dForce Ecosystem Update | August 2021
Integrated and interoperable open finance protocol matrix, dForce introduced ecosystem update for August 2021.
🔹Overview
Total supply across dForce ecosystem achieved $156.6m in August, representing a MoM increase of $62.6m or 66.5% from July.
TVL across dForce ecosystem amounted to $77.5m in August, representing $27.2m or 54.2% MoM increase from July. Out of which, about 38.8% of total liquidity are currently parked on Ethereum (including Liqee), 60.6% on Binance Smart Chain (including Liqee).
Accumulated borrowing reached $325.8m by 31 August, with $57.8m loan originated in August, representing a MoM increase of $32.2m or 125.6% from July. dForce is now the #2 largest lending protocol on Binance Smart Chain in terms of total outstanding borrowing volume, according to DeBank.
🔹Revenue Breakdown
dForce recorded an annualized Platform Revenue of $1.9m in August, representing a MoM increase of 120% from July.
Revenue generated from lending activities (interest paid by borrowers) accounted for 72.2% of the Platform Revenue, while the remaining 27.8% were contributed by stablecoin minting fees.
About 62.4% of the Platform Revenue were generated on Binance Smart Chain, while the remaining 37.6% from Ethereum.
🔹Product Development
- Add collateral support to a number of assets: TUSD, MKR, and LINK on Ethereum, and CAKE, LINK, XTZ, XRP, LTC, and BCH on Binance Smart Chain (BSC).
- Upgrade of user interface to include dForce Trade and Yield Markets (development in process).
- Upgrade of dashboard with more in-depth data analysis (development in process).
- New portal to support on-chain governance voting (development in process).
- Staking contract of DF token (development in process).
What is dForce?
dForce is an integrated and interoperable platform of opening finance protocols, building a full stack DeFi protocols and creating an interconnected, interdependent protocol ecosystem.
📰 INFO:
https://medium.com/dforcenet/dforce-ecosystem-update-august-2021-bffb84c5e9da
