On April 15, Odaliy learned that the dForce Foundation announced the completion of a strategic financing of US$1.5 million. This round of financing was led by the encryption fund Multicoin Capital, followed by Huobi Capital and China Merchants Bank International (CMBI). This round of financing is mainly used for dForce to expand the team size and update and develop more underlying blockchain protocols.

The dForce Foundation was created by dForce, a decentralized finance (DeFi) and currency protocol platform. dForce's main business is to provide the underlying infrastructure for DeFi and open financial applications. It was founded in 2019 by Yang Mindao, an early blockchain investor.

Although dForce is not the first to enter the DeFi ecosystem, it can be regarded as one of the fastest-growing DeFi lending protocols.

In August 2019, the first product launched by dForce is the USDx protocol-an on-chain synthetic index stablecoin (USD) protocol, which is pegged 1:1 to a basket of preferred stablecoins. USDx will first be issued as an ERC20 token, which will be automatically synthesized from a basket of stablecoins (mostly highly transparent fiat-based stablecoins) through smart contracts. USDx's base stablecoin portfolio includes USDC, TUSD, PAX, and DAI - which can be adjusted through on-chain governance in the future.

In September 2019, dForce launched Lendf.Me, a decentralized lending protocol. This is the second decentralized financial agreement in the dForce ecosystem after USDx. Users can useLendf.MeTo carry out the interest-earning and lending of the stablecoin USDx.

In less than a year, dForce has grown into one of the top ten projects by market value of locked assets. As of press time, the dForce system manages nearly US$30 million in encrypted assets and US$10 million in outstanding loans.

"This round of financing will help accelerate our business expansion to the global market outside of China. Our goal is to become the first global-scale, integrated open financial platform." Yang Mindao said.

Yang Mindao believes that traditional financial infrastructure is subject to cultural differences and geographical restrictions of sovereign jurisdiction, financial infrastructures are isolated from each other, and the construction of global financial infrastructure is fragmented. And the dForce team is solving this problem by creating a collaborative financial protocol network that can break down financial barriers, pool global liquidity, create network effects, and liberate currency and financial infrastructure programmability on a global scale.

The dForce Foundation has also recently launched a new protocol to help users increase their yield — the Interest Optimization Protocol (DIP001). The interest optimization protocol aims to improve the efficiency of capital use by unlocking mortgage assets from the origination protocol and depositing them into the interest-earning protocol to obtain deposit interest. The interest income generated by mortgage assets will be redistributed to the contributors who initiated the agreement or used to repurchase and destroy the platform currency DF (DF is the platform currency of dForce, and its function is similar to MakerDAO's MKR, mainly used for transactions and community governance , network incentives, validator deposits and derivatives collateral, etc.).

In addition, the dForce Foundation also supports the following additional protocols: X-Swap, which supports the exchange between most ERC20-standard stablecoins, including USDx/USDC/PAX/TUSD/USDT, etc., and will optimize access to interest Protocol; dToken protocol, a generation protocol that marks all mainstream stable assets in the network; StableSwap, a liquidity protocol based on stablecoin reserves (similar to Uniswap), supports any ERC20 standard tokens through smart contracts exchange between. The above three agreements will cooperate with the interest optimization agreement to increase the return on investment for users.

"A 'super app' like WeChat is the holy grail for Chinese investors, and dForce is likely to become the first 'super network' to provide open financial services in the near future. By integrating a series of DeFi protocols, dForce will be on the blockchain in the future The chain field is bound to form a network effect, and the platform currency DF will capture the value generated by transactions on these protocols.” Mable Jiang, executive director of Multicoin Capital, is very optimistic about the development of dForce, “Min Dao and his team are experienced financial Practitioners have been studying the cryptocurrency market in depth for many years. dForce has already occupied a considerable market share in the Chinese market, so I am looking forward to dForce can seize the international market share in the future.”

Huobi Capital, a subsidiary of Huobi Exchange, also participated in this round of dForce’s strategic financing, “It is our honor to cooperate with dForce, and Huobi is currently developing its own products, such as HBTC and HUSD, we are very concerned about the DeFi ecosystem development. dForce currently has the most mature and comprehensive DeFi protocol in the market, and we are looking forward to cooperating with dForce.” Tony Qin, director of Huobi Capital, said.

China Merchants Bank International (CMBI) is an early investor in the dForce Foundation. This time, it has made additional investment in the dForce Foundation. China Merchants Bank International (CMBI) CMBI is the world's leading financial institution and is the subsidiary of China Merchants Bank, the fifth largest banking group in China. Wholly owned subsidiary.