dForce Governance Poll Result: USDx Reserve Adjustment Proposal

A governance poll has been proposed through voting system for the community to vote for adjustments to USDx reserve. This Governance Poll lasted three days from 22 to 25 July. As the voting has been closed, the result is as follows:

3.1% (Quorum: >2%) of dForce Token (DF) participated with 97.42% (threshold: >50%) in favor of the proposed new weighting, 1 USDx = 80% USDC +10% PAX + 10% TUSD. Therefore, the proposal is passed and will be activated on Jul 30 accordingly.

EXECUTION PLAN:

· Before 6:00pm UTC+8, 30 July (inclusive), users will have the right to get back your reserves at pre-determined weightings (35% USDC + 35% PAX + 30% TUSD)

· From 6:00pm UTC+8, 30 July onwards, new mintage attempts will be automatically switched to adjusted weightings (80% USDC + 10% PAX + 10% TUSD).

· Effective from 6:00pm UTC+8, 30 July, exiting constituent inventories will be consumed on a First-In-First-Out (FIFO) basis during the process of disaggregation, which means, a user should expect the return of 30% USDC + 35% PAX + 30% TUSD for the disaggregation of 100 USDx, until complete consumption of existing inventory.

IMPORTANT: Implications

This proposal is an attempt to improve yielding opportunity of USDx’ underlying constituent stablecoins. No action is required from existing USDx users — you will not be forced to redeem USDx, or withdraw constituents. This proposal only represents a change to reserve constituents and the weighting of underlying reserve of USDx which has no inherent impact on its dollar peg.

Click here to view the proposal in details.

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