dForce, a Chinese decentralized finance (DeFi) solution provider, has secured $1.5 million in capital.
The DeFi platform’s latest round was led by Multicoin Capital. Huobi Capital and China Merchants Bank International (CMBI), the investment division of one of the largest financial institutions in China, also made contributions.
Mable Jiang, principal at Multicoin Capital, stated:
“dForce [aims to] build the first ‘super-network’ of DeFi protocols.”
Jiang compared her project with more traditional and seamless consumer “super-apps” such as WeChat, a highly popular messaging and social media network in China, and Kakao, a Korean instant messaging platform.
“The dForce ecosystem is bound together by $DF, its native platform token. Using the token, users of the dForce ecosystem can seamlessly traverse several financial protocols that allow them to lend, borrow, or earn all without switching platforms or tokens.”
dForce currently maintains two main protocols, which include one that supports the lending platform Lendf.Me and USDx, a fiat-backed synthetic stablecoin.
Introduced in September 2019, Lendf.Me is now ranked as the seventh-largest decentralized finance market in terms of total value locked in its smart contracts, according to data from DeFi Pulse. At present, the protocol has about $24 million in total value tied up in its contracts.
Mindao Yang, founder and CEO at dForce, claims that the growth and development on Lendf.Me has come after the platform began supporting Tether (USDT), the world’s largest stablecoin. Yang noted that the platform expanded its collateral options to offer imBTC trading and investments. imBTC is an interest-generating Ethereum-based token.
Leading DeFi protocols Compound and Maker currently have around $90 million and $350 million in value locked, according to DeFi Pulse data.
Compound’s developers have previously accused the dForce team of stealing their copyrighted source code. The company has now reportedly added an attribution to Compound on its official website and GitHub repositories.