dForce (DF)
dForce (DF) is a cryptocurrency and an interoperable network of decentralized finance (DeFi) applications, protocols, and financial smart contracts built on Ethereum. It is governed by the DF token. In April 2020, dForce announced securing $1.5 million in a seed round led by Multicoin Capital.
Overview
dForce focuses on creating an integrated open finance and monetary protocol matrix, including asset, lending, and liquidity protocols. On April 15, 2020, it announced a $1.5 million funding round led by Multicoin Capital, with participation from Huobi Capital and China Merchants Bank International.
Asset protocols
USDx
USDx is a synthetic coin designed for price stability, backed by a reserve asset currently comprising 80% USDC, 10% TUSD, and 10% PAX. Users can earn interest by depositing USDx into the USR contract.
| Ticker | DF |
| Category | Cryptocurrency |
| Website | https://dforce.network/ |
| https://www.reddit.com/r/dForceNetwork/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x43...e0 Copied! |
| arbitrum-one | 0xae...89Copied! |
| energi | 0xc5...2aCopied! |
| binance-smart-chain | 0x4a...23Copied! |
USR
The USDx Saving Rate (USR) allows holders to earn systematic interest by depositing USDx into the USR contract. Users can expect additional income by supplying USDx to lending protocols integrated with USR, with instant withdrawal capabilities.
GOLDx
GOLDx is backed by physical gold and denominated in grams. It incurs no charges during on-chain transactions and is compatible with all DeFi protocols, except transactions with PAXG.
Yield markets
The yield market interface of dForce provides a user-friendly platform for yield aggregation. Users deposit assets to receive dToken, representing their stake in the pool.
Liquidity protocols
dForce trade
dForce Trade, launched in October 2020, is a smart contract on the Ethereum mainnet that allows instant swaps of stable assets. It supports various stablecoins, including USDx, USDT, HUSD, BUSD, USDC, PAX, TrueUSD, and DAI, along with ERC20 Bitcoin assets like HBTC and WBTC. The platform uses real-time asset prices to determine exchange rates and integrates GasToken to manage transaction costs.
Lending protocols
The dForce network is developing lending protocols, including a Hybrid Lending Facility for users with unique needs and a Fully Open and Permission-less Protocol with enhanced risk control parameters.
Tokenomics
The dForce Token (DF) serves as the utility token for governance, risk buffers, and interest alignment across the dForce Network, with a total supply capped at 1 billion DF tokens. Allocation includes 25% for the Foundation, 25% for the Gravity Pool, 20% for the team, 20% for investors and early backers, and 10% for the ecosystem.
DF mining
Champagne Power Pool (dToken)
Users earn dToken by depositing supported assets like USDT, USDC, or DAI through the dForce Yield Markets. Staking dToken on the dForce platform allows users to earn DF.
GOLDx Rush Pool (GOLDx/USDx liquidity mining)
Users prepare equivalent values of USDx and GOLDx, deposit them through the Uniswap GOLDx/USDx Pool, receive Uniswap LP shares Token (UNI-V2), and stake these tokens on the dForce Staking Portal to earn DF.
Singularity Pool (DF/USDx liquidity mining)
Similar to the GOLDx Rush Pool, users prepare USDx and GOLDx, deposit them in the Uniswap DF/USDx Pool, receive UNI-V2 tokens, and stake them to earn DF.
Lendf.me
Lendf.me is a DeFi protocol by dForce Foundation that facilitates lending operations on the Ethereum platform.
Funds restored
On April 21, 2020, the stolen funds were returned to dForce. By May 4, 2020, the team had restored 100% of the recovered assets to Lendf.me users. The dForce team initiated several actions post-recovery, including airdropping DF tokens to affected users, creating a Secure Asset Fund, launching a bounty program, and implementing new risk management standards.
dForce protocols
dForce lending
dForce Lending is a pool-based protocol offering market-driven interest rates. It facilitates instant accessibility and liquidity by matching supply and borrowing of compatible assets globally.
USX
USX is a core DeFi primitive within dForce's protocol matrix, employing an over-collateralization design where supported assets can be used as collateral to mint USX.
dForce trade
dForce Trade uses a DEX aggregator algorithm to find the best trading prices and aggregate liquidity across multiple platforms. It integrates with several DEXes on Ethereum, Arbitrum, and BSC.
Partnerships
dForce partners with Band Protocol
In August 2020, dForce announced a partnership with Band Protocol to create custom decentralized oracles for market and price data. This partnership enhances dForce's ability to provide accurate and timely price feeds for its GOLDx token and other protocols.