoin-reserve-based protocol that supports instant exchanges between any ERC20 tokens through smart contracts. It was conceptualized in August 2019 with first code commit on 4 September 2019. S-Swap is open-sourced (GitHub).
We support USDx and USDT as major reserves and the protocol will be integrated with the Yield Enhancing Protocol (DIP001), where the majority of all yield-capable reserve assets will be supplied to lending protocols for yield generating.
The yield will be pooled and redistributed to liquidity providers in S-Swap, so in addition to trading fees, liquidity providers can also earn yield from reserve assets.
Latest Priority: Pending for upgrade to support multiple assets and integration with the Yield Enhancing Protocol (DIP001).
Release Schedule: The protocol was written in Solidity in Oct 2019, pending integration with DIP001, expected to release by mid-April 2020.
We stand with the support and excellence of many others — partners, investors, community, source of inspiration. We look forward to collaborating with a broader group of pioneering partners to make it possible for everyone to embrace the emerging trend and give everyone a taste of what future finance looks like.
We are keen to hear your views and suggestions through:
Website: https://dforce.network/
Telegram: https://t.me/dforcenet
Twitter: @dForcenet
