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 Lending.
DForce Announces Resumption of USX Foundry and Deposit Services
Analysis based on this information:
dForce, the blockchain-based platform, has announced the resumption of its USX casting service through LSR, according to official news released on March 15th. This development means that users can now start saving USX into dForce Lending.
This announcement follows the temporary suspension of dForce’s services in April 2020, which was triggered by an attack that saw the hacker make away with $25 million worth of cryptocurrency. The attack which exploited re-entry vulnerability targeted the company’s lending protocol. However, dForce was quick to respond, and the team worked tirelessly to implement enhanced security measures to prevent further attacks.
Currently, dForce Lending supports four stable coins, including USDT, USDC, DAI, and now USX. Users can earn interest by providing liquidity to any of the supported stable coins. Additionally, USX can be deposited into the platform without any fees charged.
USX casting is a term that refers to a process that involves obtaining USX, dForce’s native token, by locking up assets in the Lending platform. While this might seem complex, it is quite simple. When USX is locked in the Lending platform, the platform automatically converts it into other supported stable coins, thereby allowing users to earn interest on their assets.
The resumption of USX casting service through LSR is a significant milestone for dForce as it comes at a time when the platform has been making efforts to regain users’ trust after the hack in 2020. In the aftermath of the attack, dForce was transparent with its users, providing regular updates and compensating those who lost their funds in the hack.
In conclusion, dForce’s decision to resume the USX casting service through LSR is a positive development that shows the platform’s commitment to improving its services and security measures. Users can now enjoy the benefits of earning interest on their USX assets while also enjoying the security provided by the platform.
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