It’s the moment we’ve all been waiting for…… We are happy to announce that we have officially launched the dForce Lending & Synthetic Asset Protocol on Ethereum mainnet! It was a long wait, since we held security as our highest priority and had FOUR security audits completed by four global auditing firms: Trail of Bits, ConsenSys Diligence, CertiK, and Certora. We also ran the protocol through intensive internal testing, Kovan testnet, and more than two months of guided soft launch.
We appreciate our community’s support and engagement throughout the development of the protocol! To show our appreciation, we’ve prepared fantastic reward events and will roll out revamped DF mining on Ethereum soon. Stay tuned!
But first things first.
What is the dForce Lending & Synthetic Asset Protocol?
TL;DR: The first Avengers Assemble attempt in the history of DeFi: 3-in-1 DeFi protocol bringing together lending, native stablecoin and synthetic assets. Click here to read the long form.
dForce Lending & Synthetic Asset Protocol brings the best out of general lending, native stablecoin and synthetic protocols:
In the first place, it is a global pool-based general lending protocol, with instant lending and borrowing of crypto assets from the pool managed by smart contracts in an open, permission-less, and decentralized manner.
With built-in multisided lending support, users are able to mint synthetic assets, including stablecoins and other synthetic asset, against yield-on collaterals, which effectively improve capital efficiency and robustness of the system with unlimited collateral and synthetic capabilities.
In other words, this combo allows to retain the flexibility and asset scalability of a lending protocol, significantly expand the funding source of the synthetic assets, and give you unlimited, uncensored, and instant access to any asset imaginable, subject to governance approval by DF holders.
Anyone can signal which asset you want on dForce through our Forum. Initially, synthetic assets available on dForce are:
- synthetic stablecoins denominated in multiple currencies (USX, EUX)
- synthetic crypto assets (xBTC, xETH)
- synthetic stocks (xTSLA, xAAPL, xAMZN, xCOIN)
Security & Audits
Our development team is literally working around the clock to ensure maximum security of the dForce Lending & Synthetic Asset Protocol. We have engaged 4 top global audit firms to audit our lending and synthetic asset protocols: Trail of Bits, ConsenSys Diligence, CertiK, and Certora (for formal verification) and we’re also actively engaging with whitehats for bug hunting. All major vulnerabilities identified up to this point have been fixed.
We also implement one of the most stringent risk control parameters across all supported assets and a 24/7 off-chain monitoring system. Additionally, we are in talks with multiple decentralized insurance platforms to provide covers for dForce users to further hedge smart contract risks. DeFi is an extremely new industry, so we’ll continue to steer carefully through uncharted waters.
Now, one more thing, we will be rolling out our yield farming for both lending and dForce synthetic assets over the next few days, more details to follow.
Thank you for being part of the journey, dForcians!
If you have any questions or suggestions, we welcome you to join our community to discuss: