September dForce Ecosystem Report

Published in

dForce

5 min readOct 6, 2023

Welcome to the September 2023 dForce ecosystem report!

As we bid farewell to the third quarter of 2023, 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

dForce adds support to sDAI on its lending Protocol on Ethereum! After our DSR native integration in our Lending protocold, Force is excited to announce another important step in the RWA trend by enabling sDAI as collateral. Click here to learn more.
The ”dForce X Plan” proposal to reshape dForce’s ecosystem and elevate the roles of $DF and $USX within it went live! Click here to learn more.
dForce applied for a Short-Term Incentives Program (STIP) from the Arbitrum Foundation! Click here to read the proposal!
dForce has added support to Rocket Pool’s rETH as collateral on our Lending platform on Ethereum, Arbitrum, and Optimism! Click here to learn more.
dForce has teamed up with Aerodrome to bootstrap USX-USDC liquidity on Base chain! Click here to learn more.

🗳 Governance

DIP052 — BUSD Off-Boarding Proposal

The proposal to off-board BUSD from dForce Lending across all L1/L2 chains supported passed with 100% of votes in favor.

DIP053 — Enable Native USDC on LSR

The proposal to add support for the native version of USDC on LSR passed with 100% of votes in favor.

DIP055 — Implement sUSX (Saving USX) to Enable Systemic Yield for USX Holders

The proposal to implement sUSX (Saving USX) as a new feature that allows USX holders to earn systemic passive yield in USX passed with 100% of votes in favor.

DIP056 — Add collateral support to rETH on Arbitrum and Optimism

The proposal to extend collateral support to rETH on Arbitrum and Optimism passed with 100% of votes in favor.

⚒ Product Development

Last month, dForce has completed a number of product updates:

Added support to sDAI, rETH, and the native version of USDC.
Enable the native version of USDC on LSR.
Optimized the bridge function and added a reminder for exceeding the limit.

There are also some exciting developments in progress, including the advancement of Lending V2 and its audit and formal verification by two firms — MixBytes and Certora.

Deployment Overview

📊 Performance

In September, dForce recorded a TVL of $178.93 M, with 68.2% parked on Arbitrum, 12.8% on Binance Smart Chain, 9.7% on Optimism, 4.5% on Ethereum, 2.8% on Polygon, 1.4% on Avalanche, 0.3% on Kava, 0.3% on zkSync, and 0.1% on Conflux.

USX

As of 5th October 2023, the total supply of USX is $151.57 m.

Distribution by Function

66% (100.1 m USX) on Arbitrum and Optimism to facilitate L2 expansion.
21% (31.83 m USX) are currently held by market participants.
6.2% (9.34 m USX) on Celer to power the cross-chain bridging of USX.
4.9% (7.40m USX) aredeposited on our Lending protocol.
1.9% (2.89 m USX) are powering USX-related trades on DEXes.

Source of Capital

99.2% (145.03 m USX) are protocol-controlled liquidity.
0.7% (1.09 m 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 September, dForce Lending recorded a total supply of $68.43m.

Swap (LSR)

By October 1st 2023, dForce Swap recorded an accumulated volume of $261.48 m for swaps between $USX and $USDC, $USDT, $DAI across all supported blockchains.

September contributed $803 k swap volume, with Polygon accounting for $625 k, or 77.8% of the total.

Revenue

dForce recorded an Annualized Platform Revenue of $889 k in September, with 21.9% generated on Binance Smart Chain, 18.9% on Polygon, 14.3% on Optimism, 27.5% on Arbitrum, and 17.37% 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.