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dForce Ecosystem Update — November

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

  • We kicked off dForce’s Optimistic Winter Campaign on Optimism. Learn More.
  • The all-new upgraded dForce Trade 2.0 (Integrated with Celer Inter-chain Messaging to Expand Cross-chain DEX) was deployed, and we have a full Tweet storm on it! Read more here.
  • CelerNetwork invited dForce to their Twitter space to talk about dForce’s multi-chain strategy, development plans, and more. Learn More.
  • On November 4, dForce held an English community call on Twitter Space to update the community and provide insights on what’s in store for the next few quarters. Read more here.

Overview

In November, dForce recorded a TVL of $195.6m, with 61.6% parked on Arbitrum, 19.2% on Binance Smart Chain, 7.0% on Ethereum, 5.9% on Optimism, 2.3% on Polygon, 2.0% on Avalanche, and 2.0% on Kava.

USX

As of 30th November 2022, the total circulating supply of USX is $159.7m, with 70.4% of liquidity currently parked on Arbitrum, 10.8% on BSC, 6.4% on Optimism, 6.3% on Ethereum, 2.5% on Kava, 2.5% on Avalanche, and 1.1% on Polygon.

Approximately 65.7% of USX liquidity is parked on Arbitrum, BSC, and Optimism to facilitate cross-chain expansions, 13.7% on cBridge (cross-chain swap), 12.9% on lending, 4.5% sitting in wallets with market participants, and 3.2% on DEXes.

Lending

In November, dForce Lending recorded a total supply of $88.1m, with 50.3% on Binance Smart Chain, Aribitrum at 17.8%, Ethereum at 14.2%, Polygon at 10%, and Optimism at 7.4%.

Total accumulated borrowing grew to $1.49b, representing an increase of 1.8% from the previous month in new loan originations.

Revenue

dForce recorded an Annualized Platform Revenue of $1067K in November, with 29.2% generated on Binance Smart Chain, 24.3% on Polygon, 17.8% on Arbitrum, 17.7% on Optimism, and 11.1% 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

This month, the core developer team completed multi-chain liquidity aggregation transaction.

There are also some exciting developments in progress. Namely:

  • Optimization of dForce Lending Markets data module
  • dForce Lending data module optimization
  • UI/UX optimization of dForce dAPP front-end
  • Dynamic interest rate curve display
  • More wallet integrations into dForce dAPP

Governance

DIP030 — Proposal to Add Collateral Support for PDI [Not Passed]

Phuture protocol wrote the proposal to list PDI (Phuture DeFi Index) as collateral on dForce. The proposal was not passed.

DIP031 — Use of $OP Grant on Optimism [Passed]

dForce proposed to use the 300,000 $OP grant received from the Optimism community to incentivize users, developers, and partners who can help grow dForce on Optimism.

The proposed distribution of OP tokens (either in the form of $OP or the same dollar value of $DF token):

  • 50% for users who use dForce protocols on Optimism through liquidity mining
  • 30% for developers who build on dForce protocols
  • 20% for marketing campaigns (Optimism focused events)

Marketing

Despite what’s happening in the markets, the core development team at dForce believe it is important to keep building our product. This month, we had many exciting marketing events happening.

On November 4, dForce held an English community call to update the community and provide insights on what’s in store for the next few quarters. Read more here.

dForce kicked off dForce’s Optimistic Winter Campaign on Optimism. There are a lot of rewards to be won, including OP and VELO. Learn More through our full Medium article.

The all-new upgraded dForce Trade 2.0 was deployed, and we have a full Tweet storm. Read more here.

Saddle Finance invited Mindao, Core Contributor at dForce to join their Twitter space and talk about DeFi: Learn More

CelerNetwork published an article explaining its partnership with dForce. Full article.

Mindao Yang, Core Contributor of dForce, was invited to an AMA in Celer’s Twitter Space on Nov 29. If you missed the call, don’t worry, here’s a recording.

dForce was invited by AcryptoS for AMA in their Telegram community. Learn More

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

Website | Forum | Twitter | Telegram | Medium

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dForce is an integrated and interoperable platform of opening finance protocols, covering lending, assets and trading.

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dForce

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