Despite the difficult year humanity has faced, we also saw an unprecedented amount of market growth and innovation. An influx of new players and investors entered the blockchain market in 2021, and cryptocurrency sector has seen an unparalleled growth in terms of growth in players and diversity. The market cap of all cryptocurrencies topped $3 trillion in 2021. I mean, if you’ve lived through 2021, you couldn’t have missed AMC, DOGE, and SHIBA!
2021 was a breakout year for dForce. In this Annual Report 2021, we will recap 2021, and look into what we have in plans for 2022.
Quick overview of 2021
Here’s what we’re most proud of looking back at 2021:
- dForce evolved from DeFi 1.0 to Multichain Infrastructure in Web 3 by continuing product deployments, admitting new ecosystem projects, and revamping tokenomics. The new tokenomics will be accruing all value propositions across dForce protocols, and the rewards will be distributed across DF stakers.
- Upgraded UIUX for a more intuitive interface that welcomes both advanced and beginner DeFi users.
- dForce went multi-chain! We’re deployed on Ethereum, Arbitrum, Optimism, and Binance Smart Chain.
- Enhanced DAO structure to distribute ownership to DF holders for long term self-sustainability.
Please read through for sector highlights of DAO & Governance, Business and Product Development, and Public Coverages of dForce.
DAO & Governance
We’ve enhanced our DAO structure, expanding our existing proposal, forums, and Snapshot voting to benefit and honor DF governance token holders. Voting on-chain, snapshot, and reward distribution through mining switching to staking module — all these events were proposed, voted on, and powered through a DAO. dForce’s DAO governance structure, dForce V3, and the revamped tokenomics brings the protocol closer to self-sustainability. There was a total of 18 proposals passed.
Here is a selected list of governance proposals from 2021:
- dForce Lending was deployed on Binance Smart Chain (BSC) via voting through DIP008.
- One of dForce’s first ecosystem project, Liqee, launched with the support of DIP011 , a proposal that extended USX secured credit line to Liqee.
- dForce lending added collateral support to LIDO’s wstETH, allowing users to borrow against some non-mainstream assets, increasing capital efficiency DIP017
- dForce deployed EntroFi vault to power real world financing through DIP018.
- Proposal to implement PDLP (Protocol-Direct-Liquidity-Provision) to introduce protocol-owned liquidity to lending protocols integrated with USX and EUX, and POO (Protocol-Owned Operator) to leverage treasury liquidity through DIP019.
Business and Product Development
On Business and Product Development, dForce saw an unprecedented amount of expansion.
- Launch of dForce Lending, a pool-based lending protocol with multicurrency stablecoin protocol. Within 24 hours after launch, dForce Lending reached a total supply of $22m and a total borrow of $8.5m.
- dForce integrated with Chainlink Oracle to secure its lending protocol.
- dForce integrated with 16 wallets and ecosystem partners, including Zapper and DeBank.
- $DF/USDT pair was launched on Binance.
- Website Revamp. We were thrilled to launch our newly revamped website. The new design featured improved UIUX.
- Ecosystem projects such as Liqee and EntroFi were launched in 2021.
- Liqee joined as an Ecosystem Partner, utilizing dForce’s smart contract to power its lending market and integrate with USX stablecoin natively.
- EntroFi joined dForce as one of the first protocols venturing bridging DeFi and real-world asset financing.
- dForce is one of the most heavily audited DeFi of all times. dForce Lending Completed smart contract audit and formal verification by Trail of Bits, Consensys Diligence, Certora, and CertiK.
- dForce went multi-chain and launched on Arbitrum and Optimism, in addition to Ethereum and BSC.
- Usage of dForce native USD denominated Stablecoin (USX) expanded, powered by Real-World Asset backed loans, through collaborations with UPRETs, EntroFi, and NAOS. This allowed permissioned institutions and protocols to obtain USX liquidity from dForce, generating returns less correlated to the broader crypto market. USX is the engine that drives cross-protocol synergies between lending, staking, trading, derivatives, and RWA financing.
- dForce joined Asia DeFi Network to accelerate growth of DeFi in Asia.
- dForce Genesis NFT Airdrop Opened on galaxy.co.
- Back-end service upgrade to sub graph for optimized monitoring system.
- dForce Vaults launched, with independent pools and fixed rate to mint USX.
- dForce protocol kickstarted the grand V3 upgrade. In essence, it is an upgrade meant to bring back all power to all DF holders, through Tokenomics upgrade, PDLP (Protocol-Direct-Liquidity-Provision), and POO (Protocol-Owned Operator) (click here to read more).
Public Coverages of dForce
In 2021, dForce was hosted in 24 external events, conferences, podcasts, by influential and notable Blockchain industry players, including Binance, Multicoin Capital, Digital Week Online and the Smart Contract Summit.
- First ever dForce global community call kicked off on April 26.
- dForce participated in a panel discussion hosted by Digital Week Online and chimed in on the frenzy of NFT.
- dForce was invited to ‘51% with Mable Jiang’, a podcast backed by Multicoin Capital and discussed how dForce aims to improve the scalability and capital efficiency across different DeFi protocols.
- dForce was hosted on Binance official on Telegram to discuss dForce lending, risk policy and security measures, and marketing and business development strategies.
- dForce presented at the ‘Smart Contract Summit’ powered by Chainlink, shared insights on how to build a multifaceted DeFi protocol and how DeFi is expected to drive convergence with CeFi to further grow the market size.
- dForce joined AladdinDAO’s community call as one of early contributors and a AlladinDAO Boule candidate.
Building upon 2021, here are the things we’ll focus on in 2022
dForce evolved into a Multichain Infrastructure in Web 3, offering a complete set of decentralized finance protocols covering assets, lending, and trading; serving as layer 0 multichain infrastructure. In 2022, we plan to further this growth, powered by PDLP, POO, and the newly revamped tokenomics.
The following events will take place in 1Q 2022 — the core dev team at dForce is thrilled for these news!
- PDLP was launched, accepting interest-bearing tokens as collateral to mint dForce-backed stablecoins, effectively combating liquidity shortage for whitelisted protocols integrated with USX and EUX.
- POO, which leverages treasury assets and act as counterparty and super user to ensure supply and demand are in equilibrium with optimized efficiency, will launch in January 2022.
- Cross-Chain Bridge will be launched soon, facilitating immediate swap for dForce-backed assets across Ethereum, Arbitrum, Optimism, and BSC.
- Along with the launches, dForce will kick off DF Staking. DF staking system allows users to stake DF token in exchange for sDF (no lock-up) or veDF (lock-up), used for voting, value captures from dForce protocols, reward distribution from staking.
- dForce Squad Program, dForce’s ambassador program. We’ve accumulated over 161,400 reaches just one month after launch! We’ll continue to scale out this program, and will have many more opportunities for community volunteers to participate in dForce governance by contributing to the DAO. Please stay tuned on our social media channels to hear more about this recruitment!
