We are pleased to announce our partnership with MCDEX to power DeFi perpetual trading by launching a USX pool, initially supporting perpetual contracts of BTC, ETH, as well as BNB.
With this integration, users can either trade perpetual contracts and settle in USX, for up to 15x leverage, and receive MCB mining rewards, or providing liquidity to the USX pool on MCDEX to earn trading fee, starting from 8am, UTC+8, 18 October.
As the first decentralized and non-fiat stablecoin supporting perpetual trading, USX will help dForce tap into derivative market, the largest trading segment (over hundred times the size of spot trading) within crypto spectrum. It will also bring dForceDAO additional protocol revenue in the format of trading fee and further expand the adoption of USX in non-lending use cases.
Compared to other stablecoins, USX, as dForce’s native stablecoin with yield-carrying collaterals, boasts many un-matched benefits to MCDEX users:
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Unlock Multi-Collateral Solutions to MCDEX. USX serves a crucial function in bridging multiple assets to MCDEX: all mainstream assets (including ETH, BTC, BNB, USDC, BUSD, USDT, DOT, ATOM, FIL, etc) currently supported on dForce Lending can be used as collateral to mint USX, and then trade perps seamlessly on MCDEX. This presents a significant enhancement in trading experience out-beating CEX, allowing traders to improve their portfolio return and use different collaterals for cross-margin.
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Huge Capital Efficiency Improvement. Given all collaterals used to mint USX carry underlying yields or interests, it will greatly improve capital efficiency for traders. For example, you can deposit BUSD into dForce and get 12% saving APY, translating into 10% yield taking into account of the LTV discount (meaning you can mint 80 USX against 100 BUSD deposit). You can mint USX and then deposit into MCDEX’s USX pool to earn trading fee on top of saving yields on your original BUSD principal.
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Yield Assets Bridge. All major staking assets and their liquid staking solutions (i.e., rTokens launched by StaFi) can also be used as collateral to mint USX via Liqee, meaning that you can earn additional profits from trading perps on top of staking yields! This signals a substantial improvement in capital efficiency outperforming CEX to the greatest extent. We also plan to extend collateral support to more yield tokens (i.e., Curve’s 3pool LP token) in the weeks to come. Stay tuned!
The USX integration marks a solid collaboration and strong synergies between dForce and MCDEX, demonstrating the value and power of composability and permissionless.
What is USX and How to Get USX?
USX is an overcollateralized stablecoin launched by dForce, featuring by yield-carrying collaterals which greatly improve capital efficiency for users. All supported assets on dForce Lending and Liqee Lending can be used as collateral to mint USX. Click to see USX Minting Tutorial.
How to Use USX on MCDEX?
Users can either 1) trade perpetual contracts of BTC, ETH, BNB and settle in USX; or 2) add liquidity to USX pool on MCDEX.
You will get rewarded by MCB token from trading perpetual contracts on MCDEX and DF token from lending, borrowing, and minting USX through dForce.
Reminder: adding liquidity to USX pool on MCDEX is not risk-free. There are drawbacks and LP may suffer losses. Please use at your own risk. Click here to gain a solid understanding of benefits and risks of being a LP on MCDEX before you start.
How to Trade Perps with USX on MCDEX?
BTC-USX, ETH-USX, BNB-USX perpetual contracts are currently live on MCDEX with up to 15 leverage. Click to see related tutorials:
• How to open a position
• How to close a position
• How to change position margin
How to Add Liquidity to USX Pool on MCDEX?
Liquidity providers (LPs) are generally the counter-party of traders, so LPs will take market-making profits and risks.
- Navigate to ‘Pool – Certified’ and click on the USX pool (or enter “USX” in the searching bar);
- Switch to the tab of ‘Add / Remove Liquidity’, and enter the amount of USX you wish to deposit. Now you will be able to see the amount of LP tokens and your pro rata share of the pool.
- Click on ‘Add Liquidity’ and approve in your MetaMask.
How to Mine MCB and DF?
Trading perpetual contracts on MCDEX will get rewarded by MCB token. Click to see BSC Trading Mining Tutorial.
Minting, lending, borrowing USX on dForce will get rewarded by DF token claimable through Farm page. You can see the most up-to-date gauge on dForce forum.
About MCDEX
MCDEX (Monte Carlo Decentralized Exchange) is a decentralized crypto derivatives trading platform supported by Mai Protocol.
MCDEX V3 is a decentralized perpetual contract protocol based on automatic market maker (AMM). Perpetual contract is a financial contract with its prices pegging the underlying asset prices, which has no expiration date and supports margin trading. The goal of V3 is to enable anyone to permission-lessly create and trade DeFi perpetual contracts.