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Risk Per Asset

We have performed risk assessment for all assets supported on dForce Lending, with a scaled score as below:

Risk Assessment

USDT [Overall Rating: 94]

Formerly known as RealCoin, Tether (USDT) was established in 2014. It is the oldest fiat-backed stablecoin and dominates the current stablecoin landscape. Tether Limited is responsible for custody of fiat reserves.
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USDT was the first mainstream stablecoin in the market. It has been deployed on Ethereum since November 2017 with 139 million verifiable transactions (Ethereum only) up to date.
USDT is the most widely used stablecoin and the third largest cryptoassets following Bitcoin and Ethereum in terms of market capitalization (approx. US$81 billion). USDT has the highest trading volume, at US$44 billion within 24h, according to CoinMarketCap.
USDT is centrally managed by Tether Limited, with crypto exchange Bitfinex sharing the same management and corporate structure (iFinex as the parent company). USDT has been significantly de-risked in 2021, with increased transparency on the breakdown of its reserves (examined by Moor Cayman) and the release of Consolidated Reserve Report.

USDC [Overall Rating: 94]

USDC is a dollar-backed stablecoin powered by CENTRE, an open-source initiative established by Circle and backed by Coinbase. USDC is operating within the regulatory framework of U.S. and foreign money transmission laws and working with established banks and auditors.
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USDC has been issued since September 2018. It is the oldest regulated stablecoin and second largest fiat stablecoin with approximately 35 million of verifiable transactions on Ethereum by far.
USDC has grown its presence in DeFi rapidly with a market capitalization of $52 billion and 24h trading volume of $2.3 billion.
USDC is still heavily reliant on its centralized issuer (CENTRE); though it is more regulated than USDT, it is still subject to potential regulatory recapture.

BUSD [Overall Rating: 91]

BUSD is a regulated digital dollar launched by Binance in partnership with Paxos. BUSD can be purchased and redeemed at 1 BUSD for 1 US dollar. Paxos Trust Company is the fiat reserve custodian of BUSD.
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BUSD has steadily been gaining traction since its deployment on Ethereum network on 10 September 2019. It has over 235 million verifiable transactions on Ethereum and Binance Smart Chain up to date.
BUSD is the dominate stablecoin on Binance Smart Chain and grow its DeFi offerings as an emerging player across other blockchains rapidly. With $17.6 billion market capitalization and $3.7 billion trading volume in 24h, BUSD is now the third largest stablecoin on the market.
BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Serves (NYDFS), issued by Binance in partnership with Paxos. Paxos Trust Company maintains custodian service for USD reserves of BUSD.

TUSD [Overall Rating: 87]

TrueUSD (TUSD) is a stablecoin pegged to USD at 1:1 launched by TrustToken, a platform for tokenizing real-world assets. TrueUSD’s equivalent redeemability for USD is maintained via partnerships with banks and fiduciary entities.
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TUSD was first launched to a limited investor base in January 2018, and has achieved a total of 1.4 million verifiable transactions on Ethereum by now.
TrueUSD has a market cap of around $1.5 billion and a 24-hour trading volume of $131 million.
TrustToken is a platform that creates the tokens backed by assets that can easily be purchased and sold all around the world, and the first asset token of TrustToken is TrueUSD. The USD funds are regularly verified in scheduled attestations by a very much trusted auditing firm and kept safely in a third-party account.

DAI [Overall Rating: 88]

DAI is the first decentralized and on-chain collateralized stablecoin, backed by a number of cryptoassets of supreme quality. ‘Maker’ is the entity that powers the generation of DAI.
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DAI is the first decentralized stablecoin with much longer history than many other decentralized stablecoin projects. It has been widely accepted across the broader DeFi ecosystem as one of the dorminate stablecoins.
DAI records a market capitalization of $10 billion and 24h trading volume of $189 million (mostly through DEX).
DAI is fully operating in a decentralized manner. Though it introduced other regulated assets as collateral, its decentralized governance and a variety composition of assets expose itself to less counterparty risk than regulated stablecoin.

FRAX [Overall Rating: 69]

FRAX is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
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FRAX was deployed on Ethereum in December 2020 and was audited by CertiK. It boasts 254K verifiable transactions on Ethereum today.
FRAX has a market capitalization of $2.6 billion with a daily trading volume of 19 million. Frax has experienced less volatility than the rest of the algorithmic stablecoins.
FRAX is fully decentralized and can continue to function without the team. Governance decisions are facilitated through Snapshot by FXS holders collectively.

USX [Overall Rating: 71]

USX is a stablecoin and built-in feature of dForce Lending. It keeps a 1:1 value with the U.S. dollar through an automated system of smart contracts. USX is currently deployed on Ethereum, Arbitrum, Optimism, Binance Smart Chain to support multi-chain expansion of dForce.
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USX was firstly deployed on Ethereum and BSC in May 2021, with extensive audit check performed by Trail of Bits, ConsenSys Diligence, CertiK, and Certora.
USX has a market capitalization of $176 million across Ethereum, Arbitrum, BSC today. The implementation of PDLP effectively tackles liquidity shortage for whitelisted protocols (mainly lending, bridge, and DEX trade without impermanent loss) integrated with USX.
Similar to DAI, USX is fully operating in a decentralized manner, removing the need for an intermediary to facilitate financial activities.

EUX [Overall Rating: 64]

EUX is the Euro version of USX, a stablecoin and built-in feature of dForce Lending, which keeps a 1:1 value with the Euro dollar through an automated system of smart contracts. EUX is currently deployed on Ethereum, Arbitrum, Binance Smart Chain to support multi-chain expansion of dForce.
Smart Contract Risk
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EUX was firstly deployed on Ethereum and BSC in May 2021, with extensive audit check performed by Trail of Bits, ConsenSys Diligence, CertiK, and Certora.
EUX has a market capitalization of $1 million on Ethereum and BSC today. The implementation of PDLP effectively tackles liquidity shortage for whitelisted protocols (mainly lending, bridge, and DEX trade without impermanent loss) integrated with EUX.
Similar to DAI and USX, EUX is fully operating in a decentralized manner, removing the need for an intermediary to facilitate financial activities.

sUSD [Overall Rating: 70]

Synthetix is a protocol for the issuance of synthetic assets that tracks and provides returns for another asset without requiring you to hold that asset. sUSD is the synthetic stablecoin asset on the Synthetix platform, whose value tracks that of the US Dollar.
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sUSD was launched by Synthetix protocol in June 2018. The Synthetix protocols have gone through multiple audits by Iosiro. Today, sUSD records 877k on-chain transactions with 14k holders on Ethereum.
sUSD has a market capitalization of $142m with a 24h trading volume of 58m. Most of the trades take place on decentralized exchanges including Uniswap V2 & V3, Curve, Sushiswap, etc. sUSD’s price remains quite constant at $1.
Synthetix is one of the oldest DeFi projects that has a decentralized governance structure through the SynthetixDAO, which has several key governing bodies co-existing and aligned by SNX tokens to enable the decentralized nature of the Protocol.

WBTC [Overall Rating: 82]

WBTC is the first ERC20 token backed 1:1 with Bitcoin, which was jointly initiated by Kyber, Ren, and BitGo. WBTC has been audited by multiple third-party audit firms including Solidified Technologies, ChainSecurity and Coinspect.
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WBTC became available on Ethereum since November 2018 and has recorded over 3 million verifiable transactions since deployment.
WBTC is the dominant BTC-pegged ERC20 tokens on Ethereum in terms of market capitalization ($11 billion) and 24h trading volume (approx. $174 million).
WBTC is a centralized Bitcoin with Bitgo playing the role of sole custodian with WBTC, hence we apply a relatively lower score.

ETH [Overall Rating: 98]

Ether (ETH) is the native cryptocurrency of Ethereum. Users need to pay gas fee denominated in ETH while interacting with smart contracts. The majority number of decentralized applications are currently built on Ethereum, with ETH accounting for the biggest slice of pie of the total funds staked in DeFi projects.
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Ethereum network went live on 30 July 2015. ETH is widely adopted by almost all decentralized platforms.
ETH is the second largest crypto asset following BTC, and has gained a considerable market cap of US$351 billion with around US$15 billion trading volume in 24h.
Ethereum is open-source and transparent, it is one of the strongest blockchain communities with tens of thousands of developers, technologists, users, HODLers, and enthusiasts all over the world.

wstETH [Overall Rating: 72]

stETH is a token that represents staked ETH with Lido, allowing users to earn ETH 2.0 staking yield without locking Ethers (aka liquid staking Ether). Users who stake with Lido will receive daily rewards in the form of stETH balance, which accrues automatically over time. stETH can be traded or transferred at any time.
wstETH stands for wrapped stETH, a DeFi-compatible version of the stETH token which allows for easier integrations with DeFi protocols. As most DeFi protocols require a constant balance mechanism for tokens, Lido lets you ‘wrap’ your stETH into wstETH to keep your balance of stETH fixed. Instead of updating daily, wstETH uses an underlying share system to reflect your earned staking rewards.
Lido is a decentralized liquid staking solution built on Ethereum 2.0’s Beacon chain and is governed by the Lido Decentralized Autonomous Organization (DAO).
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The Lido code is open-sourced, audited and covered by extensive bug bounty program. wstETH records 14K verifiable on-chain transactions since its launch in February 2021.
stETH is the dominant liquid staking solution for ETH with a market capitalization of $6.5 billion, accounting for 88.1% of the total staked ETH. The stETH/ETH pool on Curve facilitates a daily volume of $11K.
Lido is a DAO. Decisions in the Lido DAO are made through proposals and votes - community members manage protocol parameters, node operators, oracle members and more. The Lido staking infrastructure for stETH consists of 9 node operators, with a focus on decentralization.
Lido relies on a set of oracles to report staking rewards to the smart contracts. Their maximum possible impact is limited by the recent upgrade, and the operators of oracles are all well-known entities including Stakefish, Certified One, Chorus, Staking Facilities and P2P.

BNB [Overall Rating: 95]

BNB is the native token of the Binance Chain and powers the entire Binance Ecosystem. BNB can be used to fuel transactions on Binance Chain and Binance Smart Chain, pay transaction fees on Binance Exchange, and settle in-store payments.
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Binance Token (BNB) has undergone a security audit conducted by the Callisto Network Security Department in March 2019.
BNB is fourth largest cryptocurrency with $65 billion market capitalization and 24-hour trading volume of $1.2 billion.
Binance Token (BNB) is backed by Binance, the world's largest cryptocurrency exchange platform. Binance has strong community base with 7.6 million of followers on Twitter, 21K subscribers on Telegram, and more than 1 million holders of BNB.

LTC [Overall Rating: 91]

Litecoin (LTC) is a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. It was designed to provide fast, secure and low-cost payments confirmation schedule over Bitcoin.
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Litecoin was launched on Oct. 7, 2011 by former Google and Coinbase engineer Charlie Lee, with 105 millions of transactions recorded on-chain.
Litecoin (LTC) ranks #20 with a market cap of $10 billion and a 24-hour trading volume of $717 million.
Litecoin (LTC) is decentralized money, free from censorship and open to all. Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network without the need to rely on any central authority.

BCH [Overall Rating: 92]

Bitcoin Cash is a Bitcoin hard fork advocating for and building towards a literal interpretation of Bitcoin as a "peer-to-peer electronic cash system". It views cheap peer to peer transactions as the core value proposition of the network and is dedicated to increasing block sizes and on-chain transaction throughput in pursuit of this goal. Bitcoin Cash believes that starting as a medium of exchange is the superior route to becoming money in opposition to Bitcoin's strategy of first optimizing for securely storing value.
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Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin, with 353K on-chain transactions and more than 21 million holders.
BCH ranks #26 with a market cap of $6.7 billion with a 24-hour trading volume of $4.8 billion.
Bitcoin Cash is resistant to political and social attacks on protocol development. No single group or project can control it. Multiple implementations also provides redundancy to ensure that the network retains 100% uptime.

XRP [Overall Rating: 84]

Ripple is a technology that is mainly known for its digital payment network and protocol. Ripple describes itself as a global payments network and counts major banks and financial services amongst its customers. XRP is used in its products to facilitate quick conversion between different currencies.
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XRP has come into existence since Apr 18, 2011, earlier than ETH, with 669K on-chain transactions recorded.
XRP ranks #6 on CoinMarketCap with a market capitalization of 79 billion and 24-hour trading volume of 2.5 billion.
XRP is a cryptocurrency aiming to increase the speed and reduce the cost of transferring money between financial institutions. Underpinning Ripple's xRapid product, an on-demand liquidity solution, XRP is used as a bridge currency for financial institutions exchanging value between multiple fiat currencies. XRP is the native token of the XRP Ledger, an open-source cryptographic ledger powered by a peer-to-peer network of nodes.

ATOM [Overall Rating: 95]

ATOM is the native token of the Cosmos network, used for staking, transaction payment, and governance voting. Cosmos, widely known as ‘Internet of Blockchains’, launched mainnet in March 2019. It aims to tackle the lack of interoperability across different blockchains and functions as a bridge for blockchains to communicate with each other in a seamless manner.
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COSMOS lauched its genesis block in March 2019, with more than 8 million of on-chain transactions today.
ATOM ranks #21 on CMC with a circulating market capitalization of $7.4 billion and 24h trading volume of $469 million.
The Cosmos Hub, also known as "Gaia," is a proof of stake chain with a native token, ATOM, that serves as a hub for IBC packet routing among blockchains within the Cosmos network. Cosmos has 367K followers on Twitter and 20K subscribers on Telegram.

ADA [Overall Rating: 97]

ADA is the native token of the Cardano network, a decentralized open-source project that runs a public blockchain platform for smart contracts, providing secure and sustainable environment for decentralized applications. ADA is used for transacting and paying for smart contract operations.
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Cardano launched its genesis block in September 2017, with 31 million of on-chain transactions today.
ADA ranks #7 on CMC with a circulating market capitalization of $46 billion and 24h trading volume $1.2 billion.
Cardano is an open-source, smart-contract platform that aims to provide multiple features through layered design. The network features a native token called ADA that gives stakers a claim on new issuance in proportion to their holdings and allows users to pay for transactions. Cardano has 1.2 million followers on Twitter and 47K members on Telegram.

FIL [Overall Rating: 93]

FIL is the native token powering the Filecoin network, which launched mainnet in October 2020. Filecoin is a distributed network that leverages the power of blockchain technology to provide a peer-to-peer system facilitating file storage, sharing and retrieval. Filecoin users pay miners for storage, retrieval, and distribution of data, while miners get FIL rewards for providing such services.
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Filecoin launched its genesis block in October 2020.
FIL ranks #43 on CMC with a circulating market capitalization of $3.2 billion and 24h trading volume of $286 million.
Filecoin is a decentralized data storage network built by Protocol Labs that allows users to sell their excess storage on an open platform. It has 139K followers on Twiter and 14K subscribers on Slack.

DOT [Overall Rating: 98]

Launched in May 2020, Polkadot was originally conceived by Ethereum co-founder Dr. Gavin Wood to solve the issue of interoperability between blockchains. DOT is the native token of the Polkadot network, serving three distinct purposes: governance, staking and bonding.
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Polkadot launched the genesis block of its Relay Chain in May 2020. It records 11 million on-chain transactions today.
DOT ranks #12 on CMC with a circulating market capitalization of $20 billion and 24h trading volume of $781 million.
Polkadot is an open-source multichain network that facilitates interoperability between public blockchains, with a target to power the cross-blockchain transfer of tokens, data, and any type of assets. Polkadot has 1.1 million of followers on Twitter and over 210 subscribers on Telegram.

XTZ [Overall Rating: 88]

Tezos is a decentralized, open-source Proof of Stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is XTZ.
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Tezos was first proposed in a whitepaper published in 2014. Its testnet was launched in June 2018, and its mainnet went live in September 2018, with a total 79 million on-chain transactions recorded today.
XTZ has a market cap of $3.4 billion with a 24-hour trading volume of $106 million.
Tezos is an open-source platform for assets and applications that can evolve by upgrading itself. Tezos has a active community with 337K followers on Twitter and 200K subscribers on Telegram, and more than 2.5 million holders of XTZ today.

UNI [Overall Rating: 86]

UNI is the governance token of Uniswap, a decentralized exchange allowing for automated and permission-less token exchange on Ethereum and the most popular Dapp by far. Uniswap logs more than $1 billion in daily volume, with a total market capitalization of more than $17 billion.
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Uniswap was founded in 2018 but UNI came live on Ethereum since 16 September 2020, with 3.3 million verifiable on-chain transactions since deployment.
Uniswap is the largest decentralized exchange with a market capitalization of more than $10.3 billion and 24h trading volume of $138 million. It ranks #23 on CoinMarketCap in terms of market capitalization.
Uniswap is a DEX allowing buyers and sellers to exchange ERC-20 tokens in a trustless and permission-less manner, and do not rely on intermediaries to facilitate the process.
LINK is issued by Chainlink, a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, securing billions in value for leading DeFi applications in the market.
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LINK went live on Ethereum since Sep 16, 2017 with approximately 11 million transactions by far.
LINK is among the most popular cryptocurrencies in the market with a market capitalization of around $15 billion and trading volume of around 506 million within 24 hours.
Chainlink holds decentralization at its core by using a large collection of node operators to collectively offer price feeds for a wide range of decentralized applications. It’s open sourced and presents low centralization risk.

MKR [Overall Rating: 78]

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol based on Ethereum that allows users to issue and manage the DAI stablecoin. The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene.
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Initially conceived in 2015 and fully launched in December 2017, Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene with over 1.6 million of verifiable transactions.
MKR ranks #55 on CMC with a market capitalization of 1.9 billion and 24-hour trading volume of 47 million.
The MKR token is decentralized and non-custodial, allowing holders to directly participate in the process of governing MakerDAO. It boasts over 1.6 million holders with manageable centralization risks.

CAKE [Overall Rating: 83]

CAKE is the governance token for PancakeSwap, a Binance Smart Chain-based decentralized exchange (DEX) that was launched by anonymous developers. It is the biggest Automated Market Maker (AMM) based exchange on BSC, allowing users to exchange tokens, providing liquidity via farming and earning fees in return.
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PancakeSwap launched in September 2020 with 157 million verifiable on-chain transactions since its deployment.
CAKE has a market cap of $2.1 billion with a 24-hour trading volume of $143 million.
Similar to Uniswap, PancakeSwap is an automated market maker (AMM) that features liquidity pools where users can earn trading fees and CAKE rewards from providing liquidity in a decentralized manner, and do not rely on intermediaries to facilitate the process.

DF [Overall Rating: 71]

dForce Token (DF) is the utility and governance token of dForce, facilitating governanvece, risk buffer and interest alignment across dForce network, which advocates for building a complete set of DeFi protocols covering lending, assets, trading.
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dForce Token (DF) was audited by PeckShield and has been deployed on Ethereum for more than one year with over 100K verifiable on-chain transactions.
DF is a ERC20 token deployed on Ethereum with a market capitalization of $104 million and 24h trading volume of $6.7 million. Since the market cap and trading volume are smaller than other assets accepted, we apply a relatively lower score.
dForce protocols are open-sourced and permission-less. Everyone with internet connection can participate with the same level of access, without interventions of intermediaries.

AAVE [Overall Rating: 81]

GOLDx is a gold token denominated in grams and launched by dForce. As a synthetic gold token backed by gold token reserves (currently with PAXG as its sole constituent, which is adjustable through on-chain governance), GOLDx is featuring zero transaction fees (excluding fee levied by Paxos for on-chain transactions of PAXG)) and is 100% compatible with all DeFi protocols.
PAXG is a gold token regulated by NYDFS and is 100% back by London Good Delivery physical gold bar certified by the London Bullion Market Association.
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GOLDx became available on Ethereum since July 2020, with smart contract security audit completed by SlowMist.
As a wrapper of PAXG, GOLDx tracks the spot price of gold from LME (London Metal Exchange) and is always redeemable for real gold through PAXG, which has a circulating market capitalization of $375 million with $37.6 million trading volume in 24h. The market risk is correlated to gold price.
GOLDx is currently 100% backed by PAXG. Anyone can use the protocol to mint GOLDx with PAXG, or burn GOLDx to get back your PAXG deposit.
Paxos is a chartered trust company regulated by the New York State Department of Financial Services (NYDFS). It has opened accounts with Brink’s bullion vaults in London, which will maintain the vault or vaults for storage of allocated gold corresponding to PAXG.

MATIC [Overall Rating: 89]

Polygon, previously known as Matic Network, is a decentralized Ethereum scaling platform that enables developers to build user-friendly apps with low transaction fees. MATIC is the native cryptocurrency that powers the Polygon Network, which can be used to pay transaction fees and participate in proof-of-stake consensus
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Polygon launched as Matic Network in 2017 and rebranded to Polygon Network in February 2021. It holds more than 1,810m on-chain transactions with 149m unique addresses and has gained significant traction with hundreds of protocols contributing to the network.
MATIC records a market capitalization of $3,693m with $900m trading volume in 24 hours, and is available on many centralized & decentralized exchanges with high liquidity.
Polygon has a community with tens of thousands of developers, validators, token holders, creators, builders and believers alike. The MATIC token is designed to enable network governance where token holders can vote on Polygon Improvement Proposals (PIPs).

OP [Overall Rating: 71]

Optimism is one of the layer 2 scaling solutions powered by Optimistic rollups technology, which bundle large amounts of transaction data into digestible batches. Optimism is much cheaper to use than Ethereum, and it’s increasingly becoming popular along with other layer 2s, such as Arbitrum. OP is the native cryptocurrency of the Optimism network, giving holders participation rights in the governance system.
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Optimism is currently one of the most popular Ethereum layer 2 solutions with a total of $280 million locked into its smart contracts. It records 13.5m verifiable transactions on-chain with 1.2m unique addresses.
OP has a market capitalization of $115m with a 24h trading volume of $107m. It is currently traded on many centralized & decentralized exchanges with a decent volume.
Optimism network adopts a two-tier governance system composed of ‘Token House’ and ‘Citizens House’. The two parties mostly oversee different objectives with the Token House tasked with project incentives, protocol upgrades and treasury funds, while the Citizens’ House is focused on retroactive public goods funding.

CRV [Overall Rating: 80]

Curve is a decentralized exchange liquidity pool specially designed for swapping between stablecoins with low fees and slippage. CRV is used to participate in the CurveDAO, a time-weighted voting system that favors long-term liquidity with added incentives.
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Curve Finance launched the CRV token in August 2020. The contract has been reviewed by 3 audit firms including Trail of Bits, Quantstamp and MixBytes.
As one of the top performing DeFi projects, CRV has a market capitalization of $354m. Today, about 30% of the CRV tokens have been locked into Voting Escrow Curve (veCRV), the rest are available on top exchanges with a 24h trading volume of $103m.
Curve Finance is fully decentralized - they launched CurveDAO to manage changes to their protocol. Anyone with a minimum number of veCRV (Voting Escrow Curve) tokens is able to propose an update to the Curve protocol. Holders vote to reject or accept a proposal by locking up CRV tokens. The longer the CRV token is locked up, the more voting power it has.

renFIL [Overall Rating: 64]

The Ren protocol (previously Republic Protocol) is designed to provide interoperability by allowing people to transfer cryptocurrency across different blockchains. Users can convert Filecoin’s FIL to an ERC-20 or BRC-20 token using the RenBridge and convert it back to FIL. 1 renFIL represents 1 FIL on Filecoin network.
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The Ren protocol has completed audits by ChainSecurity, Consensys Diligence and Trail of Bits. 187k renFIL tokens have been minted on Ethereum since October 2020 with 9k verifiable transfers on-chain.
Users can use RenBridge to mint or redeem renFIL at any time. FIL has a market capitalization of $1.2 billion with 24h hour trading volume of $109m.
Ren protocol is governed entirely by code, the RenVM network is also trustless, meaning there is no central authority that can stop users from minting or redeeming renFIL tokens.