Summary
dForce proposes to add lending support to FEI on Ethereum, and would also like to gain support from PCV to allocate 30m FEI to bootstrap the market.
Background
dForce advocates for building a full set of DeFi protocols covering assets, lending, and trading. dForce Lending is currently #1 lending protocol on Arbitrum in terms of TVL and #3 lending protocol on BSC in terms of borrowing volume.
dForce Lending has undergone extensive code reviews and security audits by Trail of Bits, ConsenSys Diligence, CertiK, Certora (formal verification), with a Bug Bounty Program launched through Immunefi to encourage security researchers, white hats, community’s participation in identifying potential vulnerabilities in dForce protocols and receive bounty rewards.
dForce is a DAO project with dForce token (DF) empowering the governance process. DF token holders can make proposals through our Forum and vote through Snapshot to collectively decide on proposed protocols changes across the entire dForce network, including new asset and collateral support, parameter setup and adjustment, protocol integration, etc.
Motivation
This proposal aims to expand FEI’s utilization and community through a partnership with dForce. We believe this integration demonstrates strong synergies between the two communities.
FEI has proved its success with impressive growth since its launch, but in order to fulfil its vision as a stablecoin for DeFi, we believe it’s crucial for FEI to build influence far and wide and integrate as many established DeFi protocols as possible, expanding utilization of FEI across a wider base of users. By providing bootstrapping liquidity to dForce, Tribe community is also able to earn yield from the deposit to improve the net PCV equity.
dForce was built with a heavy focus on decentralization: non-custodial, permission-less, censorship-resistant, automated execution of transactions without intermediary’s involvement, etc. dForce Token (DF) holder can propose and vote to collectively decide on protocol changes. Adding support to FEI would add diversity to asset types and inherently aligned with value of FEI as a decentralized currency.
With a target of giving our users a broader range of best offering, dForce would like to add lending support to FEI (on Ethereum as a start), unlocking an alternative venue for users to borrow FEI against a variety of interest-carrying collaterals (including stETH of Lido) or simply earn passive yield on their FEI holdings.
dForce is currently deployed on Ethereum, Arbitrum, Optimism, and BSC . As a blockchain agnostic protocol aiming to provide underlying infrastructure powering the development of DeFi, dForce pertains to the ability to interact with differing protocols in various environment, giving users the freedom of choice to change between blockchains. The integration with dForce demonstrates a great opportunity for Tribe to expand the utilization of FEI to different layers and/or blockchains in the shortest time possible.
To facilitate rapid adoption of FEI, we would like to propose to gain support from Tribe’s PCV to provide 30m FEI liquidity to dForce to bootstrap the market, which would encourage borrowing of FEI and further enhance its ability to interact with other DeFi protocols and assets in a meaningful way.
We hope to build a solid partnership with Tribe community to deepen mutual trust and benefits over time.
Proposal
Allocate 30m FEI liquidity from PCV to bootstrap the lending market of FEI on dForce