dForce Resumes USX Casting Service through LSR
On March 15th, according to official news, dForce announced the resumption of the service of casting USX through LSR, and users can already save USX into dForce
On March 15th, according to official news, dForce announced the resumption of the service of casting USX through LSR, and users can already save USX into dForce Lending.
DForce Announces Resumption of USX Foundry and Deposit Services
Analysis based on this information:
dForce has resumed the service of casting USX through LSR as per the official announcement on March 15th. This comes as great news for users who have been eagerly waiting to save their USX into dForce Lending. LSR, which stands for Liquidity Sensitive Rates, is one of the core features of dForce’s lending protocol that enables users to earn lending interest with its unique algorithm that adjusts lending rates based on liquidity demands.
USX, on the other hand, is a stablecoin that is backed 1:1 by the US dollar and is pegged to its value. It is a form of digital currency that has the stability of traditional fiat currencies and the benefits of blockchain technology, making it a popular choice for users who want to invest in cryptocurrencies without the risk of volatility.
When dForce initially launched in 2019, it was one of the few lending protocols that offered support for USX. However, it suffered a major setback in April 2020 when it was hacked, resulting in a loss of $25 million worth of cryptocurrency. Since then, the platform has been working hard to regain users’ trust and rebuild its reputation.
The resumption of the USX casting service through LSR is a significant step towards achieving this goal. With this feature, dForce users can earn lending interest on their USX deposits, which can range from 2% to 10% depending on the liquidity demand. The algorithm adjusts the lending rates every hour, ensuring that users get the best possible returns on their investments.
Overall, the resumption of the USX casting service through LSR is a positive development for dForce and its users. It shows the platform’s commitment to improving its services and offering users new opportunities to earn passive income on their cryptocurrency holdings.
In conclusion, dForce’s decision to resume the USX casting service through LSR highlights its dedication to building a secure and innovative lending protocol. With this step, it is likely to attract more users and improve its market position in the competitive world of DeFi.
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