Announcing xDollar V1 Migration Plan
It’s time to shed light on xDollar Version 2 (V2) launch plan including how we will transition from xDollar V1 to xDollar V2, which is a chain agnostic multi-collateral stablecoin lending protocol. The good news is that xDollar V2 is around the corner and we are under the final round of security review from CertiK. When we receive the finalized audit report, that’s the time for xDollar V2 launch. Prior to the V2 launch, we have to take care of xDollar V1 migration since xDollar V1’s contracts are completely immutable and not upgradable. Therefore, we, the xDollar Team, are pleased to announce the details of xDollar V1 migration plan to help the protocol move forward smoothly and stronger.
xDollar Version 2 is a non-custodial lending platform that allows users to deposit tokens into its smart contracts and mint a non-custodial stablecoin in return. The platform supports the use of multiple types of tokens, as opposed to the norm of relying on a single asset in order to carry out this function. Supported tokens include those from multiple Ethereum Virtual Machine (EVM) compatible chains, such as Polygon, Avalanche, and IoTeX, as well as multiple long-tail and interest-bearing tokens within a single chain. The xDollar multi-chain, multi-collateral (mc2 ) approach is able to enhance the solvency of the entire xDollar V2 platform with diversified collaterals and increase the use of both its V2 stablecoin and its V2 governance token. As a result, the use cases of the platform are broadened, as is potential community adoption. Of even greater significance, xDollar V2 includes a specific stablecoin collateral function, wherein users are able to collateralize other stablecoins, such as USDC, against its V2 stablecoin at a 1:1 ratio. By combining this stablecoin collateralization with a redemption function, the platform is able to significantly reduce the price volatility of its V2 stablecoin, allowing its more effective promotion as a dollar-pegged and highly liquid token.
xDollar V1 and its Migration Plan
In preparing for xDollar V2 launch, xDollar V1 platform on Polygon, Avalanche, and Arbitrum will be deprecated at some time. That said the XDO governance token and xUSD stablecoin will no longer be recognized after a certain time point of xDollar V2 launch. This is because governance tokens of xDollar V1 and V2 are not interoperable and interchangeable due to the V1 contract nature. After a thorough study and discussion, the team proposes a migration plan to migrate the circulating XDO governance token to the V2 governance token. XDO governance token will be migrated to V2 governance token while xUSD stablecoin is highly encouraged to return to the V1 troves for collateral return.
We do understand the hustles and issues that may arise along with the migration plan. However, the xDollar team will make efforts to ensure the early supporters of xDollar have a smooth transition from migrating their XDO token to xDollar V2 governance token.
Due to the nature of stability pool reward emission, the team has decided to utilize the snapshot approach and airdrop xDollar V2 governance token to XDO holders at the announced snapshot time period.
XDO Snapshot Details:
Snapshot Time: 11/30/2021 6 PM UTC (2 weeks from today’s post)
Snapshot Location: Polygon, Ethereum, Avalanche, Arbitrum
Snapshot Target: XDO in wallets, stability pool, XDO staking pool (internal as well as external on MCN Multifarm), any existing XDO LP on deployed chains.
*Please note that XDO rewards emitted from stability pools on all chains and traded from DEXes after 11/30/2021 6PM UTC will not be recognized and are no longer be eligible for migration.
Conclusion: A 0% Interest Rate Multichain Multicollateral Vision for Stablecoin Lending
Last but not least, we are one day closer to xDollar V2 launch! I can’t wait to launch xDollar V2, a non-custodial, multi-chain, and multi-collateral lending platform to the world. In building the platform we are, in many ways, standing on the shoulders of giants. Yet the xDollar V2 system makes its own significant breakthroughs in accepting multiple types of collateral across multiple chains to generate a stablecoin with a hard price floor and ceiling. Furthermore, xDollar V2 charges zero percent interest rates and offers low collateral ratio requirements. In so doing, this multi-chain, multi-collateral protocol can significantly enhance platform solvency, increase stablecoin price stability, improve the adoption of stablecoins and push up returns on investment in the platform.
“xDollar’s vision is to democratize the intrinsic value of crypto assets on all emerging chains with more yield utilization.” — Captain X
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