dForce, infamous for losing and then recovering all funds during a recent hacker attack, has launched a new trading product.
We're excited to announce dForce Trading is live at https://t.co/hNAemne0Tc
At this initial stage, we will support flash exchange between stablecoins, including USDx, USDT, HUSD, BUSD, USDC, PAX, TUSD, DAI âš¡
Read more about it here: https://t.co/OclHxtVdrE
— dForce (@dForcenet) May 18, 2020
The new product, dForce Trading (formerly called X-Swap) will be based on flash trading between different stablecoins such as USDx, USDT, HUSD, BUSD, USDC, PAX, TUSD, DAI.
At the launch, there will be 0% fees and a 0% price slippage for large trading volumes. In general, the platform promises to have competitive exchange rates.
One of the goals of this platform is to eliminate slippage by providing the best prices during trading; for now, the platform focuses only on stablecoins but in the future, the dForce team promises to include other assets as well.
One aspect that is highlighted in the announcement is the audit that was conducted by PeckShield in March 2020 on the code (it can be consulted directly here), during which only 7 problems were found.
Just a couple of days ago dForce also announced improvements to its platform, reiterating that it has managed to recover all funds and that it has taken measures against any future problems, such as greater collaboration with the best auditors in the world, an airdrop of 2 million DF tokens for users who have suffered losses and the creation of a fund called dSAFU (dForce Secure Asset Fund for Users) of 50 million DF tokens.
In addition, the bounty plan to provide incentives to find any bugs still present on the platform has also been increased to half a million dollars, as well as a new risk management system divided between code audits, financial risk and operational risk.
The team is striving to create and improve its platform, although it will be difficult to regain users’ confidence as $25 million in hacked assets is not a small amount.
