Dear community, welcome to the March 2024 dForce ecosystem report!
This month is significant, not only for marking the termination of the STIP campaign on Arbitrum but also for a crucial decision the team made to mitigate USX risks. If you’ve missed out on any of these important developments, then this ecosystem is tailor-made for you!
💥 Highlights
- The Arbitrum STIP campaign has successfully concluded! 1M $ARB tokens were successfully distributed among those who participated to our campaigns on dForce, as well as on partner protocols as Unitus, Aspida, Camelot, and Curve. Keep scrolling for the campaign recap.
- dForce is hiring a China Marketing Coordinator, Blockchain Smart Contract Software Engineer, and a Frontend Software Engineer. Click here to learn more.
- We have successfully updated our Vaults rates to mitigate USX risks associated with liquidity and deviations from the peg, particularly in response to swiftly fluctuating market volatility.
🗳 Governance
DIP064 — Parameter Updates for dForce Vaults
The DIP to enhance the price peg of USX at $1 and safeguard our protocol against extreme market volatility by adjusting the parameters for dForce Vaults has passed with 84.64% votes in favor.
📈 STIP campaign recap
Before delving into the overall performance of the protocol, let’s examine the analysis of the STIP campaign’s impact on Arbitrum within the dForce ecosystem! During the ten weeks of the STIP campaign:
- dForce TVL increased by 179% from $15.6m to $43.6m.
- dForce’s transaction volume reached $3.6 million, representing a 560% increase from $553,000 before the STIP campaign.
- dForce contributed approximately $6.2M DEX liquidity across Camelot, Balancer, and Curve.
- $8.7 million worth of wstETH locked on Arbitrum in collaboration with Aspida (LSD Vault).
📊 Performance
In March, USX had a circulating supply of over $150.97 M distributed as follows:
- 66.3% (100.1 m USX) used as Liquidity for the bridge.
- 6.1% (9.23 m USX) on Celer to power the cross-chain bridging of USX.
- 2% (2.98 m USX) are powering USX-related trades on DEXes.
- 3.5% (5.31 m USX) deposited on Lending.
- 22.1% (33.36 m USX) are currently held by other market participants.
Liquidity by Networks
- 78.5% on Arbitrum
- 11.1% on BSC
- 7.6% on Optimism
- 1.5% on Ethereum
- 1.2% on Polygon
Swap (LSR)
By April 2nd 2024, dForce Swap recorded an accumulated volume of $274,4 M for swaps between $USX and $USDC, $USDT, $DAI across all supported blockchains.
March contributed $725 k swap volume, with Arbitrum accounting for $720 k, or 99% of the total.
And that was all for this month! Join our community to catch up on the latest of dForce and participate in related discussions!
