dForce

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Discover dForce's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is dForce?

dForce (DF) is the native utility token of the dForce network, a decentralized finance (DeFi) aggregator that integrates various financial protocols. It serves as a means of incentivization, validation for deposits, and provides governance powers to its holders. The token was built on the Ethereum platform and launched in July 2019 with a total supply of 1 billion tokens. It enables users to access a diverse range of digital assets and offers increased protection through a multilayer system of risk buffers.

How is dForce used?

The dForce (DF) token is the native utility token of the dForce platform, serving multiple purposes:

  • Transaction Fees: Users can utilize DF tokens to pay fees on the dForce platform, such as trading fees on the decentralized exchange (DEX) and borrowing fees.
  • Staking: DF token holders can stake their tokens to earn rewards and contribute to securing the dForce network.
  • Governance: DF token holders play a crucial role in the governance of the dForce platform, including proposing and voting on changes to the protocol.

How do I store dForce?

To store dForce (DF) tokens, you can use a variety of wallets that support Ethereum, as DF is an ERC-20 token. Here are some options:

  1. Hardware Wallet: This is the most secure option, providing offline storage and protection from unauthorized access.
  2. Official Coin Wallet: You can use the official wallet provided by the dForce network for storing and managing your tokens.
  3. Third-Party Software Wallets: Atomic Wallet is a popular option that supports over 1,000 coins and tokens, including dForce. It is trusted by 5,000,000 users worldwide and offers features like private key encryption, 24/7 support, and no registration or KYC requirements.

Regardless of the wallet you choose, it is essential to ensure that you have control over your private keys and that your wallet is secure to protect your tokens from theft or loss.

How to buy dForce?

To buy dForce (DF) tokens, you can follow these steps:

  1. Choose an Exchange Platform:

    • You can use platforms like Pionex, Binance, or Bitrue to buy dForce tokens.
  2. Create an Account:

    • Register for a free account on the chosen platform's website or through their mobile app.
  3. Verify Your Account:

  • Complete the Know-Your-Customer (KYC) verification process to enable transactions.
  1. Select Payment Method:

    • Pionex offers various payment options, including credit/debit cards, bank wire, and ACH transfer. For US citizens, debit cards and ACH transfers are available.
    • Binance allows you to use a card as the payment method.
  2. Buy dForce:

    • Navigate to the "Buy Crypto" or "Buy dForce" section on the platform.
    • Select dForce (DF) and your preferred fiat currency (e.g., USD).
    • Enter the amount you want to buy and complete the transaction.
  3. Manage Your Tokens:

  • Once you have bought dForce tokens, you can manage them on the platform, including selling them to other coins or fiat currencies.

Remember to follow the specific instructions for each platform, as they may vary slightly.

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History of dForce

The history of dForce (DF) is marked by significant price fluctuations and developments in its ecosystem. dForce is a permissionless liquidity network built for Web3, offering a suite of decentralized infrastructure protocols including stablecoins, money markets, yield tokens, and more.

Historically, the price of dForce has experienced notable highs and lows. Its all-time high was recorded on September 1, 2020, at $1.18, while its all-time low was on May 12, 2022, at $0.02087. These price movements reflect the dynamic nature of the cryptocurrency market and the ongoing evolution of the dForce project.

dForce has been actively developing protocols to enhance liquidity in various ecosystems, including Bitcoin L2, DePIN, and decentralized AI. This focus on innovation and expansion has contributed to its market capitalization and trading volume over time.

In terms of market performance, dForce has seen periods of growth and decline. For instance, its market capitalization has varied significantly, with a current market cap of $32.16M. The circulating supply of dForce tokens is substantial, with approximately 700 million tokens in circulation.

The dForce token (DF) plays a crucial role in the governance of the network, allowing holders to participate in decision-making processes and align interests across different parties within the ecosystem. This utility token has been a key component of the project's development and adoption.

Overall, the history of dForce is characterized by its commitment to building a comprehensive suite of decentralized protocols and its ongoing efforts to enhance liquidity in various Web3 ecosystems.

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How dForce works

dForce (DF) is a cryptocurrency and interoperable network of decentralized finance (DeFi) and financial smart contracts built on the Ethereum blockchain. It aims to create an integrated and interoperable open finance and monetary protocol matrix, including asset protocols, lending protocols, and liquidity protocols.

Key Components
  • DF Token: The native utility token of the dForce network, which serves multiple purposes:
    • Governance: DF token holders have complete control over decisions concerning dForce protocols, including onboarding new assets and collaterals, changes to risk parameters, fee accrual, and interest alignments.
    • Staking: DF token holders can stake their tokens to earn rewards and contribute to securing the dForce network.
    • Transaction Fees: Users can utilize DF tokens to pay fees on the dForce platform, such as trading fees on the decentralized exchange (DEX) and borrowing fees.
  • USDx: A synthetic indexed USD stablecoin protocol developed by dForce, which is 1:1 pegged to a basket of selected stablecoins. This basket includes fiat-pegged tokens like USDC, TUSD, and PAX, and their presence is adjustable via on-chain governance.
  • Dual-Token Model: dForce uses both the DF token and USDx to bind together several protocols in terms of assets and liquidity. This allows token holders to engage in financial operations across multiple financial protocols without changing platforms or tokens.
Functionality
  • Yield Farming: dForce makes yield farming easier by using an internal buffer pool to exchange tokens back into the original stablecoin yield. Users can deposit USDx or USDT and receive dUSDx or dUSDT, respectively, which can then be staked in any pool on the network to generate yield.
  • Lending: dForce Lending is a pool-based multisided lending protocol where interest rates are driven by market demand. Funds supplied to dForce Lending are automatically converted to iToken as a receipt of the deposit.
  • dForce Wallet: A multi-currency digital wallet that allows users to store, send, and receive cryptocurrency securely and easily.
  • dForce Exchange: A decentralized exchange (DEX) platform that enables users to trade cryptocurrencies with minimal fees and intermediary-free transactions.
  • dForce Vault: A secure and decentralized digital asset storage service that safeguards users' assets.
  • dForce Launchpad: A launchpad for promising new DeFi projects.
Tokenomics
  • Total Supply: The total supply of DF tokens is capped at 1 billion.
  • Distribution: The tokens were distributed as follows:
    • 20% for investors, advisors, and early backers
    • 20% for the team
    • 25% for Gravity Pool
    • 10% for Ecosystem
    • 25% for the Foundation
Trading and Storage
  • Exchanges: DF tokens are currently traded on various crypto exchanges, including Binance, gate.io, Huobi Global, Uniswap, Phemex, and Bitrue.
  • Wallets: DF tokens can be stored in ERC-20 compatible crypto wallets like Ledger Nano S and Trezor.
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dForce's strengths

The dForce Token (DF) has several strengths that make it an attractive investment opportunity:

  1. Governance Power: As the governance token, DF holders have complete control over decisions concerning dForce protocols, including the onboarding of new assets and collaterals, changes to risk parameters, fee accrual, and interest alignments.

  2. Hybrid Staking Model: dForce features a hybrid staking model that includes both lock-up staking and free staking. This model allows DF holders to earn passive yields and voting power, with higher yields and voting power for longer lock-up periods.

  3. Dual Yield Structure: The lock-up staking yield is accrued on top of the free staking yield, providing an additional incentive for DF holders to participate in the staking process.

  1. Reward Mechanism: Most DF tokens purchased in the secondary market are rewarded to lock-up stakers, further incentivizing participation in the staking model.

These strengths highlight the token's utility and potential for long-term growth, making it an attractive option for investors.

dForce's risks

dForce (DF) is a decentralized finance (DeFi) protocol that offers a range of financial services, including lending, trading, and stablecoin management. As with any DeFi project, dForce is exposed to various financial risks that can impact its performance and stability.

Smart Contract Risks

dForce's protocols are built on smart contracts, which are vulnerable to potential security breaches or coding errors. These risks can lead to losses for users and undermine the integrity of the platform. To mitigate these risks, dForce conducts extensive code reviews and security audits by reputable firms like Trail of Bits, ConsenSys Diligence, CertiK, and Certora.

Counterparty Risks

Counterparty risks arise when one party in a transaction fails to meet their obligations. In the context of dForce Lending, this risk is managed through a multi-factor risk assessment model that evaluates the creditworthiness of borrowers and the quality of collaterals. The platform also employs a dynamic interest rate model to adjust for market conditions and minimize the risk of default.

Market Risks

Market risks are inherent in DeFi platforms, particularly those that offer lending and trading services. dForce is exposed to market volatility, which can impact the value of assets and the stability of its protocols. To manage these risks, dForce uses a hybrid interest rate policy for its stablecoin, USX, and implements risk management measures on multiple levels, including protocol-controlled liquidity and cross-chain bridges.

Liquidity Risks

Liquidity risks occur when there is insufficient liquidity to meet the demands of users. dForce addresses this risk by maintaining a pool-based lending protocol that supports multiple collaterals and by ensuring that its stablecoin, USX, is highly liquid and flexible.

Governance Risks

Governance risks arise when decision-making processes are flawed or vulnerable to manipulation. dForce mitigates these risks through a community-driven governance model, where major protocol changes are driven by the community and jointly decided by dForce token (DF) holders through governance proposals and voting.

Overall, dForce's financial risks are managed through a combination of robust risk assessment models, security audits, and governance mechanisms that prioritize the safety and stability of the platform.

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Did dForce raise funds?

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dForce’s team

  • Mindao Yang: Co-founder of dForce, with over a decade of experience in trading high-yield bonds, distressed assets, restructuring, and turnarounds.
  • Mable Jiang: Investor from Multicoin Capital, involved in the $1.5 million funding round for dForce.
  • dForce Development Team: A small team of developers responsible for building and maintaining the dForce network and its protocols.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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