USX

USX (dForce USD) presents a mixed profile as a decentralized, over-collateralized stablecoin backed by a credible team but hindered by execution risks and intense market competition. The project's strongest asset is its Team and Governance (7.5/10), featuring visible leadership under Mindao Yang, backing from major investors like Multicoin Capital, and a functioning DAO structure. Tokenomics (6.5/10) are also solid, relying on a proven demand-driven minting model. However, the project struggles significantly with Active Development (4.5/10), which is currently in a low-velocity 'maintenance mode' with sporadic updates. Market positioning (5.5/10) is difficult, as USX has failed to capture meaningful market share against giants like DAI or USDC in a winner-takes-all sector. The most critical concern remains Security (4.5/10); despite employing top-tier auditors like Trail of Bits and CertiK, the protocol has a history of major exploits ($25M in 2020, $3.65M in 2023). While funds were recovered, these incidents indicate persistent integration risks. Overall, USX is a functional product within the dForce ecosystem but lacks the growth momentum and unblemished safety record required for a higher rating.