What is dForce (DF)?
dForce (DF) is a utility token of the dForce network, which aims to build an all-in-one blockchain-based finance protocol. The platform covers crypto asset lending, staking, and trading. dForce has developed various products to help achieve its primary goal of creating a comprehensive DeFi suite.
The native token, DF, is an essential asset to the dForce ecosystem. It is the fuel powering the entire network activities. However, dForce also has other assets that keep the platform operating. This includes stablecoins and synthetic assets. USX stablecoin, for example, is one of the essential assets on the platform. It is a decentralized algorithmic stablecoin. USX implements pool-based and vault-based models, as well as hybrid interest rate policies to support different risk profiles.
If you're curious about the current DF price, take a look at the dForce price chart above.
Considering the lending products offered by dForce, it features global liquidity pools and yield markets. Besides, the lending protocol of dFroce supports multiple collaterals and has varying interest rates that depend on the market status.
Furthermore, the project offers a liquidity aggregator and automatic market maker (AMM) for trading. This peer-to-peer marketplace aggregates liquidity across various platforms to enable users to enjoy the best prices.
Moving further, dForce provides its users with a hybrid staking model, which allows both – free staking and lock-up staking. Staking enables native token holders to earn passive income from the network.
Lastly, another significant feature of dForce is its cross-chain bridging tool that connects dForce with other Layer 2 blockchains. The bridge enables easy and low-cost cross-chain transfers of the network’s assets – DF and USX.
Besides these products, dForce also claims that security is its top priority. The platform has extensive measures in place to manage risk at various levels. For example, the project carries out security audits on all its protocols through audit firms. Moreover, it has a bug bounty program that encourages community members to participate in identifying the vulnerabilities in the project's protocols. Lastly, it provides cover to safeguard its users from smart contract risks such as hacks.
Use Cases of DF Tokens
Primarily, DF is a utility token that facilitates transactions across the dForce ecosystem. Though besides that, the token is also used to facilitate governance and community incentivization.
Talking about governance, dForce tokens allow holders to suggest and vote on various proposals concerning the development of the dForce crypto project. Such proposals may include introducing new assets and collaterals, amending risk parameters, yield alignment, and fee accrual.
In terms of incentivization, DF crypto assets can be staked in order to generate rewards. Besides, note that DF also facilitates the platform's lending and borrowing protocols. Thus, you can lend your funds to the network's DAO to earn decent interest.
If you want to purchase DF tokens, don't forget to analyze the dForce price chart before doing that. Knowing the current and the previous DF price will help you to make better purchasing decisions.
Who Founded dForce?
Mindao Yang is the founder and CEO of dForce. Yang is no stranger to anyone familiar with China's DeFi market as he is a highly regarded crypto enthusiast. Yang has interacted with various crypto projects since 2013. He also participated in Ethereum’s 2014 ICO. Besides, Yang founded Blockpower and Hashingbot before starting dForce in 2018.
The dForce team led by Yang is comprised of other crypto veterans and professionals from reputable companies such as Standard Chartered Bank, Goldman Sachs, and Hony Capital.
Tokenomics of DF
dForce token has a total supply of 999,934,977 DF. The tokens are strategically distributed to support all activities in the dForce ecosystem. There is also a DF burning mechanism built into the protocol that burns 0.1% of tokens to prevent inflation that can adversely affect the dForce price.
