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dForce Ecosystem Update — August 2022

Welcome to dForce monthly ecosystem updates. This is where we keep our community up-to-date about what’s happened in the past month, and what’s coming up.

Highlights

  • The news of Ethereum post-merge POS Chain has been flooding the market. dForce DAO votes to support the Ethereum POS Network. Learn More
  • dForce Trade has been upgraded to support a variety of cryptocurrencies. This is an upgrade to the previous version which supported DF and USX Learn More
  • Liquid Stability Reserve is now live on Arbitrum and Ethereum. Learn More

Overview

In August, dForce recorded a TVL of $190.6m, with 60.3% parked on Arbitrum, 19.6% on Binance Smart Chain, 8.0% on Ethereum, 6.2% on Optimism, 2.1% on Kava, and 2.1% on Avalanche, and 1.7% on Polygon.

USX

As of 31st August 2022, the total circulating supply of USX is $159.5m, with 69.6% of liquidity currently parked on Arbitrum, 11.7% on BSC, 6.3% on Ethereum, 6.3% on Optimism, 2.5% on Kava, 2.5% on Avalanche, and 1.1% on Polygon.

Approximately 65.8% of USX liquidity is parked on Arbitrum, BSC, and Optimism to facilitate cross-chain expansions, 14.2% on lending, 13.7% on cBridge (cross-chain swap), 4.7% sitting in wallets with market participants, and 1.5% on DEXes.

Lending

In August, dForce Lending recorded a total supply of $80.7m, with 53.4% it on Binance Smart Chain, Aribitrum 15.4%, Ethereum 15.1%, Polygon 9.3%, and Optimism 6.6%.

Total accumulated borrowing grew to $1.4b, representing an increase of 1.4% from the previous month in new loan originations.

Revenue

dForce recorded an Annualized Platform Revenue of $933K in August, with 37.4% generated on Polygon, 19.7% on Binance Smart Chain, 19.5% on Optimism, 17.0% on Arbitrum, and 6.4% on Ethereum.

Liquidity Mining

dForce has ongoing liquidity mining initiatives on Ethereum, Arbitrum, Polygon, Optimism, and Binance Smart Chain. Please visit dForce Forum to view the gauge (update on a weekly basis) and click here to see related tutorials.

Product Development

We’ve had some exciting product updates in August.

  • dForce Trade (DEX Aggregator) was released with off-line and on-chain routing aggregation.
  • LSR (Liquid Stability Reserve) module was launched on USX protocol on Ethereum mainnet and Arbitrum.
  • dForce Trade (DEX Aggregator) supports USX by providing 1:1 swap with supported stablecoins (subject to pool liquidity) via LSR.
  • We released the Oracle V3 on Arbitrum. This redefines the oracle framework, adds price validity checks, and is compatible with multi-chain configurations.
  • Arbitrum upgraded to Nitro ahead of the Ethereum Merge. dForce supported Arbitrum’s Nitro upgrade, and dForce protocols on Arbitrum and up-to-date.

There are also some exciting developments in progress. Namely:

  • Multi-chain liquidity aggregation through dForce Trade. This will continue to support cross-chain transaction and liquidity aggregation of assets
  • Following dForce DAO voting to support the Ethereum POS Network, dForce protocols will be upgraded to adapt to the Ethereum PoS upgrade.
  • The developer team is working on Oracle V3 launch on the Ethereum mainnet to adapt to PoS upgrade.
  • Oracle V3 release on multiple chains (BSC, Optimism, Polygon)

Governance

DIP028 — Proposal for Committing to Ethereum POS Network [Passed]

This proposal seeks approval on committing to Ethereum POS Chain over other forked POW chain post the merge.

DIP029 — Disabling Lending Support to FEI and GOLDx [Passed]

This proposal seeks approval on the following:

  • Disable dForce’s lending support to FEI across our networks
  • Disable dForce’s support to GOLDx across all supported networks due to limited utilization

DeFi Integrations

AcryptoS announced their support to dForce Lending on BSC.

Marketing

Various marketing activities filled the calendar this month.

Polygon invited Mindao, the Founder at dForce to the polygon Twitter space AMA to talk about the latest development of dForce and DeFi.

Missed the call? Don’t worry — here’s a recap for your curious minds. Read the full recap here.

Eve, CMO of dForce hosted an AMA for Loopfi protocol in the dForce Global Telegram community. There was an exciting airdrop event ($500!) along with fruitful questions and answers to co-introduce Loopfi.

At the time of writing, dForce was the #4 lending protocol on Optimism by TVL: Learn More

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

Website | Forum | Twitter | Telegram | Medium

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dForce

dForce

A complete set of DeFi protocols covering assets, lending, trading, serving as layer 0 infrastructure in Web 3.