I’m a dForce community member helping with integrations.
References –
· Project: https://dforce.network/
· Whitepaper: documents/white_papers at master · dforce-network/documents · GitHub
· Twitter: https://twitter.com/dForcenet
· Codebase: dForceNetwork · GitHub
· Documentation: https://docs.dforce.network/
· App: https://app.dforce.network
· Audit: documents/audit_report at master · dforce-network/documents · GitHub
· USX token contract: 0xb5102cee1528ce2c760893034a4603663495fd72
· Telegram: t.me/dforcenet
· Discord: https://discord.gg/HMWJgs2GmR
Key Points:
This proposal is to add USX as asset to Hundred Finance.
dForce USD (USX) is a native over-collateralized decentralized stablecoin with current circulating supply of close to 200mil and it is currently deployed across Ethereum, Arbitrum, BSC and Optimism. dForce is looking to deploy to more chains, including Polygon and Fantom.
USX can be integrated with lending protocol to supply liquidity into lending protocol, similar to DAI’s D3M feature. USX’s liquidity model allows it to supply liquidity directly into Hundred Finance via PDLP, which will directly contribute USX liquidity to Hundred Finance on demand and help boost liquidity.
USX is integrated with cBridge (Celer’s bridging protocol) with zero slippage cross-chain capability. So if USX is accepted as collateral in Hundred Finance, this feature would allow Hundred Finance users move their assets across-chain with zero slippage.
We request to receive the vdHND boost, alongside maximized yields through HND community’s boosted votes to direct additional rewards to our pool. Such boost will help to attract rapid TVL from users as it will be attractive for them to generate capital efficient returns on stablecoin basis. Introducing more pools on Hundred Finance will allow for increased trade depth, liquidity, and greater arbitrage opportunities between pools. Liquidity providers would be rewarded from such activity as well.
In addition, users of USX would be motivated to utilize Hundred Finance for leverage and arbitrage between stablecoins through borrowing on Hundred Finance and to develop a variety of yield farming and leverage strategies to increase Hundred Finance’s protocol revenues.
USX users are actively utilizing USX via lending protocols, and dForce also incentivizes USX adoption. If this proposal was to gain enough votes to justify for a Snapshot voting and pass, dForce team is willing to bootstrap up to $10mil for initial liquidity.
Decentralized stablecoin is critical infrastructure in DeFi, and we believe it is in Hundred Finance’s benefit to support more decentralized stablecoin. USX would allow Hundred Finance ecosystem to diversify its decentralized stablecoin offerings. It will also help to bridge liquidity cross-chain, as USX is currently deployed and bridged across Ethereum, Arbitrum, Optimism and BSC.
Lastly, we propose that USX gets added to the list of “collaborations” in Hundred Finance’s Gitbook Document.
Overview
USX is the first decentralized stablecoin which can be easily integrated with any lending protocol and vaults models. It can support both pool-based multi-collateral as well as isolated-collateral vaults, making it extremely flexible and efficient to support collaterals of different risk profiles, i.e major crypto as well as yield-bearing crypto and LP tokens.
USX is also the first decentralized stablecoin that features over-collateralization, highly capital efficient via PDLP (Protocol-Direct-Liquidity-Provision) and cross-chain operation (integrated with cBridge).
Its pegging mechanism is mainly determined by market supply and demand driven by interest rate policy, i.e in the event of depegging, to increase interest rate to shrink its supply or to lower the interest rate to increase supply and bring the price back to $1. USX is also setting up its liquidity pools against USDC and BUSD across a number of DEXes (i.e Dodo, Curve and Uniswap), which help to anchor its peg.
With circulating supply of close to 200m and growing, it is currently deployed and bridged across Ethereum, Arbitrum, Optimism and BSC, making it the few decentralized stablecoins with cross-chain capabilities.
Project History
dForce builds a complete set of DeFi protocols covering assets, lending, trading, serving as DeFi infrastructure in Web 3. USX is dForce’s decentralized stablecoin protocol.
dForce has been engaged in DeFi since 2019 and is backed by Multicoin, CMBI and Huobi Capital with its core team of crypto evangelists who have been into crypto since 2013.
dForce is currently deployed on Ethereum, Arbitrum, Optimism, and BSC with a TVL of $495m (Data Source: Defi Llama).
Our core protocols include both pool-based multi-collateral and vault-based single-collateral multi-currency stablecoins (USX and EUX).
We also have a pool-based multi-sided lending protocol which supports multiple collaterals with a market-driven dynamic interest rate model.
Security Considerations
dForce’s smart contracts are audited by Trail of Bits, ConsenSys Diligence, Certik and Certora, with a bug bounty launched through Immunefi.
Attached are the audit report for USX
