dForce Ecosystem Update — June 2021
Welcome back to dForce Ecosystem Report where we recap the month of June 2021 and preview what’s to come in Q3 2021.
Since the release of dForce Lending & Synthetic Asset Protocol on June 2, 2021, total assets across dForce Network on Ethereum and Binance Smart Chain (BSC) achieved $125 million, with $81 million total accumulated borrow and $18 million total trading volume.
Currently, dForce is the 2nd largest lending platform on BSC in terms of total outstanding loan of $30.3 million (total borrowed & total minted).
Total accrued fees across dForce network (Ethereum & BSC) recorded $50k in the first month, with 58.4% from BSC and 41.6% from Ethereum. On Ethereum, 68.6% of interest income were generated by lending activities (interest spread) and 31.4% by USX and EUX (minting fee). On BSC, however, USX and EUX contributed 65.4% of the total interest income, with lending activities accounting for 34.6%.
Collected fees will be utilized to facilitate DF buyback, redistribution to DF holders, fund future development of dForce, etc, subject to governance approval.
As of 30 June, 2021, total value locked by dForce Lending on Ethereum was around $27.6million, with a total supply of $39.8million, total outstanding borrowing of $12.2million, and total synthetic assets worth $2.9million.
Top three assets supplied to dForce were ETH (31.1%), USDT (16.5%), and USDC (14.6%). Top three assets borrowed from dForce were USDT (37.7%), USDC (27.8%), and ETH (16.2%).
Borrowing APY (DF liquidity mining rewards included) of the top three borrowed assets (USDT, USDC, ETH) are 2.17%, 0.4%, 0.04% respectively, at the time of writing this article. Currently, this is the lowest among lending protocols on Ethereum, according to APY123.com.
Total liquidity (available to borrow) of stablecoin assets on dForce Lending is around $10million, and other assets $19million. Of this, top three assets available for borrowing are ETH ($10.7million), DF ($3.6million), USDC ($2.7million).
Binance Smart Chain (BSC)
As of 30 June, 2021, total value locked by dForce Lending on BSC was around $44.8m, with a total supply of $54.7m, total outstanding borrowing of $15.9m, and total synthetic assets worth $13.4m. dForce is the 2nd largest lending platform on BSC in terms of total loan volume of $30.3m.
Top three assets supplied to dForce were ATOM (18.7%), BTCB (14.6%), and BUSD (12.9%). Top three assets borrowed from dForce were BUSD (24.0%), USDT (22.9%), and USDC (11.4%).
Borrowing APY of the top three borrowed assets (BUSD, USDC, USDT) were -0.28%, -2.87%, 3.75% at the time of writing this article (negative rates on BUSD and USDC loans, taking into account of DF mining rewards).
Total liquidity (available to borrow) of stablecoin assets on dForce Lending is around $10m, other assets $19m. Out of which, top three assets available for borrowing are ETH ($10.7m), DF ($3.6m), USDC ($2.7m).
‘Summer Vibes’ Liquidity Mining
dForce launched ‘Summer Vibes’ liquidity mining initiative on both Ethereum and BSC on June 4, 2021, with a daily distribution of 221,000 DF to all participants as mining rewards. dForce liquidity mining is carried out in three forms:
· lending & borrowing
· minting (USX, EUX)
· providing liquidity for designated pairs on Pancake (BSC only)
In responding to shifts in market dynamics and protocol strategy, we will adjust DF distribution schedule on a bi-weekly basis to achieve the best outcome.
Check out more about dForce ‘Summer Vibes’ Liquidity Mining through:
· Deployed dForce Lending & Synthetic Asset Protocol on Layer 2 rollup scaling solution Arbitrum.
· Evaluated other blockchains and scalability solutions to continue dForce’s expansion efforts.
· Upgrading lending pools to accommodate more use cases, including Staking Assets, Real-World Financing Loans, Fixed Term & Fixed Rate Loans, Credit Loan, etc.
· Set up independent pools for different collateral assets in order to ensure the highest level of security possible.
· Upgrade UI/US to facilitate better user experiences.
dForce Lending & Synthetic Asset Protocol is now live on Arbitrum Mainnet. dForce partners with Arbitrum team as an early adopter of this vibrant ecosystem.
Arbitrum is an optimistic rollup solution, i.e. L2 scaling solution for Ethereum, that is able to run unmodified EVM contracts, unmodified Ethereum transactions with much higher-throughput, and low-cost smart contracts while remaining trustlessly secure. dForce users would benefit from the faster transaction speeds and lower gas fees.
dForce has joined Asia DeFi Network to accelerate the development of DeFi in Asia. Mindao Yang, Founder of dForce, will also serve the role of Mentor to share his expertise and guidance to support the growth and development of mentees.
Launched by LongHash Ventures, Asia DeFi Network fosters collaboration between leading DeFi protocols and investors in the East and the West while developing cutting-edge research on DeFi-native topics such as tokenomics and governance.
On Jun 7, Mindao Yang, Founder of dForce, introduced design concept and key features of dForce Lending & Synthetic Asset Protocol, and details of dForce “Summer Vibe” liquidity mining initiatives, through a broadcast organized by Tokenclub. Click HERE to watch the replay.
On Jun 3, Mindao attended an AMA hosted by Binance Smart Chain official on Telegram, shared his views on how dForce brings the best of three protocols (lending, stablecoin, synthetic asset), risk policy and security measures to safeguard dForce protocol, marketing and business development strategy, etc.
On Jun 22, 23, and 24, Eve, Chief of Global Operations at dForce, participated in a series of AMAs hosted by Binance in France, Italy, and Russia communities through Telegram, and introduced dForce Lending & Synthetic Asset Protocol to local BSC communities.
On Jun 29, Margaret, Head of Operation at dForce, attended an AMA hosted by Huobi Wallet in Telegram and talked about dForce 2021 top priorities, partnership expansion, and key features of dForce Lending & Synthetic Asset Protocol.
dForce Governance Token (DF)
Currently, over 30 exchanges support trading of DF, including:
- Binance (https://www.binance.com/en/trade/DF_ETH)
- Huobi (https://www.huobi.com/zh-cn/exchange/df_usdt/)
- 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)
- Hotbit (https://www.hotbit.io/exchange?symbol=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.