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
- dForce collaborates with Lido to incentivize lending activities around $wstETH on Arbitrum and Optimism. Learn More
- dForce has fully decentralized its front-end, a stable version is deployed on IPFS, and now it’s totally server-less. Learn More
- dForce joins Equilibre Finance as one of their launching partners on Kava Chain, introducing a new incentivized $USX/$USDC pool to the dForce community. Learn More
- Now users can view all incentivized pools for $USX across all supported networks on dForce’s Farm page. Learn More
- A vulnerability pertaining to the wstETH/wETH Curve LP vaults on Arbitrum and Optimism was identified by a white hat hacker and get immediately fixed. No loss incurred from the incident.
Overview
In February, dForce recorded a TVL of $197m, with 61.6% parked on Arbitrum, 15.4% on Binance Smart Chain, 9.8% on Optimism, 6.5% on Ethereum, 2.6% on Polygon, 2.0% on Avalanche, and 2.0% on Kava.
USX
As of 28th February 2023, the total circulating supply of USX is $161.3m.
Distribution by Function
- 62.1% (100.1m USX) on Arbitrum and Optimism to facilitate L2 expansion.
- 17.6% (28.4m USX) are currently held by market participants.
- 13.6% (21.9m USX) on Celer to power the cross-chain bridging of USX.
- 4.9% (7.8m USX) are deposited into lending protocols.
- 1.8% (3m USX) are powering USX-related trades on DEXes.
Source of Capital
- 97.8% (158.0m USX) are protocol-controlled liquidity.
- 1.3% (2m USX) are minted through LSR.
- 0.9% (1.4m USX) are minted through the vault.
- 0.1% (84.5k USX) are minted through lending.
Liquidity by Networks
- 69.5% on Arbitrum
- 10.4% on BSC
- 7.8% on Optimism
- 6.3% on Ethereum
- 2.5% on Kava
- 2.5% on Avalanche
- 1.1% on Polygon
Lending
In February, dForce Lending recorded a total supply of $84m:
- 43.3% on Binance Smart Chain
- Aribitrum at 18.7%
- Optimism at 14.4%
- Ethereum at 12%
- Polygon at 11.3%
Revenue
dForce recorded an Annualized Platform Revenue of $868K in February, with 43.0% generated on Binance Smart Chain, 25.4% on Polygon, 14.5% on Arbitrum,10.1% on Ethereum, and 7.0% on Optimism.
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 (updated on a weekly basis) and click here to see related tutorials.
Product Development
This month, dForce has completed a number of product updates:
- Remove BUSD from USX’s Liquid Stability Reserve, and reduce its LTV from 85% to 75%.
- Risk parameter updates for stablecoins BUSD, USDT, USDC, USX.
- Bridging $USX to KAVA network is available on dForce Trade now.
- Analytics for dForce Swap have been added to the dashboard.
- New incentivized pools (reward paid out in $DF) for $iUSX have been created on Arbitrum and Optimism.
There are also some exciting developments in progress. Namely:
- Develop dForce AMM.
- More analytical data around $USX and lending activities on dForce across all supported networks.
- Optimize dForce Farm for a full coverage on incentivized pools.
- Implement additional measures to maintain a top standard of security for all dForce protocols, working with third parties to develop a more aggressive bounty program, and mobilizing the white-hat communities for more value-based responses to risks and emerging threats.
Governance
DIP036 — Upgrade the wstETH/ETH Vault Contract [Passed]
It was proposed to seek support from the dForce community to upgrade the wstETH/ETH vault contract.
DIP037 — Risk Parameter Update [Passed]
It was proposed to 1) Update risk parameters for BUSD on dForce Lending; 2) Remove BUSD from USX’s Liquidity Stability Reserve (LSR) across all networks supported; 3) Update risk parameters for USDC, USDT, USX on the KAVA network.
Marketing
OKX invited Awan, a Core contributor at dForce for the AMA session in their Telegram Community. Learn More
dForce hosted Equilibre Finance in our Telegram group for an AMA session to introduce their product and how dForcians can participate and earn from this new opportunity. Learn More
$USX is a top 3 stablecoin on CelerNetwork in terms of bridging volume. Learn More
