We are delighted to announce dForce’s partnership with Deri protocol, a decentralized derivative protocol, to promote the soon-to-be-launched dForce synthetic assets. USX, an over-collateralized stablecoin minted from dForce Lending & Synthetic Asset Protocol, will be added to Deri’s base token list to be used as deposit for derivatives trading.
Users are able to mint USX against their crypto assets (major crypto assets such as BTC, ETH, UNI, etc) deposited into the lending protocol. The yields on collaterals will effectively reduce capital cost of USX loans. Simultaneously, USX can also be used as collateral to mint other synthetic assets (i.e., xEUR, xBTC, xTSLA, etc), or facilitate payment, lending, trading as dollar-pegged stablecoin.
The partnership with Deri is a solid step forward for USX to expand its business outreach beyond the dForce ecosystem. Deri Protocol is a Uniswap-style pool facilitating trade of derivatives in a decentralized manner. The pool works as liquidity medium and makes base token (i.e., USX) transactions with traders and liquidity providers.
Deri (https://deri.finance/) is a decentralized protocol to exchange risk exposures precisely and capital-efficiently. It is audited by PeckShields with a number of defining features of DeFi and financial derivatives in its nature:
• Real DeFi: Deri Protocol is a group of smart contracts deployed on ethereal blockchain, where the exchange of risk exposures takes place completely on-chain.
• Real derivative: The PnL’s of the users’ positions are calculated with mark price updated by oracle, which ensures the precision; positions are maintained by margin, which provides built-in leverage.
• Composability: Positions are tokenized as non-fungible tokens (NFT), which can be held, transferred or imported into any other DeFi projects for their own financial purposes (as blocks in their own “lego game”).
• Openness: anybody can launch a pool with any base token (but usually with stablecoin, e.g. USX, USDT, or DAI). That is, the protocol does not enforce any specific “in-house chip”.
• Simplicity: Deri protocol adopts an extremely simple trading process.
dForce advocates for building an integrated and interoperable open finance protocol matrix, covering assets (multicurrency stablecoins, synthetic assets, USDx, GOLDx), lending (global liquidity pool) and trading (aggregator and AMM). dForce is currently deployed on Ethereum and Binance Smart Chain (BSC).
Our team includes both crypto veterans and professionals from Goldman Sachs, Standard Chartered Bank, CitiBank, Hony Capital. dForce is backed by investors including CMBI (China Merchants Bank International), Multicoin Capital and Huobi Capital (the investment arm of Huobi Group).
We work with the world’s top-ranked security companies (Trail of Bits, Consensys Diligence, Certik, Quantstamp, Certora, PeckShield, SlowMist, SECBIT) on smart contract audits for all dForce native protocols.
dForce Token (DF) is the governance token across dForce network, conferring holders the power to influence decisions concerning dForce protocols, including onboarding of new assets and collaterals, changes to risk parameters, fee accrual, interest alignment through voting process.
We welcome you to join our community to participate in related discussions