dForce Chronicles: A Year in Review and What’s Next in 2024!

dForce
5 min readDec 31, 2023

Dear community,

As we bid farewell to 2023, it’s time to write a letter to you all to recap the events that have determined the journey that dForce has taken through the past 12 months and to anticipate what’s our roadmap for 2024.

The past year has been nothing short of a rollercoaster, where challenges and opportunities intertwined to give a new shape to the crypto landscape. Luckly, as we approach the year-end, data and a positive market sentiment show that it was the opportunities that finally prevailed.

As always, dForce has demonstrated its capability of standing resilient, and did not waste any time to keep delivering, expanding and innovating.

Keep reading for a recap of the most significant milestones, innovations, and community-driven achievements that have defined dForce’s path throughout this year. Read until the end for a hint on what’s going to be our roadmap for 2024!

Expansion Overview

USX Utilization Breakdown

DAO & Governance

In 2023, The governance has voted on the following dForce Improvement Proposals (DIP):

DIP038 — Add Collateral Support to $ARB

DIP039 — Bootstrapping $ARB liquidity with airdropped tokens

DIP040 — Proposal on the use of $OP grant on Optimism.

DIP042 — Deploy dForce on Linea

DIP043 — Integrating MakerDAO’s Dai Savings Rate (DSR) into dForce Lending

DIP044 — New asset (rETH, cbETH) onboarding to dForce Lending

DIP046 — Deploy dForce on Scroll

DIP047 — Enable LSR on Linea

DIP048 — Enable LSR on zkSync Era

DIP049 — Deploy dForce on Base

DIP050 — Add support to the native version of USDC on dForce

DIP051 — Add collateral support to s.DAI

DIP052 — BUSD Off-Boarding Proposal

DIP053 — Enable Native USDC on LSR

DIP055 — Implement sUSX (Saving USX) to Enable Systemic Yield for USX Holders

DIP056 — Add collateral support to rETH on Arbitrum and Optimism

DIP057 — Introducing the dForce X Plan

DIP058 — The Rebranding of dForce Lending to Unitus Finance

DIP059 — DF/UTS Liquidity Strategy

DIP060 — Sunsetting DF Liquidity Mining

Grant history

In the past 3 years, we have made ‘dForce’ a name that resonates in DeFi. Our work is paying off, as in 2023 we have secured a number of grants from several crypto entities. In particular:

  • Our collaboration with Lido allowed us to distribute to our community 8000 $LDO tokens in February. dForce is currently the #12 biggest holder of wstETH on Optimism and Arbitrum!
  • March 2023 brought us a substantial boost with 2.4 million ARB from the Arbitrum Foundation as part of their retroactive airdrop.
  • During that same month, dForce clinched a win in OP cycle 11, securing a generous grant of 200,000 OP from the Optimism Foundation.
  • Then, dForce’s STIP proposal also got approved by the Arbitrum governance, allowing us to run a liquidity mining campaign with 1 M ARB up for grabs for our community.
  • Last but not least, dForce’s proposal to obtain a $75,000 grant from SSV got approved by their governance.

A new chapter for DF

One of the greatest achievements dForce reached in 2023 is the revamp of the DF token.

As dForce expanded from a stablecoin protocol to a comprehensive DeFi matrix, including lending, stablecoin, bridge, and trade aggregator protocols, problems such as lack of alignment and coordination rose.

To address these challenges, dForce introduced in 2023 the X Plan, enabling the spin-off of its multiple primitives, starting from Unitus rebranding dForce Lending. According to the X Plan, the DF token brags a new tokenomics, as its inflation rate drops, it accrues value from the spin-off protocols like Unitus and also directly benefits from it.

This shift reduced DF inflation by over 70%, marking the beginning of a series of reductions to make DF a scarce and potentially deflationary governance token for the dForce ecosystem.

One of the goals for 2024 is to keep working on the sustainability and appeal of DF, as it trascends its outdated role as a farming token.

Revealing: 2024 Roadmap!

It’s time now to reveal the dForce Roadmap for 2024!

Note that the Roadmap only serves as a general indication to where dForce core contributors’ efforts should be directed. In reality, you can expect much more to be delivered!

What lies ahead?

We foresee 2024 as a year filled with catalyst events that will have a positive impact on the crypto market. Here’s a glimpse:

  • Bitcoin will soon undergo the 4th halving of its block subsidy rewards. The reduction of the amount of BTC entering circulating supply per block has historically been a bullish signal for the sector.
  • Moreover, the market is speculating that an ETF involving BTC spot might be approved in the very soon and therefore that US companies will be able to invest in BTC with ease.
  • But the traditional finance companies have already started experimenting the potential of public blockchains! At the same time, the DeFi landscape is also integrating some elements of the TradFi world. The interest for Real World Assets (RWA) promises to bridge traditional finance and decentralized ecosystems, and has the potential of onboarding the next 10 B TVL into DeFi.
  • The citizens of a growing number of countries worldwide will probably keep showing an increasing interest for decentralized stablecoins, as they trust the growing crypto-based financial instruments more than their government-issued fiat currencies.
  • The thriving DeFi sector will continue to be a beacon of innovation, with new models, new incentivization programs and more distributed governance mechanisms.

Needless to say, dForce is intricately involved in most of these catalysts. For example, our decentralized stablecoin $USX is very efficient in keeping the peg with the dollar and providing liquidity mining incentives through Unitus. Additionally, we are actively integrating RWA strategies into our offerings, starting with the launch of sUSX slated for early 2024.

But that’s not all: in the ever-changing DeFi sector where market demand and needs evolve continuously, dForce is committed to stay always on the lookout to capitalize on new opportunities.

We’ve been rocking this approach since 2019, and it’s one of the elements that has kept us on top of our game. So, get ready for more excitement, more innovation, and more awesome stuff coming your way! We’re not just looking for opportunities — we’re creating them while setting the pace for what’s next in the wild ride of decentralized finance.

Let’s keep this adventure rolling!

The dForce team

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dForce

A decentralized stablecoin powered by an integrated DeFi protocol matrix.