dForce partners up with Conflux to expand its one-stop-shop DeFi and stablecoin USX!
Buckle up and get ready for a ground-breaking event in DeFi! DForce is excited to announce the expansion of its DeFi suite and USX stablecoin to Conflux — the most used blockchain in Asia!
Thanks to dForce’s expansion, Conflux users will finally be able to enjoy a complete DeFi suite and gain access to the first decentralized stablecoin of their ecosystem, USX!
Why Conflux? The impact of USX and of a complete DeFi suite in their ecosystem
Active in the sector since 2019, DForce has proven to be the most efficient DeFi suite built in Asia. To remain so, it is critical that we stay ahead of the curve and keep building and expanding into new markets. Our DeFi protocol is already available for users on six of the most popular blockchains (Ethereum, Arbitrum, Optimism, Polygon, BNB Chain, and KAVA), and we are now excited to land on Conflux as well!
With Tree-Graph, Conflux has developed an innovative consensus mechanism to solve the blockchain trilemma and attracted a flourishing ecosystem that is now very popular among Asian crypto investors and institutions. However, although Conflux is growing rapidly with the support of major organizations and developers from Asia, its ecosystem still lacks access to a decentralized stablecoin as well as a complete DeFi suite, and dForce is here to provide these to its userbase!
It is only by having a stablecoin like USX that a blockchain can reach its full potential and thrive. USX provides a reliable store of value and represents a secure, efficient, and cost-effective way of transferring value without having to worry about volatility. Moreover, USX is available on multiple blockchains, and dForce’s bridges will be of key importance for onboarding new users to Conflux.
Together with USX, dForce is also bringing the first complete DeFi suite to Conflux! By doing so, dForce will be serving as a liquidity conduit, connecting the liquidity on Conflux to other chains and vice versa. Our choice to expand our businesses there was then a no-brainer as it allows us to acquire a competitive advantage also in the Asian DeFi markets.
Moreover, we are impressed by the Conflux team’s pioneering energy and commitment to developing a strong DeFi community and are thrilled to collaborate with them also to bootstrap the liquidity of their CNHC.
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 Trade
A DEX aggregator integrated with Celer’s Inter-Chain Messaging (Celer IM) framework to facilitate cross-chain swap. We use algorithms to search for the best price and aggregate proper liquidity across multiple platforms and different blockchains to deliver an optimized trade.
dForce Bridge
A cross-chain bridging tool facilitating instant and low-cost transfer of $USX and $DF across all networks supported.
About Conflux
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols.
Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux has collaborated with global brands and government entities in the region on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
To learn more about Conflux, visit confluxnetwork.org
About dForce
dForce is a decentralized stablecoin protocol powered by an integrated DeFi matrix (assets, lending, trading, and bridge). dForce is currently available on seven different blockchains (Ethereum, Arbitrum, Optimism, BSC, Polygon, Avalanche, KAVA, and now also Conflux) and boasts $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.
