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dForce Launches $50m Liquidity Mining Program on Arbitrum

The largest liquidity mining initiative on Arbitrum, titled “I-Still-Feel-Summer”, will launch on 9pm UTC+8, on Sep 14th, 2021. The initiative will accelerate the onboarding of dForce’s full suite of DeFi services onto Arbitrum — lending, native multicurrency stablecoin (USX, EUX) as well as synthetic assets (stock, commodity synthetics). The protocols are already deployed and fully functional at the time of writing.

The “I-Still-Feel-Summer” liquidity mining program will kick off with DF, dForce’s native token, as liquidity mining incentives for its lending protocol. At later stages, the offering will be extended to dForce’s native stablecoins (USX, EUX) and synthetic pairs in DEX.

dForce started out as a suite of DeFi protocol matrix on Ethereum, founded by early Ethereum participants and evangelists. The core developers behind dForce protocol have always considered Ethereum a core architecture and platform.

However, skyrocketing gas fees driven by exponential increase in the number of DeFi and NFT protocols made Ethereum layer 1 unsustainable for most DeFi protocols. Despite various EKs and sidechains, layer 2 remains the most promising hope for Ethereum scalability, with calculated tradeoffs.

Layer 2 can be imagined to be an underground city expanded on existing metropolis, where most of the public infrastructure is shared with the upper Ethereum Metropolis (security, decentralization, immutability, global settlement etc). Significant vertical scalability is possible through layer 2 solutions.

dForce has been an early advocator of Arbitrum (as well as other scalability solutions). We have selected a multichain strategy in parallel to layer2s for Ethereum alignment as a core of our strategy.

dForce is the most comprehensive protocol in DeFi. With lending at its core, we also have multicurrency native stablecoins (USX, EUX, etc) and synthetic asset protocols (stocks, commodity synthetics, etc). So dForce is bringing a full suite of core DeFi services to Arbitrum, efficiently filling the gap of DeFi services that does not yet exist on Arbitrum.

Our liquidity mining program covers lending liquidity (i.e to incentivize deposit, borrowing of major cryptos, and minting of USX/EUX stablecoins) as well as incentivizing liquid USX or EUX and other synthetics pairs in DEX. The liquidity mining will be phased out in several stages, first with lending, then DEX trading liquidity mining.

Stage 1 will be mostly incentivizing lending protocol, predominantly on USDC, USDT, ETH, and WBTC, with full details on the liquidity mining schedule starting from September 14, 2021.

Stage 2 will expand to cover liquidity mining incentives for USX liquidity pairs in dForce trade (DEX), which is highly capital efficient. Pairs such as DF/USX, USX/USDC, and USX/EUX will be included.

Both stage 1 and stage 2 liquidity mining may involve a third-party protocol. An example is the current trio-liquidity mining initiative between dForce, StaFi, and Liqee on BSC. There are a number of partners who are passionate to join our liquidity mining program. The partnerships will be announced in the following series of articles.

Read more about the 1st phase of “I-Still-Feel-Summer ” liquidity mining program (14 Sep — 21 Sep) here.

About dForce

dForce advocates for building an integrated and interoperable DeFi protocol matrix, covering lending (global liquidity pool, yield markets), assets (multi-currency stablecoins, synthetic assets, etc), and trading (aggregator).

dForce is the first Strategic Investment Project in DeFi by a world’s leading commercial bank and is backed by investors including CMBI (China Merchants Bank International), Multicoin Capital, and Huobi Capital. Our team includes both crypto veterans and professionals from Goldman Sachs, Standard Chartered, CitiBank, Hony Capital, etc.

dForce is currently deployed on Ethereum, Binance Smart Chain (BSC), and Arbitrum mainnet with a total supply of $220m, total borrowing $330m. dForce is now the second biggest lending protocol on Binance Smart Chain.

APP: https://app.dforce.network/

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