dForce Ecosystem Report — August 2020

August has been a fruitful month for dForce, which is evidenced by robust growth in TVL (Total Value Locked) across our network, as #1 ranked DeFi protocol in August 2020 based on an analysis conducted by CryptoRank (data provided by DeFi Pulse).

Total value locked across dForce Network amounted to $55.8m as of 31 August, representing 956.4% increase from $5.3m in early August. Out of which, 87.5% were contributed by dToken and 10.7% by USDx. Currently, dForce ranks #15 globally in terms of lock-up value, according to DeFi Pulse.

Total supply of dToken grew from $10m to $52.3m, representing 399% increase (661% of USDC, 256.8% of DAI, 183.9% of USDT) in less than one month since launch.

dUSDC demonstrates the strongest growth from $4.2m to $31.6m, representing 661% increase since early August and accounting for 60.5% of the total supply, followed by dDAI with 256.8% increase (or 25.3% of total volume) and dUSDT with 183.9% increase (or 14.2% of total volume) since the launch of dForce (DF) Liquidity Mining on 3 August, 2020.

USDx also witnessed a rapid growth from $4.4m to $6.8m (as of 31 August, 2020), representing 46.7% increase in less than one month.

dForce (DF) Liquidity Mining

DeFi has gained increasing traction over the last few months, driven largely by the boom of yield farming. We launched dForce (DF) Liquidity Mining since 3 August, with three pools that boosted the total lock-up value across dForce Network up by 956.4% in less than one month, moving dForce to #15 rank globally on DeFi Pulse.

Presently, we have three pools catering to holders of different assets and of different risk tolerance:

Real-time APY of each pool (as of Sep 1, 2020):

Further Readings:

· dForce Yield Market: to mint / redeem dTokens

· dForce Staking Portal: to participate in DF mining

· dForce Kicks off Liquidity Mining

· How to Participate in dForce Governance Token (DF) Liquidity Mining
Product Launch

dForce Yield Markets (dToken)

dForce Yield Markets is the second core asset protocol across dForce Network following USDx. dForce Yield Markets aims to become the most accessible yield aggregator to farm the most attractive risk-adjusted yield across DeFi protocols. It now supports USDT, USDC, and DAI. Depositing supported tokens into dForce Yield Markets, users will receive dToken automatically on a pro rata basis (i.e. depositing USDT to receive dUSDT). Each dToken represents a pro rata claim of the underlying token plus yields generated. dToken can be redeemed at any time and supports instant withdrawal.
Pooled capital under dForce Yield Protocol will be allocated to different DeFi markets, to farm the most attractive risk-adjusted yield. Presently, dForce Yield Protocol has been integrated with Compound and Aave.

USR (USDx Saving Rate)

USR (USDx Saving Rate) is the systematic interest saving rate of USDx. With the launch of USR, USDx will become the first fiat-back stablecoin (100% fiat-stablecoins as reserve) implementing systematic interest. Users can earn interest income on their USDx holdings by simply depositing USDx into the USR contract. Instant redemption of principal plus interest earned is also supported.
USR is funded by interests earned by constituent stablecoins of USDx, which are automatically converted to dTokens upon each mintage and sequentially supplied to dForce Yield Markets to earn interests. Presently, interests collected by constituent stablecoins are 100% redistributed to USDx holders who deposit USDx into the USR contract**.**

Product Development

dForce Hybrid Lending

dForce will collaborate with our CeFi partners to launch lending facilities catering to users with specific needs. The hybrid model allows dForce’s lending protocols to address the widest possibility while maintaining great flexibility. The hybrid lending protocol itself still operates in a fully verifiable, on-chain, automatic and open manner.

· Product development in progress

· Expected launch by end of September

dForce Decentralized Lending

dForce Lending is a fully permission-less and open DeFi lending protocol with more built-in risk parameters (i.e. debt ceiling for each of its collaterals) and diversified sources of capital supply (dToken pool and other sources).

· Architecture review and assessment in progress

· Expected launch in the fourth quarter

dForce Trading (Version 2.0)

With dForce Swap (Trading v1.0) focusing on exchanges between mainstream stablecoins that follow the ERC-20 standard and our digital gold token GOLDx. The v2.0 upgrade will add support to more selected cryptoassets with the best available price in the market.

· Architecture review and assessment in progress

· Expected launch by end of September

dForce Governance System

dForce token (DF) is the platform utility token that enables protocol governance, fee payment, staking, incentive and insurance pool. Users can participate in governance proposal by on-chain voting and claim for airdrop rewards through the dForce governance system.

· Airdrop fuction is now alive.

· Governance function is expected to be launched in the fourth quarter.

On 17 August, dForce announced our integration with Band Protocol on dForce Swap to secure price feed for our on-chain digital gold token GOLDx. Our partnership with Band Protocol is extendable into other dForce protocols as the network matures and is a great addition to decentralizing and diversifying our oracle services. Starting with the integration with GOLDx on dForce Swap, we offer a higher level of decentralization and reliability guarantee for GOLDx users across the dForce network.

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On 31 August, dForce proposed to add a dToken pool (dUSDx/dDAI/dUSDC/dUSDT) on Curve.Fi. dToken is a yield aggregator launched by dForce, featured by harvesting the highest underlying yield in the market, as well as gas optimization through a set of strategies that is anticipated to save at least 60% of gas consumption associated (compared with direct interactions with underlying lending protocol for asset supply and sale of governance token mined). By providing liquidity to dToken Pool on Curve.Fi, LPs will have access to:

  1. The highest underlying yield in the market (all governance token farmed, including COMP, will be automatically converted into underlying stablecoin and added to the underlying yield).
  2. Participate in dForce Liquidity Mining to get DF rewards.
  3. Mine CRV simultaneously if the proposal is supported.
  4. Receive fees that come from trading volume.
    Further Readings

· CIP#8 — Proposal to add dToken pool with liquidity gauge

· Vote

· On Aug 3, Mindao Yang, founder of dForce, shared his views on the importance to include asset protocols in dForce protocol matrix, during a session hosted by MXC Exchange.

· On Aug 6, Mindao was invited by Odaily to talk about design mechanism, challenges and risks around DeFi liquidity mining.

· On Aug 13, Jeff Chang, Community Manager of dForce, was invited by imToken to a coaching session for users who are interested in dForce Liquidity Mining.
· On Aug 19, Jeff was invited to introduce and demonstrate how to participate in dForce Liquidity Mining in a broadcast hosted by Dappbirds.

· On Aug 26, in a broadcast hosted by OKEx, Mindao shared his views on the rocket fuel to Ethereum by DeFi.

· On Aug 27, Mindao, was invited to talk about the recent craze of DeFi liquidity mining and how it may fuel the development of DeFi, together with Mo Ke (a China DeFi KOL) in Uniswap China community.

· On Aug 29, Jeff was invited to an AMA session hosted by CoinBene, to talk about dForce’s protocol matrix and future roadmaps.
DF Platform Token

Currently, there are 24 exchanges supporting DF trading, including:

dForce Official Website: https://dforce.network/

Twitter: https://twitter.com/dForcenet

Telegram: https://t.me/dforcenet

Medium: https://medium.com/dforcenet