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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

FRAX was deployed on Ethereum in December 2020 and was audited by CertiK. It boasts 254K verifiable transactions on Ethereum today.

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.

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.

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.

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.

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.

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.

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.

WBTC became available on Ethereum since November 2018 and has recorded over 3 million verifiable transactions since deployment.

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.

Ethereum network went live on 30 July 2015. ETH is widely adopted by almost all decentralized platforms.

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).

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.

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.

Binance Token (BNB) has undergone a security audit conducted by the Callisto Network Security Department in March 2019.

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.

Litecoin was launched on Oct. 7, 2011 by former Google and Coinbase engineer Charlie Lee, with 105 millions of transactions recorded on-chain.

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.

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.

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.

XRP has come into existence since Apr 18, 2011, earlier than ETH, with 669K on-chain transactions recorded.

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.

COSMOS lauched its genesis block in March 2019, with more than 8 million of on-chain transactions today.

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.

Cardano launched its genesis block in September 2017, with 31 million of on-chain transactions today.

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.

Filecoin launched its genesis block in October 2020.

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.

Polkadot launched the genesis block of its Relay Chain in May 2020. It records 11 million on-chain transactions today.

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.

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.

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.

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.

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.

LINK went live on Ethereum since Sep 16, 2017 with approximately 11 million transactions by far.

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.

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.

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.

PancakeSwap launched in September 2020 with 157 million verifiable on-chain transactions since its deployment.

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.

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.

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.

GOLDx became available on Ethereum since July 2020, with smart contract security audit completed by SlowMist.

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

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.

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.

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.

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.

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.

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.

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.

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