dForce to Launch the First Fiat-Stablecoin with Systematic Interest

dForce
dForce
Sep 2, 2020 · 3 min read

We are delighted to announce that USR (USDx Saving Rate, aka DSR to DAI) has been launched after months of test-run. USR protocol is audited by PeckShield and can be accessed from dForce Yield Markets.

With the launch of USR, USDx will become the first fiat-back stablecoin implementing systematic interest. Users can earn interest income on their USDx holdings by simply depositing USDx into the USR contract. Instant redemption of principal plus interest earned is also supported.

USDx is a meta-stablecoin backed by a basket of regulated stablecoins (1 USDx = 80% USDC +10% PAX + 10% TUSD), with constituents and weighting adjustable through on-chain governance. USDx protocol is audited by PeckShield and SlowMist.

USR is funded by interests earned by constituent stablecoins of USDx, which are automatically converted to dTokens upon each mintage and sequentially supplied to dForce Yield Market to earn interests. Presently, interests collected by constituent stablecoins are 100% distributed to USDx holders who deposit USDx into the USR contract. In the future, x% of the profits contributed by constituents of USDx will be utilized to support DF buyback-and-burn, which will be determined by DF holders.

As a critical feature of USDx stablecoin, USR delivers the following benefits to USDx holders:

  1. Simple and handy. USDx holders can earn current account interest by simply supplying USDx into USR protocol and interest is earned on per block basis.
  2. Minimized liquidity risks. Instant withdrawal of USDx and accrued interest supported.
  3. Fiat-stablecoin with the highest saving yield in the market. dForce lending protocols will support USDx alongside USR, which could deliver its users USR+USDx supply rate, a combined yield that could outperform all other fiat-stablecoins saving rate in the market. Current APY of USR is 324.2% at writing. More yielding protocol integrations underway.

Presently, USDx holders can participate in dForce’s liquidity mining by depositing USDx/USDC into Champagne Tower Pool or providing GOLDx/USDx or DF/USDx liquidity on Uniswap to earn DF reward. With the launch of USR, USDx holders will have an alternative choice of yielding with sound return and better liquidity (no lock-up).

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