Welcome to another dForce monthly update. We keep our community up-to-date about what to expect in the coming months.
Highlights
- dForce will be deploying a full set of DeFi protocols including stablecoin USX and lending on Avalanche and EVMOS, continuing dForce’s expansion efforts to become multi-chain interoperable DeFi Infrastructure in Web 3.
- We launched dForce Bridge, a cross-chain bridging tool facilitating instant and low-cost transfer of $USX and $DF across blockchains and layers deployed with dForce protocols. Learn More.
- dForce further integrated Chainlink price feeds on Arbitrum. Chainlink is the primary oracle solution for dForce’s lending protocol and algorithmic stablecoin protocol on all supported blockchains and layers now. Learn More.
Overview
In April, dForce recorded a TVL of $268.5m, with 43.6% parked on Arbitrum, 28.3% on Binance Smart Chain, 20.3% on Ethereum, and 5.8% on Polygon.
USX
As of 30th April, 2022, total circulating supply of USX is $203.9m, with 54.5% of liquidity currently parked on Arbitrum, 18.8% on BSC, 16.9% on Ethereum, and 7.4% on Polygon.
Approximately 39.3% of USX liquidity has been allocated to facilitate cross-chain expansions on Arbitrum, BSC and Optimism, 31.5% to lending, 17.2% to cBridge (cross-chain swap), 11.5% sitting in wallets with market participants, and 0.5% to DEXes.
Lending
In April, dForce Lending recorded a total supply of $171.8m, representing a 18.3% decrease from March (largely due to the decline of token price during a prolonged market downturn). Binance Smart Chain constituted 43.7%, Aribitrum 29%, Ethereum 26.6%, and the rest by Optimism and Polygon.
Total accumulated borrowing grew to $1.3b, representing an upward trend of a whopping 8.8% from the previous month in new loan originations.
Revenue
dForce recorded an Annualized Platform Revenue of $2.3m in April, with 36.9% generated on Arbitrum, 36.6% on Ethereum, and 26.5% Binance Smart Chain.
Liquidity Mining
dForce have ongoing liquidity mining initiatives on Ethereum, Arbitrum, and Binance Smart Chain. Please visit dForce Forum to view the gauge (update on a weekly basis) and click here to see related tutorials.
Product Development
- dForce Bridge was launched in April. It serves as a cross-chain bridging tool facilitating instant and low-cost transfer of $USX and $DF across different blockchains and layers, including Ethereum, Arbitrum, Polygon, BSC, Optimism.
- Deployed USX liquidity on Optimism through the PDLP module (via cBridge), making it easy for users to easily transfer $USX and $DF from other blockchains to Optimism and interact with other DeFi protocols.
- In the process of developing dForce Dashboard, providing a summary of dForce performance with more quantitative analysis around assets and operation efficiency. Target to launch in Q2.
In the process of multi-route optimization for dForce Trade that helps to aggregate liquidity across different DEXes with the best price. Target to launch in Q2.
We are evaluating the opportunity to deploy dForce protocols to more blockchains including KAVA and a couple of others. Join our community to learn more!
DeFi Integrations
DDDX, a new decentralized exchange with dual AMM algorithm supporting voting escrow tokenomics (veToken governance model), announced their support to DF/USX and BUSD/USX. Now users can provide liquidity to earn $DDDX rewards, or vote for DF/USX and BUSD/USX to earn trading fees.
Marketing
As one of the most active projects on Arbitrum, dForce participated in the Arbitrum Odyssey campaign, where winners can get Arbitrum-exclusive NFT designed by the illustrious crypto-renowned artist Ratwell and Sugoi. Learn More.
dForce ranks as the #4 lending protocol by TVL on BSC, according to BSC Weekly.
dForce is the #6 DeFi protocol by TVL on Arbitrum, according to CryptoDep.
dForce hosted an AMA session on Telegram to talk about how DDDX’s support can help to power dForce’s ecosystem expansion.
Mindao Yang, CEO of dForce, was invited to share his expert views on the opportunities and prospects of DeFi in ‘Bit Ask’, a video session organized by Huobi Tech. Full video
We welcome you to join our community to participate in related discussions.