Bitpie “DeFi Star” 3# — dForce

USDx is an on-chain synthetic indexed USD stablecoin protocol, which is 1:1 pegged to a basket of selected stablecoins, USDx is issued as an ERC20 token and is automatically minted with a basket of constituent stablecoins (mostly fiat-back with high transparency and liquidity) through smart contracts. Its’ underlying portfolio includes USDC, TUSD, PAX and DAI, which is adjustable via on-chain governance.

USDx is backed by four constituent stablecoins, with the following weighting: 30% USDC, 30% TUSD, 30% PAX and 10% DAI . The selection and weighting of constituent stablecoin is assessed based on the following parameters/factors:

1) Transparency & regulatory compliance;

2) Outstanding floats;

3) Daily trading volume and OTC liquidity;

4) Supported exchanges.

Dual-token Model

dForce is featuring a dual-token model, with USDx as transaction stablecoin pegged to constituent stablecoins and the network utility token — dForce Token (DFT) to be used for transaction service (i.e mintage fee, interest payment etc), insurance fund, community governance, incentive mechanism, validator deposit etc;

DFT also acts as last resort for dForce ecosystem, i.e issuance of DFT for recapitalization of USDx holdings in extreme events.

USR( USDx Saving Rate)

USR is a critical feature of USDx stablecoin — this will be the first fiat-back synthetic stablecoin implementing systematic saving rate.

USR delivers the following benefits to USDx holders:

1. Simple transactions to get a systematic saving rate and holders of USDx can earn current account interest by simply supplying USDx into USR contract.

2. There will be no liquidity risk to earn USR. USDx holders can withdraw at any time and interest is earned on per block basis.

3. Lending protocols supporting USDx and integrated USR could deliver USDx depositors USR+USDx Supply Rate, a combined yield that could outperform most fiat-stablecoin saving rate in the market.

How to create USDx?

The system currently provides users to exchange three stable currencies: PAX, TUSD and USDC. After authorizing the minting contract, users can receive USDx.


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