Ecosystem Update — March 2020
We have been making a lot of headways in the past month. Here’s a recap on what happened and our performance and community activities in March 2020
The Black Thursday
March 12 marked one of the most notable price crashes in crypto, with the price of bitcoin came all the way down to $3,860 and total lock-up value in DeFi plunged by 72.3% from $889.2M to $246.0M in 12 hours.
With the collapse of cryptocurrency prices and sparked fears, it delivers a devastating blow to DeFi highlighted by MakerDAO’s mounting bad debts related to liquidation. Despite the turmoil, it is a valuable battle and stress test for all DeFi protocols. dForce’s resilience has been proved solid by handling the volatility and market dislocation very well:
- Lock-up value dropped down to $11.2M with a speedy recovery up to $18.3M on 19 March and an all-time high record of $21.9M on 25 March.
- On March 12, the total liquidations on Lendf.Me amounted to around $1m, after MakerDAO, Compound and dYdX.
- Panic amid the market crash induced liquidation constraints on our lending protocol for a short period of time. USDT liquidity dropped to 39.5K on 12 March but soon recovered to $1.35M on 13 March.
Our solid performance during the market turmoil is attributed to the following factors:
- Careful selection of collaterals with the best liquidity and quality.
- Reliable Oracle service. We aggregate real-time price from a group of exchanges, mediate those price feeds from various sources and publish the mediated one on-chain periodically, which effectively mitigate price-feed failures due to malfunction and network congestion.
- Fully open and accessible liquidation process for anyone to participate.
- Incentivized liquidity rebalancing mechanism.
- Efficient interest rate model for the best interests of both asset supplier and borrower.
- Easy-to-use toolkits for account monitor and liquidation monitor.
Please review full performance report here.
Holder of USDx increased to 2,579, recording a total 11,546 transfers with $4m transacted volume in March, representing a 40% MoM increase from Feb, 2020.
dForce Lending Marketplace (Lendf.Me) is by far the largest DeFi lending marketplace in terms of outstanding fiat-stablecoin loans.
Stablecoin accounts for 57.5% in total supply, 98.7% in total borrowing, and 40.7% in lock-up value on Lendf.Me. Stablecoin loans amounted to $9.4M in March, accounting for 62% of total loan originations of March on Lendf.Me.
Lendf.Me commanded a lock-up value of $19.4M in Mar, representing a 12% MoM increase from Feb 2020.
Accumulated supply increased by 75.4% from Feb to $86.9M, and accumulated borrowing by 108.4% to $25.8M.
On the collateral side, we are:
USDx and USR (USDx Saving Rate)
USDx holders will be entitled to a systematic interest by simply depositing USDx into the USR contract (aka DSR to DAI). USDx will be the first fiat-back stablecoin implementing saving yields.
- Security audit for USR completed by PeckShield (Click here to review).
- Expected to go live in April.
dToken (yield token)
dToken is a wrapper of ERC20 tokens across the dForce ecosystem, representing a pro rata claim of a specific ERC20 token plus interest accrued. Users receive dToken when they interface with DeFi protocols integrated with dToken, which is proportional to the stake of a specific ERC20 token (plus yields earned) in the pool. dToken can be stored, transferred, or redeemed at any time.
- Code freeze for testing and audit.
- Target for security audit in April.
Lendf.Me (an eco-system project and a decentralized lending marketplace)
- Added support to DAI (integrated with DSR) and HUSD of Huobi Group.
- Upgrade in process. Expected launch in Q2-Q3 2020.
XSwap (1:1 swap between stable assets with 0% price slippage)
- Security audit completed by PeckShield (Click here to review).
- Expected to go live in early April.
SSwap (stablecoin-reserve-based DEX integrated with DIP001)
- Close to code freeze.
- Test will be completed in April.
- On 2 March, we hosted an AMA session together with Conflux to educate the market and onboard new DeFi users.
- On 5 March, dForce has been invited to an AMA session hosted by imToken, the world’s largest Ethereum wallet, to share our views on the benefits and limitations of DeFi products today, and how we can smartly use DeFi products to improve investment returns.
- On 11 March, we had another follow-on AMA session with Conflux to talk about why DeFi has the potential to disrupt the traditional finance and how we plan to expand our ecosystem.
- On 12 March, dForce joined an AMA panel together with MakerDao and Dapp.com with a focus on DeFi trends.
- On 18 March, dForce has been invited by Bitpie wallet to an AMA session on why and how to unlock access to DeFi.
- dForce tokens integrated with ‘Invest’ on MYKEY
- dForce has been listed on DeFi Pulse
- Lendf.Me has been listed on DappRadar
- Integration with DeFiSnap
We are hiring!
- Blockchain Smart Contract Development Engineer
- Frontend Software Engineer
- Community Manager
Please click here for job descriptions.