dForce exapands its DeFi matrix and stablecoin USX to Base!
Following the positive feedback received by the DAO for our DIP049 — click here to read the proposal — dForce is thrilled to announce today our deployment on the Base Layer 2!
Base, the Layer 2 incubated by Coinbase!
Coinbase has recently expanded on-chain with the launch of Base, an EVM-equivalent optimistic rollup chain that serves as a Layer 2 to Ethereum. The Coinbase team developed Base using Optimism’s modular, open-source framework called the “OP stack” with the goal of creating a “secure, low-cost, developer-friendly Ethereum L2” to bring the next billion users to web3.
Base has been available on testnet since February 2023, and went live on mainnet in early August. Since then, it has onboarded dozens of partners, including those in data, block explorers, bridging, custody, DeFi, and others.
The success of Base is undeniable. According to DeFiLlama’s data, Base reached a TVL of $188m and had 76 live projects less than a month after its mainnet launch.
We at dForce are proud to join Base and add our DeFi suite (composed of USX, Lending, Trading, and Bridge) to their ecosystem.
We have already completed the deployment of our LSR mechanism, enabling users to 1:1 swap USX with DAI and vice versa, and will work to expand our other protocols (Lending, Trading, and Bridge) in the coming weeks!
If you are unsure on how to start using dForce on Base, check our tutorial here: https://forum.dforce.network/t/how-to-use-dforce-on-base-chain/1389.
As the number of public blockchains and Layer 2s continues to increase, DeFi projects like dForce play a crucial role in providing reliable services to the ever-growing user bases of DeFi.
We believe that our decentralized stablecoin, USX, in particular, can play a key role in filling the liquidity gaps present among Base’s DeFi ecosystem. Being launched with a strong partner and serving as a reliable store of value, USX provides a secure, efficient, and cost-effective means of transferring value without worrying about volatility.
A deep dive into $USX and dForce’s DeFi matrix
$USX
$USX is the first decentralized stablecoin natively integrated with dForce’s DeFi matrix, featuring permission-lessness, non-custody, high capital efficiency, and multi-chain liquidity.
USX’s pegging mechanism is mainly maintained by Liquidity Stability Reserve (LSR), which enables 1:1 swap between USX and a number of supported stablecoins including USDC, USDT, DAI.
In addition, powered by the Protocol-Direct-Liquidity-Provision (PDLP) module, $USX’s interest rate on integrated lending protocols can be anchored within a capped range. When market demand for $USX is high and borrowing interest is pushed up, more $USX liquidity will be supplied to lending protocols to lower the utilization rate, making it less expensive to borrow $USX which can help to restore its peg.
dForce also allows users to mint USX against a variety of assets with fixed interest rates through dForce Vault. Each vault may implement different risk parameters based on the specific collateral asset supported, which is jointly decided by $DF holders through governance.
dForce Lending
A non-custodial lending protocol that supports multiple collaterals with market-driven dynamic interest rates. Simply put, it is a platform where users can frictionlessly supply crypto as collateral to borrow other crypto assets based on interest rates set by real-time supply and demand.
dForce DEX AMM
Currently in Testnet and with a bug bounty program open, dForce is soon to introduce its Native Modular DEX AMM to our DeFi matrix!
dForce Bridge
A cross-chain bridging tool facilitating instant and low-cost transfer of $USX and $DF across all networks supported.
About Base
Developed by Coinbase, Base is a secure, low-cost, builder-friendly Ethereum L2 built using the OP Stack to bring the next billion users onchain.
To learn more about Base, visit base.org.
About dForce
dForce is a decentralized stablecoin protocol powered by an integrated DeFi matrix (assets, lending, trading, bridge and soon a Native DEX AMM). dForce is currently available on seven different blockchains (Ethereum, Arbitrum, Optimism, BSC, Polygon, Avalanche, KAVA, Conflux eSpace, zkSync, and Base) and boasts around $200 million in Total Assets.
dForce’s smart contracts are audited by Trail of Bits, ConsenSys Diligence, Certik, and Certora, with a bug bounty launched through Immunefi.
