Deployed on Ethereum, Arbitrum, Optimism, Polygon, Binance Smart Chain (BSC), dForce is a multi-chain platform built for the development of integrated open finance platforms that fully covers multiple stablecoins, digital and synthetic assets, and also allows for lending and borrowing. dForce is an open and permission development that is non-restrictive and allows everyone to get access and participate. It requires little to no trust cost and every user is entitled to own their cryptocurrency assets. Also, developers can easily integrate dForce into their projects and build their products on top of the platform.
The dForce token is the official utility and governance token of dForce and confers voting power to the holders, allowing them to make decisions concerning the progress of dForce. These decisions can range from the protocol, entry, and exit of new assets and collaterals, transaction fees and other charges, fee accrual, and interest earned.
dForce also has its unique stablecoin asides from the DF token which serves as a governance token. The stablecoin, USX aids global access and provides interoperability and composability whilst being decentralized. The stablecoin was developed in the late 2019s from scratch and not from the framework of existing coins and the developers ensured the USX stablecoin has a price peg that can be defended easily. Also, the collateralization operates on the regular 1:1 redeemability and the use case is self-incentivizing.
The USX token is the most important product of the dForce platform and was designed to tackle the present problems facing most stablecoins in the decentralized world today. The USX token stands out from other stablecoins because it is highly flexible and efficient enough and can be minted through a vault or via borrowing from other supported lending protocols.
The token copies a hybrid interest rate policy; in the vault module it operates in a fixed interest policy while in the secondary decentralized exchange markets it operates on a range-bound market interest rate. The token is also fully decentralized with no affiliation to a centralized body as it is being hosted on several Decentralized ecosystems.
dForce has a wide array of digital features or products designed to improve the user experience and the decentralized service provided and one of such is the dForce vault. The dForce vault was designed to host several digital assets as collaterals and thus allows against other the USX stablecoin to be set against isolated collateral assets with a completely different risk model. The vault is customizable and supports a wide set of collaterals in isolation, including interest-carrying tokens (i.e., iTokens, yvUSDC, etc), LP tokens, PoS liquid staking assets (wstETH, rETH, rATOM, etc), DeFi staking tokens (i.e., vDF, xSUSHI, etc) and other long-tail tokens.
The dForce lending, another Decentralized feature, is a pool-dependent lending protocol in which the interest rates are driven by market demand. Also, any resources sent to dForce Lending will be automatically converted to iToken which serves as a receipt of your deposit. dForce Lending is a money market protocol that allows instant accessibility and liquidity by matching the supply and borrowing of any ERC20 (Ethereum/Arbitrum/Optimism) or BEP20 (BSC) compatible assets worldwide.
The dForce trade is a DEX aggregator that uses an algorithm to search for the best trading price and aggregate proper liquidity across multiple platforms to deliver an optimized trade. It is also integrated with several DEXes like BSC and Ethereum. The dForce bridge is a cross-chain bridging tool that executes a low-cost transfer of USX and DF across all supported L2s and blockchains. It aims to bring the best and connect users of multiple chains with the earning potential of dForce.
Who Are the Founders of dForce?
The founder of dForce is Mindao Yang, who is also the founder and co-founder of Blockpower Capital and Hashingbot technology.
What is dForce (DF) used for?
Developers can create and integrate their new projects and protocols alongside dForce.
Cryptocurrency enthusiasts can borrow assets, use them to trade, and pay them back after some time.
Users can be liquidity providers and farm their assets for those who need them urgently. They stand a chance to win interest upon their deposited token.
The token, DF allows players to stake dForce Tokens (DF) and vote on things concerning the platform.
What is the Unique Point of dForce (DF)?
dForce is backed by several trusted and popular investors like CMBI (China Merchants Bank International), Multicoin Capital, and Huobi Capital (the investment arm of Huobi Group). They have also developed several sub-products that help the progress and day-to-day running of the platform.
How Many dForce (DF) Coins Are There in Circulation?
dForce has a circulating supply of 414,536,981 DF coins and a max. supply of 999,934,977 DF coins.
How Is the dForce Network Secured?
dForce has Security at the top of its priorities and has extensive measures to ensure risk management is implemented on multiple levels:
One of the measures includes employing the world’s best audit firms for security audits and formal verifications for dForce protocols, including Trail of Bits, ConsenSys Diligence, Quantstamp, Certik, Certora, PeckShield, SlowMist, SECBIT.
Also, a bug bounty program was launched on Immunefi to encourage security researchers in identifying potential vulnerabilities in dForce protocols and receive bounty rewards. Regularly, a risk assessments practice is performed for each supported asset.
They have also collaborated with decentralized insurance platforms to provide covers for dForce users to further hedge smart contract risks. However, users should note the DeFi industry is still in its infancy and no platform is 100% secure from risks associated, including smart contract vulnerabilities and liquidation risk in highly volatile market conditions.
How do I buy dForce (DF)?
DF is a novel project on the blockchain that is used for the development of DeFi protocols that cover assets, lending, trading, and serving as DeFi infrastructure in Web 3. The DF token can be used for a wide range of uses like governance and voting.
DF tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy DF through your trading account.
Which Cryptocurrency Wallet Supports dForce (DF)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as dForce (DF). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their DF wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.