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Risk per Asset
We have performed risk assessment for all assets supported on dForce, with results presented as a scaled score:
Stable Assets
Overall Score
Smart Contract Risk
Financial Risk
Counterparty Risk
USDT
82
100
99
55
USDC
90
95
98
80
BUSD
83
70
98
75
DAI
89
83
93
88
TUSD
89
99
93
80
PAX
85
90
89
78
Other Assets
Overall Score
Smart Contract Risk
Financial Risk
Counterparty Risk
WBTC
80
78
93
68
HBTC
74
63
93
60
ETH
98
100
95
100
UNI
83
68
91
82
LINK
91
98
94
85
MKR
89
81
90
93
XRP
88
82
94
85
LTC
88
80
95
85
CAKE
81
84
90
70
BCH
88
80
96
85
XTZ
87
80
92
85
DF
72
73
63
80
GOLDx
75
55
79
80

USDT [Overall Score: 82]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
USDT was the first mainstream stablecoin in the market. It has been deployed on Ethereum since November 2017 with 114 million verifiable transactions 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$62 billion). USDT has the highest trading volume, at US$41.7 billion within 24h, according to Coin Market Cap.
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 Score: 90]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
USDC has been issued since September 2018. It is the oldest regulated stablecoin and second largest fiat stablecoin with approximately 21.5 million of on-chain transactions by far.
USDC has grown its presence in DeFi rapidly with a market capitalization of $26.6 billion and 24h trading volume of $2.1 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 Score: 83]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
BUSD has steadily been gaining traction since its deployment on Ethereum network on 10 September 2019. Despite the relatively short history, BUSD continues to grow its DeFi offerings as an emerging player with great potentials.
With $10 billion market capitalization and $3.3 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.

DAI [Overall Score: 89]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
DAI is the first decentralized stablecoin with much longer history than many other decentralized stablecoin projects. However, with the support of multi-collateral to mint DAI, smart contract risks associated increases and may require market validation over a longer period.
DAI is widely adopted in decentralized environment on Ethereum with a market capitalization of $5.5 billion and 24h trading volume of $341 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.

TUSD [Overall Score: 89]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
TUSD was first launched to a limited investor base in January 2018, and has achieved a total of 1.4 million verifiable transactions by far.
TrueUSD has a market cap of around $1.4 billion and a 24-hour trading volume of $74 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.

PAX [Overall Score: 85]

Created by Paxos, a financial technology company, Paxos Standard (PAX) is a flat-collateralized stablecoin and collateralized 1:1 through the USD held in Paxos-owned US bank accounts. Paxos Standard (PAX). The Paxos Standard (PAX) is the first digital asset to be issued by a financial institution and to be fully secured by the U.S. dollar.
Smart Contract Risk
Financial Risk
Counterparty Risk
Founded in September of 2018, PAX has recorded a total 0.7 million on-chain transactions by now.
PAX has become the most widely adopted cryptocurrency in the fastest time frame, with support from over 20 exchanges and OTC desks in the first five weeks of its existence. PAX has gained a market cap of $949 million with a 24-hour trading volume of $75 million.
PAX is the first digital asset to be issued by a financial institution and to be fully secured by the U.S. dollar. When there is a security threat, Paxos can pause transfers and approvals of the PAX Token, which introduced some level of counterparty risks.

WBTC [Overall Score: 80]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
WBTC became available on Ethereum since November 2018 and has recorded over 2.2 million verifiable transactions since deployment.
WBTC is the dominant BTC-pegged ERC20 tokens on Ethereum in terms of market capitalization ($6.5 billion) and 24h trading volume (approx. $142 million).
WBTC is a centralized Bitcoin with Bitgo playing the role of sole custodian with WBTC, hence we apply a relatively lower score.

HBTC [Overall Score: 74]

HBTC is a Ethereum-based BTC launched by Huobi Global (the largest crypto exchange in China) and is 100% backed by BTC reserves. It is currently the second largest BTC-pegged token on Ethereum in terms of market capitalization.
Smart Contract Risk
Financial Risk
Counterparty Risk
HBTC was deployed on Ethereum on 9 December 2019 by Huobi Global, who provides custodian service for BTC reserves and ensures full redemption of HBTC through Huobi Exchange.
HBTC has gained a market cap of US$225 million with around US$11 million trading volume in 24h.
HBTC is launched by Huobi Global, a leading global digital asset exchange. Since the custody of BTC reserves is also maintained by Huobi Global, we apply a lower score.

ETH [Overall Score: 98]

Ether (ETH) is the native cryptocurrency of Ethereum. Users need to pay gas fee denominated in ETH while interacting with smart contracts. A 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.
Smart Contract Risk
Financial Risk
Counterparty Risk
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$236 billion with around US$18 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.

UNI [Overall Score: 83]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
Uniswap was founded in 2018 but UNI came live on Ethereum since 16 September 2020, with 2.8 million verifiable on-chain transactions since deployment.
Uniswap is the largest decentralized exchange with a market capitalization of more than $20 billion and 24h trading volume of $397 million. It ranks #11 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.
Smart Contract Risk
Financial Risk
Counterparty Risk
LINK went live on Ethereum since Sep 16, 2017 with over 9.6 million transactions by far.
LINK is among the most popular cryptocurrencies in the market with a market capitalization of around $11.6 billion and trading volume of around 1.5 billion 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 Score: 89]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
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 1.5 million of verifiable transactions.
MKR has a market capitalization of around $3.6 billion with a 24-hour trading volume of around $141 million.
The MKR token is decentralized and non-custodial, allowing holders to directly participate in the process of governing MakerDAO. It boasts over 80K holders with manageable centralization risks.

XRP [Overall Score: 88]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
XRP has come into existence since Apr 18, 2011, earlier than ETH, with 1.4 million on-chain transactions recorded.
As of Aug 26, XRP market cap ranks #6 among the cryptocurrency market at around $53 billion, with a 24-hour trading volume of $5.9 billion.
The Ripple network, although decentralized, is owned and operated by a private company with the same name.

LTC [Overall Score: 88]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
Litecoin was launched on Oct. 7, 2011 by former Google and Coinbase engineer Charlie Lee, with 810K transactions recorded on-chain.
Litecoin (LTC) is one of the top-10 cryptocurrencies with a market cap of $11.6 billion and a 24-hour trading volume of $1.9 billion.
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.

CAKE [Overall Score: 81]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
PancakeSwap launched in September 2020 with 998 million verifiable on-chain transactions since its deployment.
CAKE has a market cap of $5.4 billion with a 24-hour trading volume of $668 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.

BCH [Overall Score: 88]

Bitcoin Cash (BCH) is a peer-to-peer electronic cash system. It is a fork of Bitcoin as a result of a chain split when a certain group of Bitcoin developers became dissatisfied with Bitcoin’s overall scalability direction.
Smart Contract Risk
Financial Risk
Counterparty Risk
Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin, with 68,279 on-chain transactions and more than 17 million holders.
BCH has a market cap of $12 billion with a 24-hour trading volume of $3 billion.
As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors.

XTZ [Overall Score: 87]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
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 68 million on-chain transactions recorded.
XTZ has a market cap of $3.8 billion with a 24-hour trading volume of $608 million.
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.

DF [Overall Score: 72]

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 an integrated and interoperable open finance and monetary protocol matrix covering lending, asset, trading.
Smart Contract Risk
Financial Risk
Counterparty Risk
dForce Token (DF) was audited by PeckShield and has been deployed on Ethereum for more than one year with 58K verifiable on-chain transactions.
DF is a ERC20 token deployed on Ethereum with a circulating market capitalization of $128 million and 24h trading volume of $1 million. Since the circulating 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.

GOLDx [Overall Score: 75]

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.
Smart Contract Risk
Financial Risk
Counterparty Risk
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 $124 million with $9.4 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.
Last modified 5d ago
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