What Is dForce (DF)?

dForce is an interoperable and integrated open finance protocol matrix providing services of asset trading and lending.The platform aims to offer users an opportunity to earn yield, integrate DeFi with ease, allow swift withdrawal, facilitate large volume trades, and utilize a permissionless lending platform.

As per the whitepaper, existing problems with the DeFi industry is difficulty in managing risks. Hence, security aims to be at the top of dForce’s priorities. The platform aims to take extensive measures to implement risk management on multiple levels by: 

• Engaging with audit firms for security audits and formal verifications for all dForce native protocols.

• Launching a bug bounty program to encourage security researchers, white hats, increasing the community’s participation in determining vulnerabilities in dForce protocols, and receiving bounty rewards.

• Performing risk assessments for each asset to be supported.

• Providing covers for dForce users to hedge smart contract risks further. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

DF is the dForce platform’s utility token that seeks to facilitate transaction services, community governance, system stabilizer, and incentivization. Additionally, the token seeks to allow holders to influence decisions concerning dForce protocols, including onboarding new assets and collaterals, modifications to risk parameters, fee accrual, yield alignments, etc. DF holders propose and vote to collectively decide on proposed protocol changes across the entire dForce network.With the DF token,dForce envisions to provide an all-in-one interface for users to access a comprehensive range of DeFi services such as:

• Lend:Earn yield on cryptocurrencies by lending them in a decentralized manner.

• Trade: Instant token swap and liquidity across different decentralized platforms.

• Mint:Mint variety of dForce assets.

• Earn:Rebalance tokens between different lending protocols that seek to offer yield rates and liquidity.

• Farm:Earn DF token rewards by participating in lending activities, minting, and providing liquidity for dForce synthetic assets.

History of dForce (DF)

The team behind the project includes both crypto veterans and professionals from Goldman Sachs, Standard Chartered Bank, and Hony Capital.