dForce Ecosystem Update — October 2020

General Reports
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Welcome to the October dForce ecosystem update! This is a one-stop-shop that consolidates all the most important dForce updates of the month.

dForce now ranks #15 globally in terms of TVL (Total Value Locked) with $74.59M as of 31 October 2020, up by 15x since the launch of dForce Yield Market (dToken) in early August. dForce struck an all-time high on 29 September with a TVL of $276.2M, driven largely by the hype of DeFi yield farming.

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(Source: https://defipulse.com/dforce)
dToken still constitutes 94% of dForce’s TVL (63% dUSDT, 23% dUSDC, 8% dDAI), following by USDx (5%) and GOLDx (1%). “Others” refers to constituents of USDx (PAX and TUSD) that are yet to be dTokenized.
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dForce (DF) Liquidity Mining

We launched dForce (DF) Liquidity Mining since early August, with three pools that boosted the total lock-up value across dForce Network up by 1169% since the launch of dForce Yield Markets in early August, ranking #15 globally on DeFi Pulse.

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Among all yield-farming DeFi projects (Uniswap, Curve, Yearn, etc), dForce ranks #9 globally in terms of TVL as of 31 October, 2020, according to CoinMarketCap.
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(Source: https://coinmarketcap.com/yield-farming/)
DF/USDx and DF/ETH pairs of Singularity Pool rank #3 and #4 respectively in terms of APY, according to DeBank.

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(Source: https://debank.com/yield)
S.Finance introduced dToken pool in October 2020, where liquidity provider will have access to both DF and SFG rewards, in addition to underlying yields and trading fees.

Further Readings:
• dForce Yield Market
• dForce Staking Portal
• dForce Kicks off Liquidity Mining
• How to Participate in dForce Governance Token (DF) Liquidity Mining
• New dForce Pool (dToken) Launch on S.Finance
Product Launch

dForce Trade (Upgrade from dForce Swap)

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With dForce Swap (Trading v1.0) focusing on exchanges between selected stablecoins of ERC-20 standard, dForce Trade, its v2.0 upgrade coverage to almost all ERC-20 tokens, serving as one interface for users to access the DEX ecosystem with reduced friction, the best available price and aggregated liquidity from all major DEXes, saving users both time and clicks to open multiple exchanges.

Currently, Uniswap, Balancer, Curve, Oasis, Kyber and others are integrated into dForce Trade, with more integrations underway.

Further Readings:

dForce Launches DEX Aggregator — dForce Trade
Product Development

dForce Decentralized Lending Protocol

dForce Lending is a fully open and permission-less lending protocol with more built-in risk parameters and diversified sources of capital supply (dToken pool and other sources).

• Architecture review and assessment in progress
• Coding and verification
• Expected launch in 2021 Q1
DeFi Integrations

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With S.Finance integrating dToken via Stable Pools, anyone now can supply stablecoin liquidity on the platform and jointly share trading fees, trade stablecoins (USDx, USDT, USDC, DAI) with minimized slippage, and mine DF and SFG simultaneously to improve APY.

dForce Pool includes all yielding stablecoins supported by dForce (dUSDx, dUSDT, dUSDC, dDAI). By providing liquidity to dForce Pool, users will have access to:

  1. underlying interest of dToken (it automatically mines governance token and converts into stablecoin yields, on top of saving interest);

  2. jointly share trading fee on a pro rata basis;

  3. S.Finance governance token (SFG) rewards;

  4. dForce governance token (DF) rewards.

Further Readings:
New dForce Pool (dToken) Launch on S.Finance

dForce Governance Upgrade

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Late this month, we launched our governance venue on Snapshot. Snapshot.Page has already become the status-quo venue for DeFi projects to coordinate their off-chain governance and signaling, it is more efficient to consolidate our governance decision making, communication and discussion on a few selective venues. DF token holders can use the platform to propose and vote on changes to all protocols across dForce network. In parallel, all governance related discussions will be held on our Forum.

Previous proposals and votes can still be reviewed from dForce governance system. Starting from DIP004, we will be using Snapshot to facilitate governance decisions. DF token holders can participate in dForce governance in a more distributed manner, for example, use Snapshot to create proposals and vote through https://snapshot.page/#/dforce.

Further Readings:
•[ dForce Launch Governance Venue on Snapshot]
•[ DIP 004 — Proposal to Implement DF Burn within USDx protocol]
Marketing

On October 26, dForce joined the IOSG DeFi Summit 2020 — Old Friends Reunion as a strategic partner. Mindao Yang, Founder and CEO of dForce, presented a keynote and joined a panel with selected DeFi projects and talked about how DeFi should acquire users with innovation and interoperable products.

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DF Platform Token

Currently, there are 32 exchanges supporting the trading of DF, including (but not limited to):

IMPORTANT REMINDER: The dForce Ecosystem Update aims to help our community catch up on the latest progress and product developments of dForce. Information provided does not constitute, and should not be construed as, investment advice or a recommendation to buy and sell cryptocurrency. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
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