USX
$0.9910
STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
0%
Erfolgschance
Risikoniveau
6/10
Mittleres Risiko
Marktkapitalisierung
$323.46M
Volumen
$2.88M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USX is an over-collateralized decentralized stablecoin developed by dForce, operating across multiple Ethereum and Bitcoin L1/L2 networks including Ethereum, Arbitrum, Optimism, BSC, Polygon, Avalanche, and Base. With a current market cap of approximately $15 million and circulating supply of 15.4 million tokens, USX implements three distinct minting mechanisms: Vault (single collateral, risk-isolated), pool-based borrowing through integrated lending protocols, and Liquidity Stability Reserve (LSR) enabling 1:1 swaps with supported stablecoins at 0% fees. The Protocol-Direct-Liquidity-Provision (PDLP) module automatically adjusts USX supply to maintain peg stability.
Investitionsthese
USX serves as the core DeFi primitive within dForce ecosystem, offering flexible minting options and multi-chain interoperability across 7+ networks including Ethereum, Arbitrum, Optimism, BSC, Polygon, Avalanche, and Base. The LSR (Liquidity Stability Reserve) module provides efficient arbitrage mechanisms through 0% fee 1:1 swaps with USDC, USDT, and DAI for peg maintenance, while the PDLP (Protocol-Direct-Liquidity-Provision) module ensures borrowing rates remain capped by automatically adjusting USX supply. As a utility stablecoin, USX benefits from dForce strategic expansion into DeFAI (DeFi + AI) with on-chain AI agents handling 30% of lending optimizations as of August 2025, and real-world asset integrations targeting Greater China $20T+ asset tokenization scheduled for Q4 2025. The protocol maintains comprehensive security infrastructure with audits from Trail of Bits, ConsenSys Diligence, Certora, Quantstamp, PeckShield, Slowmist, and SECBIT, complemented by InsurAce smart contract insurance coverage and an active Immunefi bug bounty program. Backed by institutional investors including CMBI (China Merchants Bank International), Multicoin Capital, and Huobi Capital, USX positions itself for RWA-backed yield generation beyond traditional DeFi stablecoin use cases.
Wettbewerbsposition
USX occupies a niche position in the decentralized stablecoin market, competing with DAI ($5B+ market cap), FRAX, and GHO. Its primary differentiator is the three-pronged minting approach offering flexibility between isolated vault positions, pool-based borrowing, and direct stablecoin swaps. However, at $15M market cap, USX holds less than 0.01% of DAI market share. The dForce ecosystem integration provides utility within its lending and trading protocols, but limited adoption outside the dForce matrix constrains growth. The 2025 focus on DeFAI and RWA integration represents an attempt to differentiate through yield-bearing capabilities backed by real-world assets.
Fazit
USX represents a technically sound over-collateralized stablecoin with innovative minting mechanisms and comprehensive security infrastructure. However, its small market cap, limited liquidity, and past security incident create elevated risk for users seeking stablecoin reliability. Best suited for users already engaged with dForce ecosystem seeking capital-efficient borrowing options rather than as a primary stablecoin holding.
Stärken
- Three flexible minting mechanisms (Vault, pool-based lending, LSR) provide capital efficiency options unavailable in single-model stablecoins like DAI
- Multi-chain deployment across 7+ networks including Ethereum, Arbitrum, Optimism, Base enhances accessibility and use cases
- Extensive security audit coverage from 7 leading firms plus InsurAce smart contract insurance and Immunefi bug bounty
- LSR module enables 0% fee arbitrage for peg stability, reducing reliance on external market makers
- Backed by institutional investors including CMBI (China Merchants Bank International), Multicoin Capital, and Huobi Capital
Risiken
- April 2023 oracle manipulation exploit resulted in approximately $2.8M loss, demonstrating vulnerability to price feed attacks
- Small market cap of $15M and 24h trading volume under $25K limits institutional adoption and creates liquidity constraints
- Multi-chain architecture increases smart contract risk surface area across different EVM implementations
- DF token governance concentration may lead to decisions favoring large holders over general users
- Dependence on integrated lending protocols means USX stability is partially tied to third-party protocol health
Kommende Katalysatoren
RWA Market Expansion focused on Greater China assets
Zeitrahmen: Q4 2025
RMB Stablecoin Launch for cross-border RWA trading
Zeitrahmen: Q4 2025
AI-Driven DeFAI integration with AI agents
Zeitrahmen: Q1 2026
STRICT-Score
Bewertung: 58/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.