What is dForce Token? How To Buy DF Token In India?

What is dForce Token?

dForce is a multi-chain platform that aims to develop the integration of open finance platforms that fully cover multiple stablecoins and digital and synthetic assets. The platform also offers lending and borrowing facilities. It is also referred to as a community-driven autonomous organization (DAO) offering a complete set of DeFi protocols and serving as DeFi infrastructure in Web3. It is an open and permissioned development that is non-restrictive, allowing access to everyone and offering a chance to participate. 

The native token of dForce, DF, also works as a governance token, is used for transaction services, community governance, system stabilization, incentivization, and validator deposits. Any major changes are driven by the community and jointly decided by dForce (DF) holders through voting via a snapshot. 

Who Are the Founders of dForce?

The dForce platform was founded by Mindao Yang in April 2021. Prior to this, Yang worked as Director at Standard Chartered Bank & Honey Capital and founding partner at Black Power Capital. Mr Yang began his journey within the crypto space in 2013 and also participated in the Ethereum ICO in 2014. He has invested in 30 projects, primarily public blockchain projects and its related infrastructure projects. 

The founder has over 10 years of experience in P.E, special situation, venture investments and banking spanning IT, F&B, blockchain, education, renewable energy, mining, advanced manufacturing, pharmaceutical etc. 

How Does dForce Work?

The working of the  dForce platform comprises of the following elements,

USX : It is an over collateralized stablecoin with a dual model used to mint the coin which is pool-based and vault-based

DF Staking: it is a hybrid staking model where-in the DF holders receive income, inflammatory rewards and ecosystem airdrop across the network.

PoS Staking: This enables the platform to offer validation services in PoS network by participating in their governance and maintaining the security of the network, further aligning DeFi infrastructure with the wider blockchain ecosystems

Lending: It enables decentralized lending and borrowing through smart contracts where-in the execution period is automated

Trading: This platform offers a peer-to-peer marketplace with aggregated liquidity across different platforms, making it cost-effective.

What Makes dForce Unique-Uses Cases?

• dForce is backed by trusted and known investors like CMBI (China Merchants Bank International), Multichain Capital and Huobi Capital 
• dForce is backed by several sub-products which help the platform to progress and maintain a smooth functioning in day-to day basis
• The platform has been audited by the world’s best auditing firms for security and formal verifications for dForce protocols. A bug-bounty program and a collaboration with decentralized insurance platforms is carried out to provide covers for dForce users
• dForce is used to Contribute, Lending, Borrow and Voting concerning the development of the platform 

dForce Price Analysis

Source:TeadingView

• The DF price was maintaining a narrow trend for quiet a long time, until the recent volatility kicked-in and raised the price from $0.05 to $0.08
• The RSI in the short-term as it is displaying a bullish divergence after slightly dropping below the average levels
• The price which is trading within an ascending triangle, rebounded from the lower support and may head towards the resistance zone in the coming days
• However, the price is believed to remain consolidated within the ascending triangle and may reach the apex by the end of Q1 2023

How to Buy dForce in India?

If you want to buy dForce in India, just follow the below-mentioned steps,

• Download the CoinDCX App on your smartphone 
• Enter the details required for registration 
• Complete KYC
• After verification, fund your wallet and buy DF tokens!