The TVL of dForce’s Lending Protocol Has Grown 84% in a Week
- Since the launch of dForce Lending, dForce’s TVL increased by over 84%.
- The lending protocol is set to see new features in the following months.
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According to the company’s announcement, published on 1 March, V1 of the dForce lending protocol is a conditional offering with tightened risk control over assets. dForce said this was done to ensure the highest level of security and stability for the protocol’s users.
New assets and collateral in the lending protocol will be added through on-chain governance voting by DF token holders. Governance proposal DIP005 approved the first batch of assets, which include WBTC, ETH, USDC, USDT, and DAI.
dForce Lending will offer all fundamental features of a decentralized lending protocol — a global liquidity pool, over-collateralized loans, and dynamic interest rates. The most innovative feature of the protocol is going to be unveiled in the second version, expected to launch in April 2021 alongside a flash loan feature. Called the Multicurrency Stable Debt (MSD), the feature will enable users to mint stablecoins of different currencies against their crypto collaterals and use them as collateral to hedge against foreign exchange risk.
Throughout the second quarter of the year, the company plans on unveiling more features, including Public-Private Pool (PPP), Fix-Term/Fix-Rate Borrowing, Unsecured Loans, and Credit-Line Sharing.
Launched on 1 March, dForce Lending has reached a total supply of $23.8 million and a total borrow of $8.5 million. The total value locked (TVL) in dForce increased by over 84% since the launch, jumping from $42 million on 1 March to $78 million on 9 March.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
- Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.
- Decentralized finance (DeFi) has become one of the hottest trends in the crypto world as it’s more transparent and decentralized than traditional finance.
- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.