dForce Ecosystem Update — April 2021
dForce Lending is a decentralized lending protocol featured by global liquidity pool, over-collateralized loan and dynamic interest rates. It has achieved a total supply of $42m and borrow of $14m in less than a month since the launch in April, 2021.
Late this month, we released A Tale of Three Protocols: Unifying Lending, Stablecoin & Synthetic Protocols. Following the deployment of dForce Lending (previously called V1), dForce Lending & Synthetic Asset Protocol (previously called V2) will launch soon. This new protocol will feature native over-collateralized stablecoins such as USX and EUX, essential cryptos such as xBTC and xETH, as well as synthetic assets that track stocks such as xTSLA and xAAPL. As always, supported assets will be subject to DF governance votes. Mainnet is expected launch in mid-May.
This is the first attempt in DeFi that combine the best of three distinct protocols; general lending, stablecoins, and synthetic assets. All the collaterals supported in the general pool are deposited into dForce Lending to earn interest. With yield-on collaterals and DF farming rewards, users can mint stablecoins denominated in multiple currencies and other synthetic assets at minimal cost. We will also create liquidity pools for our stablecoins and synthetic assets on a number of widely adopted DEXes for traders to profit from price arbitrage, which will help to stabilize the price of our synthetic assets.or traders to profit from price arbitrage, which will help to stabilize the price of our synthetic assets.
dForce Lending & Synthetic Asset Protocol is open to everyone on Kovan testnet. We welcome everyone to participate and test out the new features, We’d love to hear your suggestions on how we can further improve it before the formal launch on mainnet!
To encourage user feedback, we launched thr Beta Testnet Launch Event on April 28, running through May 11, 2021. We will be giving away DF and dForce Genesis NFT rewards to selected users!
Interested users can read dForce Lending V2 Beta Test Event for more details.
All-in-One User Interface
The new UI/UX provides a single-point access point for users to access lending, minting, trading, earning and farming activities. Dark mode has been introduced as well.
Proposed Asset Parameters/Pools
Here are the proposed pools upon formal launch, as well as risk parameters for each respective asset/pool. This is subject to governance decision jointly made by DF holders. Click here to read through details and let us know your opinions and suggestions.
dForce Liquidity Mining
We will kick off revamped DF mining after the launch of dForce Lending & Synthetic Assets Protocol to bootstrap our stablecoins and synthetic assets. The initial plan is to sunset existing liquidity mining and yield farming, and to prioritize on incentivizing liquidity parking and trading of synthetic assets on a number of DEXes (such as self-built AMM, Uniswap V3, Kyber DMM), as well as lending activities. A detailed liquidity mining proposal will be submitted for community discussion soon!
Lending & Synthetic Asset Protocol
· Completed smart contract audit and formal verification by Trail of Bits, Consensys Diligence, Certora, and CertiK.
· Testnet launched on Kovan as the final test phase before formal launch.
· Integrated Chainlink oracle to provide price feeds for supported assets.
· Price-feed solutions for stock synthetic assets when markets are closed.
· Completed development of AMM.
· Will integrate our AMM with dForce Trade (DEX aggregator) as one of the underlying protocols to facilitate the best available price and liquidity.
· UI/UE improvement is underway.
dForce Tokenomics 2.0
DF used to act as governance token for dictating decision making as well as fee token when interacting with our USDx stablecoin protocol.
We will be creating a vDF token, a receipt token for staking DF, where holders of DF token are able to deposit into staking contract to mint vDF. vDF can be used as general voting vehicle and staking assets and it is also a major vehicle for receiving ecosystem wide incentives. Once DF staked into vDF, vDF is engineered such that fees from dForce Lending, dForce Trade and Synthetic Asset protocol will be periodically used to be purchase DF in the market and distribute to vDF holders.
Key highlights of dForce token’s tokenomics including:
· For lending protocol and yield markets
a. Participate in governance for listing new asset and determine key risk parameter
b. to receive fees from interest reserve of lending protocol as well as exit fee from yield market.
· For synthetic protocol
a. To provide the system with collateral to generate synthetic assets
b. To participate in the providing liquidity for the synthetic assets
· For trading protocol
a. Participate in governance for setting fee policies of the trading protocol as well as key risk parameters
b. to receive fee from trading
Please join us for related discussions through Proposal for dForce Tokenomics 2.0.
dForce Community Call
dForce Community held a global community call on April 26, offering an opportunity for existing and prospective dForce community members to come together for updates, governance discussions, and Q&A.
Mindao, Founder of dForce, discussed about the upcoming launch of dForce’s Lending & Synthetic Assets Protocol, key features, testnet, risk parameters for each asset/pool, as well as revamped tokenomics, together with guest speakers Pan Chao from Maker Foundation and Mable Jiang from Multicoin Capital. You can also watch the community call again on YouTube.
Extended Readings: dForce Community Call — April 26, 10 am (UTC+8)
On April 1, Mindao Yang, founder of dForce, participated in a podcast & AMA with Chainlink Community. The discussion was centered on decentralized oracles meeting the needs of DeFi, and our recent integration of Chainlink to provide price feeds for dForce Lending & Synthetic Assets Protocol.
On April 15, Mindao was invited to a panel discussion hosted by Start Consulting and shared his views on the prospective of CeFi and DeFi.
dForce Governance Token (DF)
Currently, over 30 exchanges support trading of DF, including:
· Binance (https://www.binance.com/en/trade/DF_ETH)
· Gate.io (https://www.gate.io/trade/DF_USDT)
· MXC Exchange (https://www.mxc.com/trade/easy#DF_USDT)
· HBTC Exchange (https://www.hbtc.com/exchange/DF/USDT)
Friendly reminder: The dForce Ecosystem Update aims to help our community get up-to-date on the latest progress and product developments of dForce. Information provided does not constitute, and should not be construed as, investment advice or a recommendation to buy and sell cryptocurrency. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.