By: Shayak Majumder | Published : 16 May 2022 11:35 AM (IST)|Updated : 16 May 2022 11:40 AM (IST)
DF crypto can be purchased on exchanges such as Binance, Phemex, Hotcoin Global, and more.
dForce, popularly referred to as DF, is a community-driven decentralised autonomous organisation (DAO). DF aims to provide a “complete set of decentralised finance protocols covering assets, lending, and trading, serving as DeFi infrastructure in Web3,” as per the official company website. For investors, DF could be of particular interest now, as its price has shot up by 39.96 percent in the past 24 hours, as per CoinMarketCap. Given the abysmal performance of major cryptocurrencies last week, investors are increasingly exploring other coins that show promises of greater returns.
As mentioned, dForce is a community-driven DAO. This means that any changes in the major protocols will be jointly decided upon by DF token holders, through governance. dForce follows a DeFi primitive of USX stablecoin within its protocol matrix.
In terms of lending, dForce claims to have gone through extensive code reviews and security audits led by trusted firms such as CertiK, ConsenSys Diligence, and Trail of Bits. DF lending has been deployed for over a year and is generally considered to be safe.
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For staking, DF offers a hybrid model that comprises both free and lock-up staking. Designed to welcome more investors, free staking lets you unstake at any time. On the other hand, lock-up staking lets investors earn voting power and a comparatively higher yield.
On Monday, DF price stood at $0.036612 at the time of writing. This comes down to roughly Rs 2.85 per coin.
As per CoinMarketCap data, dForce price went up 39.96 percent in the last 24 hours, which is a considerable jump when compared to other popular cryptocurrencies. For instance, Bitcoin price jumped 3.38 percent within the same period and is now priced at Rs 24.8 lakhs. Ethereum, on the other hand, jumped 3.85 percent, priced at Rs 1.71 lakh at the time of writing.
Since it’s based on USX, you can buy DF on global exchanges such as Binance, Phemex, Hotcoin Global, and more.
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Finally, it all boils down to this simple query. Should you buy DF? Before making a decision, you should consider the many factors that peg DF as a trusted crypto for now.
For starters, its considerable jump of nearly 40 percent over the past 24 hours makes DF worth noticing. The sudden jump may remind investors of the DOGE craze in the past. However, Dogecoin prices received a boost mostly thanks to Tesla and SpaceX CEO Elon Musk’s promotion of the memecoin on Twitter. On the other hand, DF didn’t get a shot in the arm from any celebrity endorsement. Add to the fact that DF is actually based on a USX stablecoin, it can be argued that DF could be comparatively less volatile when compared to other affordable coins on the market.
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However, as is the case with all cryptocurrencies, investors should note that at the end of the day, crypto market is known for its volatility. While USX coins are generally known for their stability, their occasional de-pegging can also lead to heavy losses. Take for instance the nearly 97 percent dip LUNA faced last week due to the de-pegging of TerraUSD (UST) stablecoin.
So, while DF may appear to be a fruitful investment opportunity for now, investors as always are advised to do proper research and seek expert opinion, if needed, before making a decision.
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