Project Name: dForce
Author Name: Margaret
Number of OP tokens to claim: 300,000 OP
L2 Recipient Address: 0x69C1a51711B061E5935c648beb16e349898B17dF
Defillama TVL (at snapshot): $5.4m
Optimism alignment (up to 200 word explanation):
dForce is highly aligned with Optimism with a comprehensive set of DeFi protocols covering stablecoin, lending, trading. dForce is currently deployed on Ethereum, Optimism, Arbitrum, BSC with a TVL of over $255m. It is currently #1 lending protocols on Arbitrum and #4 lending protocols on BSC by TVL.
USX is an over-collateralized stablecoin implementing both Pool model and Vault model. USX can be minted through Vault (single collateral & risk-isolated), or via borrowing from supported lending protocols (pool-based & multi-collateral & market-driven rates) directly. Powered by liquidity modules, USX can effectively combat liquidity shortage by adding or removing liquidity from supported lending protocols in response to market demands, and generate profits from multiple sources for DF holders.
USX and dForce lending protocols have undergone extensive code reviews and security audits by Trail of Bits, ConsenSys Diligence, CertiK, Certora (formal verification), with a bug bounty launched through Immunefi. We have withstood a number of market downturn and are battle-tested with more than three years of operation on-chain.
dForce is thrilled to join the Optimism ecosystem and service its users with secure and reliable DeFi products.
Proposal for token distribution (under 1000 words):
Distribute OP tokens to incentivize users, developers, partners who can help grow dForce on Optimism.
How will the OP tokens be distributed?
Distribution of OP will be decided by DF holders through governance, with the following distribution schedule proposed:
- 50% for users who use dForce protocols on Optimism through liquidity mining
- 30% for developers who build on dForce protocols
- 20% for marketing campaigns (Optimism focused events)
How will this distribution incentivize usage and liquidity on Optimism?
dForce is currently deployed on Ethereum, Optimism, Arbitrum, BSC, with a couple of others underway. We have reached a TVL of $255m, according to DeFiLlama.
Most of the OP tokens will be used to educate market participants on how to use dForce on Optimism and ultimately returned to dForce users on Optimism through liquidity mining.
Why will the incentivized users and liquidity remain after incentives dry up?
20% of the OP tokens will be allocated to marketing campaigns which help users get to know Optimism, and 50% of the OP tokens will be returned to users who actually contribute TVL to the Optimism ecosystem. Once they migrate to Optimism and are accustomed to the ecosystem, there is a good chance for them to become regular users and reside on Optimism.
We also plan to use the remaining OP tokens to reward developers who innovate and build on dForce protocols to explore more interesting use cases which is beneficial to Optimism in the long run.
Over what period of time will the tokens be distributed?
We anticipate that these incentives will be distributed over a 6-24 months’ time frame.
How much will your project match in co-incentives?
dForce DAO already has DF token allocation to facilitate the expansion on L2, which will be utilized to reward participants on Optimism.