Decentralized Finance (DeFi) is reshaping the future of financial services by offering open, permissionless, and transparent alternatives to traditional banking. At the forefront of this transformation stands dForce, a pioneering project building the world’s first open financial protocol super network. We’re excited to share that Multicoin Capital has led a $1.5 million investment in dForce, with participation from strategic partners including CMB International and Huobi Capital.
dForce isn’t just another DeFi protocol — it’s an integrated ecosystem designed for scalability, interoperability, and deep regional relevance, especially across Asian markets. By combining modular financial primitives with a native token-driven economy, dForce is creating a seamless experience that mirrors the success of consumer “superapps” like WeChat — but for decentralized finance.
What Is a DeFi Super Network?
The concept of a “superapp” originated with BlackBerry founder Mike Lazaridis in 2010, describing an all-in-one digital platform offering multiple services within a single interface. In Asia, apps like WeChat and Kakao dominate daily life by integrating messaging, payments, shopping, and more.
dForce applies this philosophy to DeFi by building a super network — a cohesive ecosystem of interconnected protocols powered by its native DF token. Unlike isolated DeFi platforms, dForce enables users to lend, borrow, earn yield, and manage risk across multiple financial applications without switching platforms or managing disparate tokens.
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This integration creates powerful network effects: each new protocol enhances the utility of existing ones, while the DF token serves as the unifying layer that captures value across the entire system. Users benefit from features like cross-margining, staking rewards, fee discounts, and referral incentives — all within a single, unified experience.
Core Innovation: Composability, Integration, and Localization
In our earlier thesis on trillion-dollar investment themes, we highlighted composability as a foundational driver of open finance. Just as developers can mix and match Lego blocks to build new applications, DeFi protocols can be combined to deliver superior user experiences.
dForce exemplifies this principle through its layered architecture:
- It began with USDx, a synthetic stablecoin pegged to a basket of assets.
- Then launched Lendf.me, a money market protocol providing liquidity for USDx and other stablecoins.
- And is now expanding into yield optimization and trading protocols to further increase capital efficiency.
These components are not standalone products — they’re interdependent building blocks that amplify one another’s value. For instance, lenders on Lendf.me generate demand for USDx, which in turn strengthens the stability and adoption of the synthetic asset.
But technical innovation alone isn’t enough. Localization is key to mass adoption. While many DeFi projects focus on global English-speaking communities, dForce prioritizes the Chinese and broader Asian crypto markets — regions with high blockchain engagement but limited access to tailored financial tools.
This strategy has already yielded results: within five months, Lendf.me became one of China’s largest DeFi platforms and ranked among the top protocols on Defi Pulse.
Bridging Centralized and Decentralized Finance
One of the most compelling trends in crypto today is the convergence between centralized exchanges (CEXs) and DeFi protocols. Platforms like Binance, Huobi, and OKX are increasingly integrating DeFi functionalities into their ecosystems.
For example:
- Coinbase supplies USDC liquidity to Compound.
- Huobi issues HBTC (a custodial Bitcoin token) that’s actively used on dForce’s Lendf.me.
This hybrid model accelerates DeFi adoption by leveraging the massive user bases of centralized platforms while benefiting from the transparency and composability of decentralized protocols.
dForce is uniquely positioned to act as a bridge between these worlds. Its focus on interoperability allows CEXs, wallets, miners, and institutional players to plug into its network and offer customized financial products — all powered by DF.
Building an Unreplicable Moat
In open-source ecosystems, competitive advantage doesn’t come from code secrecy — it comes from network effects and irreversible momentum. As we’ve written before, protocols capture value either through embedded compelling products (like Brave or Telegram) or by locking in significant economic activity.
dForce achieves the latter through rapid growth in localized liquidity and user engagement. Much like Tencent leveraged QQ and later WeChat to dominate China’s digital landscape, dForce is establishing itself as the go-to financial infrastructure for Asian crypto users.
Once a critical mass of users, liquidity providers, and partners converge around a single ecosystem, switching costs rise dramatically — creating a durable moat that’s difficult for competitors to replicate.
The Founders Behind the Vision
dForce was founded by Mike Cao (Yang Mindao) and Xu Xin, two veterans of China’s blockchain and finance industries.
Before launching dForce, Mike spent over a decade in high-yield debt, distressed asset investing, and corporate restructuring at Standard Chartered Private Equity and Hony Capital — one of China’s largest private equity firms. His deep understanding of traditional finance gives him unique insight into DeFi’s structural weaknesses and opportunities.
Xu Xin brings operational excellence as the former CEO of Spark Pool — once the world’s largest Ethereum mining pool. His technical expertise ensures dForce’s infrastructure is robust, scalable, and deeply embedded in the Ethereum ecosystem.
Together, they recognized early on that blockchain could prevent another 2008-style financial crisis through real-time transparency and global oversight. They also identified key gaps in existing DeFi models — particularly around idle capital utilization and incentive alignment — and set out to build solutions rooted in local market needs.
Their foresight and execution have positioned dForce at the cutting edge of DeFi innovation.
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Frequently Asked Questions (FAQ)
Q: What makes dForce different from other DeFi platforms?
A: dForce is not just a single protocol — it’s an integrated super network where multiple financial services work together seamlessly under one token economy (DF). Its focus on Asian markets also sets it apart in terms of localization and user experience design.
Q: How does the DF token create value?
A: DF serves as the backbone of the ecosystem, enabling governance, staking rewards, fee discounts, cross-protocol margining, and viral growth mechanisms like user referrals. As more protocols join the network, DF captures increasing value across the stack.
Q: Is dForce only focused on China?
A: While dForce prioritizes Chinese and Asian users initially, its long-term vision is global. The lessons learned from dominating a high-engagement regional market will inform its international expansion strategy.
Q: Can other projects copy dForce’s model?
A: While the code is open source, replicating dForce’s network effects — including partnerships with major exchanges, liquidity depth, and trusted brand recognition — would require years of execution and deep regional expertise.
Q: How does dForce ensure security?
A: All protocols undergo rigorous audits by leading firms. Additionally, dForce implements gradual rollouts with insurance mechanisms and community governance to minimize risk exposure.
Q: What’s next for dForce?
A: The roadmap includes launching new yield-generating protocols, expanding cross-chain functionality, enhancing governance via DF staking, and deepening integrations with wallets, exchanges, and mining pools.
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Final Thoughts
dForce represents a bold step forward in the evolution of decentralized finance. By combining modular financial protocols with a unified token economy and hyper-localized strategy, it’s building something truly unique: a DeFi super network that mirrors the success of consumer superapps while unlocking global financial inclusion.
As adoption grows and boundaries between centralized and decentralized finance blur, projects like dForce will play a pivotal role in shaping the future of money.
We’re proud to support this visionary team as they pioneer the next generation of open financial infrastructure.