Welcome to the dForce Monthly Ecosystem Update! 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 published a comprehensive 2022 recap. Learn More
- dForce Lending has processed over $5 billion in borrowings with more than 2 years of secure operation with no security breaches. Learn More
- dForce updated the Dashboard to share more analysis around $USX. Learn More
- Now users can view all ongoing mining pools for $USX across all supported networks on dForce. Learn More
- Beefy Finance opened a vault for USX/USDC sLP on Optimism. Learn More
Overview
In January, dForce recorded a TVL of $224.8m, with 59.7% parked on Arbitrum, 15.6% on Binance Smart Chain, 13.3% on Optimism, 5.9% on Ethereum, 1.9% on Polygon, 1.8% on Avalanche, and 1.8% on Kava.
USX
As of 31st January 2023, the total circulating supply of USX is $168.4m.
Distribution by Function
- 59.4% (100.1m USX) on Arbitrum and Optimism to facilitate L2 expansion.
- 14.4% (24.3m USX) are currently held by market participants.
- 13.0% (21.9m USX) on Celer to power the cross-chain bridging of USX.
- 11.3% (19.0m USX) are deposited into lending protocols.
- 1.8% (3.1m USX) are powering USX-related trades on DEXes.
Source of Capital
- 94.2% (158.0m USX) are protocol-controlled liquidity.
- 4.3% (7.3m USX) are minted through LSR.
- 1.1% (1.8m USX) are minted through vault.
- 0.4% (709k USX) are minted through lending.
Liquidity by Networks
- 67.6% of USX liquidity are currently parked on Arbitrum
- 10.2% on BSC
- 10.1% on Optimism
- 6.3% on Ethereum
- 2.4% on Kava
- 2.4% on Avalanche
- 1.1% on Polygon
Lending
In January, dForce Lending recorded a total supply of $114m:
- 36.9% on Binance Smart Chain
- Aribitrum at 25.4%
- Optimism at 19.9%
- Ethereum at 9.4%
- Polygon at 8.1%
Revenue
dForce recorded an Annualized Platform Revenue of $861K in January, with 37.4% generated on Binance Smart Chain, 26.5% on Polygon, 16.7% on Arbitrum,10.1% on Ethereum, and 9.3% 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:
- Integrate all liquidity pools for USX into dForce Farm page where users can see real-time APY across different platforms and networks at ease.
- Add USX/USDC pools on SwapFish (Arbitrum & Optimism) to dForce Farm.
- Add USX/USDC pool on Beefy (Optimism) to dForce Farm.
- Upgrade Dashboard to show analysis on the source of capital for minting USX.
- Integrate with PulsaSwap on Ethereum and Arbitrum to power the liquidity-swap facility.
- Upgrade the ‘Mint’ page to include more information of supported collaterals for minting USX through LSR.
There are also some exciting developments in progress. Namely:
- Risk parameter update for assets supported on dForce.
- Add more analysis around trading of USX across all networks.
- Add more LSR analysis to the dForce Dashboard.
Governance
DIP034 — Vault Support to $wstETH on dForce [Passed]
It was proposed to create two Vaults (available on Arbitrum & Optimism) for $wstETH on dForce and reward users of $wstETH on dForce with $LDO token received from Lido Finance (subject to Lido’s monthly reWARD budget planning):
- $iwstETH Vault with 3m USX debt ceiling and 3% interest on each network
- $wstETH/$ETH LP Vault (LP token from Curve Finance) with 3m USX debt ceiling and 3% interest on each network
DIP035 — Risk Parameter Update [Passed]
It was proposed to adjust risk parameters for assets supported on dForce Lending across different networks.
Marketing
dForce was mentioned on DEFIYIELD App as the top lending protocol on Arbitrum offering high APY. Learn More
DeFi News published dForce’s development summary. Learn More
