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There's definitely no doubt that Decentralized Finance has been one of the most trending conversation in the crypto space due to the benefits and features it offers to users. Even though the concept of Decentralized Finance (DeFi) may become insufficient in our world today without including the concept of Web3.
The good news is that the rapidly evolving landscape of Decentralized Finance has recently witnessed a significant collaboration as dForce, a prominent player in the DeFi ecosystem partners with Conflux Network which has led to the "dForce Conflux Boost" initiative programme.
In this blog post, I'll be sharing with you some important benefits to expect from this significant collaboration and how it tends to impact the both DeFi and Web3 space. Also, we will also be exploring the recent brand changes experienced by dForce and I definitely hope you'll find this content highly informative.
Before delving into the required details which includes the benefits to expect from this recent collaboration, i think it's best we make a little review about what Conflux Network is all about without neglecting that of dForce.
Brief Review About Conflux Network
Conflux Network is a public blockchain known for its exceptional performance, an innovative dual-space design, and a unique consensus mechanism. These distinctive features enables Conflux Network to provide a rapid, secure, and Decentralized platform (Web3) that caters to a variety of applications without leaving behind Decentralized Finance (DeFi) and gaming.
Conflux Network makes use of a hybrid consensus mechanism that combines the strengths of Proof of Work (PoW) and Proof of Stake (PoS). This blend ensures a high level of security, throughput, and decentralization. Conflux's Proof of Work consensus leverages the Tree-Graph ledger structure and the GHAST algorithm which result in an impressive transaction throughput of up to 3,000 transactions per second and confirmation times within a minute. All of this is achieved while maintaining Decentralization levels with respect to those of established blockchain networks like Bitcoin and Ethereum.
Conflux Network Proof of Stake consensus mechanism enhances network finality, reducing the vulnerability to 51% attacks. In essence, Conflux is well-equipped to efficiently process a substantial volume of transactions, making it a robust and trustworthy platform suitable for a wide array of applications.
Brief Review About dForce
dForce on the other hand is known for promoting the development of comprehensive suite for Decentralized Finance protocols including assets, lending and trading operation which makes it a Decentralized infrastructure within the Web3 space. It is currently supported on Ethereum, Arbitrum, Optimism, Polygon, Binance Smart Chain (BSC) and KAVA Chain.
dForce is accessible to all users with internet connectivity which makes it permissionless and open. It also ensures minimal trust cost and a non-custodial system, granting users complete ownership of their crypto assets. With an open-source nature, anyone can integrate with dForce and create their own products on dForce protocols. dForce has it's token known as dForce (DF) token which helps to empower the network's governance.
It also has it's stable coin pegged to a dollar known as USX. USX is an over-collateralized stablecoin which incorporates various minting modules such as global-pool, vault, and LSR. Its dollar peg is primarily influenced by a hybrid interest policy which enhances liquidity on the secondary market through adjustable lending and borrowing rates on supported protocols. Utilizing the LSR module, USX is directly tradable at a 1:1 ratio with other supported stablecoins through dForce Trade.
dForce Rebranding With Unitus Finance
The initiation of the dForce X Plan involves the rebranding of dForce Lending protocol, starting with the emergence of Unitus Finance. As the first protocol stemming from dForce Lending under the X Plan, it undergoes a relaunch featuring innovative tokenomics designed to enhance the overall dForce ecosystem.
There's definitely also no doubt that on the October 7th, 2023, the dForce governance unanimously approved the dForce X Plan. This plan enables dForce to create significant and efficient protocols for its derivatives with each featuring unique tokens and tokenomics model. The aim of this strategic move is to enhance efficiency, elevate the dForce (DF) token as a governance asset capturing value, and align interests across diverse segments of the dForce ecosystem.
Unitus Finance is pioneering as the inaugural protocol to leverage the opportunities presented by the X Plan and separate from dForce, specifically originating from its Lending protocol. As of now, Unitus Finance is utilizing the dForce Lending code as a foundation, enhancing it to introduce an innovative Money Market in the crypto space.
Benefits To Expect From Conflux - dForce Strategic Partnership
The Conflux Network and dForce strategic collaboration will provide more potential benefits in both Web3 community and the DeFi ecosystem through the below ways;
#1 SCALABILITY AND PERFORMANCE
Conflux Network is drastically known for it's Tree-Graph Consensus Mechanism which combines elements of both Proof-of-Work (PoW) and Proof-of-Replication (PoR). The Tree-Graph structure allows multiple blocks to be mined simultaneously which helps to improve throughput.
Since Conflux Network focus on high performance and efficient throughput, this could potentially enhance the scalability of Deforce protocols which helps to ensure a seamless and efficient user experience.
#2 INTEROPERABILITY AND CROSS CHAIN INTEGRATION
As stated earlier, dForce rebranding with Unitus Finance will reshape the DeFi Ecosystem by incorporating dForce's native USX stablecoin, Unitus Finance provides users with a genuine multichain experience. This enables them to secure omni USX liquidity using collaterals across various blockchain networks.
The collaboration allows for interoperability between Deforce and Conflux. Users from both ecosystems can efficiently engage with various protocols and applications seamlessly which makes it more easier for assets and information to flow between the two networks. This interoperability enhances the overall efficiency and utility of both platforms. With Conflux Network included on the supported chains, Deforce gains access to a diverse user base and increased liquidity which fosters cross-chain integration.
#3 DEVELOPMENT IN DECENTRALIZED FINANCE
Conflux Network strategic partnership with dFlux will also impact the world of Decentralized Finance (DeFi) in a more positive way through the improvements of scalability, security, and interoperability activities. The community can also benefit from more efficient and user-friendly decentralized applications dApps) and the overall ecosystem may see increased adoption as a result of these advancements.
Also, operations such as lending, staking, farming and swapping operation will become more efficient and effective which could lead to the creation of significant solutions and development in the DeFi ecosystem.
#4 ECOSYSTEM GROWTH AND ADOPTION
One of the major benefit to expect from this collaboration is that this strategic partnership will impact the Web3 and DeFi ecosystem growth. The collaborative innovation between Deforce and Conflux has the potential to attract attention from developers, Web3 projects and users seeking cutting-edge solutions. This can contribute to the growth and development of the DeFi ecosystem as a whole. Also as new and improved protocols are introduced in DeFi it makes the space more dynamic and adaptable to evolving market needs.
CONCLUSION
In conclusion, the collaboration between Deforce and Conflux Network will have more positive significant effect towards a more interconnected and robust decentralized financial landscape. This partnership not only showcases the adaptability of leading projects in the space but also brings about developments and innovations that lie ahead for the DeFi community. The collaboration holds the promise of sparking innovation by leveraging the unique strengths of Deforce and Conflux. This joint effort could lead to the development of pioneering solutions and advancements that not only benefit the collaborating projects but also contribute to the overall progress and evolution of the DeFi ecosystem.
https://medium.com/dforcenet/july-dforce-ecosystem-report-1d9c406f5ae1 https://medium.com/dforcenet/october-dforce-ecosystem-report-8130b11227e8 https://unitus.medium.com/introducing-unitus-finance-the-future-of-defi-money-markets-de460db3193f https://x.com/Conflux_Network/status/1725153554950680701?s=20Reference Links
I'm Adebola, a proud graduate in Agricultural Engineering (BSC). My passion for self-development and productivity drives me to constantly seek knowledge and conduct research. Over the last five years, I've immersed myself in the world of cryptocurrency and blockchain, growing more enthusiastic by the day. My diverse hobbies include reading, writing, enjoying good food, participating in agricultural activities, traveling, designing, and blogging. I possess a range of skills, including content writing, graphic design, UI/UX design, copywriting, internet marketing, research, data analysis, and basic coding. Don't hesitate to connect with me through the links below;
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