Welcome to dForce monthly ecosystem updates. This is where we keep our community up-to-date about what’s happened in the past month, and what’s coming up next.
Highlights
- dForce published dForce 2022 Recap, a looking back on the past year.
- dForce partners with PulsarSwap to Integrate TWAMM for Liquidity-swap Facility. Learn More.
- LSR has been integrated with dForce Trade to enable bidirectional swap at 1:1 exchange rate between USX and supported stablecoins.
- dForce Lending now supports dynamic interest rate simulation.
- dForce Dashboard has been upgraded to include source of collaterals for USX in circulation.
- dForce launched USX/USDC pool on FishSwap.
- dForce now supports OKX wallet. Learn More.
- dForce’s wstETH lending is live on Arbitrum and Optimism! Users can supply $wstETH as collateral to borrow other assets. Learn more.
Overview
In December, dForce recorded a TVL of $214.4m, with 61.1% parked on Arbitrum, 14.9% on Binance Smart Chain, 10.9% on Optimism, 7.0% on Ethereum, 2.3% on Polygon, 1.9% on Avalanche, and 1.9% on Kava.
USX
As of 31st December 2022, the total circulating supply of USX is $167.7m, with 67.8% of liquidity currently parked on Arbitrum, 10.2% on BSC, 8.5% on Optimism, 7.5% on Ethereum, 2.4% on Kava, 2.4% on Avalanche, and 1.3% on Polygon.
Approximately 62.6% of USX liquidity is parked on Arbitrum, BSC, and Optimism to facilitate cross-chain expansions, 14.7% on lending, 13.0% on cBridge (cross-chain swap), 6.6% sitting in wallets with market participants, and 3.0% on DEXes.
Lending
In December, dForce Lending recorded a total supply of $102.8m, with 38.6% on Binance Smart Chain, Aribitrum at 25%, Optimism at 16%, Ethereum at 10.3%, and Polygon at 9.8%
Total accumulated borrowing grew to $1.53b, representing an increase of 2.5% from the previous month in new loan originations.
Revenue
dForce recorded an Annualized Platform Revenue of $1025K in December, with 29.7% generated on Binance Smart Chain, 22.3% on Polygon, 22.0% on Arbitrum, 14.1% on Optimism, and 11.9% on Ethereum.
Liquidity Mining
dForce has ongoing liquidity mining initiatives on Ethereum, Arbitrum, Polygon, Optimism, and Binance Smart Chain. Please visit dForce Forum to view the gauge (update on a weekly basis) and click here to see related tutorials.
Product Development
This month, the core developer team completed a number of product updates：
- Optimization on lending market data module and dApp UIUX.
- Dynamic interest rate curve is live on dForce Lending, where users can see change of APY and Adequacy Ratio before each supply and withdrawal.
- Integrated OKX wallet on dApp.
- Optimization on multi-chain liquidity routes to cover LSR.
- Supported liquidity mining for iUSX and USX/USDC on Velodrome on Optimism under ‘Farm’ page.
There are also some exciting developments in progress. Namely:
- Display of existing incentivized pools across all networks.
- Collateral analysis for USX to be added to Dashboard.
- Optimization on multi-chain liquidity routes to cover more pools.
- Optimization on LSR module to include more user-friendly information.
Governance
DIP032 — Proposal for Implementing Liquidity-Swap Facility for USX-DF [Passed]
The objective of this proposal is to create a Liquidity-Swap Facility for USX-DF, which enables the protocol to swap its protocol-minted USX for DF liquidity in the market, so to inject USX liquidity via TWAP and recycle DF liquidity in the market.
DIP033 — Proposal for Distribution of dForce Treasury Income [Passed]
This proposal outlines a continual strategy to utilize the Treasury Income from dForce Protocol to purchase USX tokens in the market, which will then be distributed to the USX depositors and contribute to its yield.
Marketing
dForce published 2022 Recap, a looking-back on the past year.
On December 6th, dForce invited Wanli, Head of Ecosystem at Celer Network to Twitter space AMA and talk about multichain strategy. Here’s recording.
dForce hosted SwapFish for an AMA in Telegram community on Dec 21.
