xDollar Platform Introduction
xDollar is a friendly fork of the Liquity which is a decentralized borrowing protocol on Ethereum. In recognizing the Liquity protocol thorough designed operating mechanism, xDollar has the features and benefits consistent with the Liquity protocol.
What sets xDollar apart is we envision xDollar to become the first cross-chain decentralized borrowing platform. To begin our decentralized borrowing journey, xDollar starts with the Polygon network and will eventually expand into other chains/protocols. Furthermore, we have designed a new tokenomics to support xDollar’s long-term vision.
Motivation
The entire stablecoin ecosystem is a critical building block for the cryptocurrency world. A new wave of cross chain applications has grown to gain user traction in the rise of DeFI applications. As of today, the entire stablecoin market cap represents about seventy billion dollars in value (Figure 1). The form of fiat-collateralized stablecoins such as Tether and USDC, is in majority stablecoin dominance whereas decentralized stablecoins like DAI, LUSD and sUSD make up only a small portion of the total stablecoin supply which is about 7.5% (Figure 2).
Thereby, xDollar does share the same mission as Liquity protocol. xDollar is to create a more capital efficient and user-friendly way to borrow decentralized stablecoins for large mass users, especially those new crypto adopters with small capital.
In summary, xDollar aims to create an equal chance and DeFI experience regardless of expensive token acquisition or high gas fee environment on Ethereum.
xDollar’s vision is to become the first cross-chain decentralized borrowing platform on multi-chains with DAO governance component and multi-collateral vault system.
First Launch on the Polygon Network
xDollar will launch first in the Polygon Network and following on the other chains. The details of next chain launch is to be updated soon.
Core Feature in the Polygon Network
- By staking $MATIC token, stablecoin (xUSD) of zero interest-fee is minted to improve capital utilization.
- xDollar Token (XDO) holders can earn 100% of the Borrowing fee and Redemption fee.
XDO Token
XDO is the secondary token issued by the xDollar. It captures the fee revenue that is generated by the system and also incentivizes early adopters and Frontend Operators.
In the long term, XDO aims to become the DAO governance token in which token holders can vote and decide how xDollar grows stronger across blockchain networks.
Decentralized Frontend Operator
xDollar encourages community members to run the web interfaces. Anyone can easily run a frontend by using the launch kit or SDK, which will be rewarded a share of the Stability Pool rewards.
Stability Pool Rewards in the Polygon Network
Users can deposit xUSD into Stability Pool to get :
- $MATIC gains (through liquidations of risky troves)
- $XDO rewards as incentives for being early adopters
Staking XDO in the Polygon Network
Users can stake XDO to earn :
- xUSD (Borrowing fee)
- $MATIC (Redemption fee)
Launch Time
xDollar will launch soon. Please follow our social media to keep in loop when our project goes live.
xDollar Links:
Twitter: https://twitter.com/xDollarFi
Medium: https://medium.com/@xDollarFi
