Welcome to the October 2023 dForce ecosystem report!
As the last quarter of 2023 begins, the dForce team is thrilled to unveil our most recent achievements with our monthly report. Brace yourselves, as we have a ton of exciting news to recap!
💥 Highlights
- The dForce X Plan begins with Unitus rebranding dForce Lending protocol! Unitus.finance is the first protocol emerging from dForce Lending in light of its X Plan and relaunching it with an innovative tokenomics that benefits dForce ecosystem. Click here to learn more.
- dForce application to Arbitrum STIP reaches quorum and more than 50% of votes in favor! Although the positive result, our proposal to obtain 1M ARB to onboard new users and TVL on Arbitrum did not make it in the 50M ARB budget Arbitrum dedicated to this round of STIP, but latest developments suggest that Arbitrum could expand its budget soon. Click here to learn more.
- The “dForce OPening Summer” campaign continues on Optimism! dForce will continue incentivizing veVELO holders who vote for the USX-USDC pool on Velodrome V2 with 2,000 OP each week until further notice! Click here to learn more.
🗳 Governance
DIP057 — Introducing the dForce X Plan
The X Plan proposal to create multiple primitives derived from dForce’s current and future primitive (such as lending, stablecoin, trade, bridge, RWA, etc) passed with 100% of votes in favor.
DIP058 — The Rebranding of dForce Lending to Unitus Finance
The proposal to allow the rebranding of dForce Lending to Unitus Finance, along with the creation of a separate portal, domain, and, most importantly, a brand new tokenomics designed to enhance user participation and adoption, passed with 100% of votes in favor.
DIP059 — DF/UTS Liquidity Strategy
The proposal to bootstrap UTS/DF liquidity on Unitus Finance passed with 99.89% of votes in favor.
⚒ Product Development
Last month, dForce has completed a number of product updates:
- X Plan proposal and execution,
- BUSD Off-boarding from Lending protocol.
📊 Performance
In October, dForce recorded a TVL of $171.54 M, with 68.9% parked on Arbitrum, 13.6% on Binance Smart Chain, 7.8% on Optimism, 6.2% on Ethereum, 1.4% on Polygon, 1.4% on Avalanche, 0.3% on Kava, 0.3% on zkSync, and 0.1% on Conflux.
USX
As of 13th November 2023, the total supply of USX is $151.56 m.
Distribution by Function
- 66% (100.1 m USX) on Arbitrum and Optimism to facilitate L2 expansion.
- 25.9% (39.3 m USX) are currently held by market participants.
- 6.1% (9.25 m USX) on Celer to power the cross-chain bridging of USX.
- 1.9% (2.91 m USX) are powering USX-related trades on DEXes.
Source of Capital
- 99.3% (145.03 m USX) are protocol-controlled liquidity.
- 0.6% (891 k USX) are minted through the vault.
Liquidity by Networks
- 78.2% on Arbitrum
- 11% on BSC
- 7.5% on Optimism
- 2% on Ethereum
- 1.2% on Polygon
Lending
In October, dForce Lending recorded a total supply of $66.45m.
Swap (LSR)
By November 1st 2023, dForce Swap recorded an accumulated volume of $263.226 m for swaps between $USX and $USDC, $USDT, $DAI across all supported blockchains.
October contributed $1.738 m swap volume, with BSC accounting for $1,386 m, or 80% of the total.
Revenue
dForce recorded an Annualized Platform Revenue of $804 k in October, with 20% generated on Binance Smart Chain, 21.4% on Polygon, 12.7% on Optimism, 31% on Arbitrum, and 14.5% on Ethereum.
⛏ Liquidity Mining
dForce has ongoing liquidity mining initiatives on Ethereum, Arbitrum, Optimism, Binance Smart Chain, Polygon, and Conflux. Please visit dForce Forum to view the gauge (updated on a weekly basis) and click here to see related tutorials.
📰 Marketing
In the previous month, our team dedicated significant attention to implementing the X Plan, prioritizing execution over marketing efforts. However, an event worth including into our recap is the AMAs dForce held in RocketPool’s X community on October 17th. Listen to the recording of the event here.
