- xDollar is built on top of Liquity protocol and envisions to become the first multiple-chain stablecoin lending platform on Polygon, Avalanche, and Arbitrum.
- xDollar is going to live on Arbitrum within the next 12 hours.
- xDollar is well audited by coinspect (audit report).
- There will be 12,000,000 XDO tokens minted on Arbitrum and 76,000,000 XDO minted on Polygon & Avalanche. The current minted XDO number on both networks is 88,000,000 XDO while the maximum cap of XDO is kept 100,000,000 XDO for all chains.
- The one-time borrowing base fee is adjusted to 0.4% from the original 0.5% to mark the official launch of xDollar on L2 planet.
Hello Arb1 Community! For those who are new to xDollar, we have been in the space for more than three months and are experienced to manage the stablecoin lending platform on Polygon and Avalanche. This is our third planet launch and we feel the love and support of the Arbitrum community and have been talking with several partners behind the scenes. So we are excited to share Arb1 landing details!
What does xDollar mean to ETH bag holders?
xDollar is coming with a clear mission to democratize the store value of $ETH for more use cases without having to sell your crypto assets. The good news is that xDollar offers 0 interest rates for borrowing xUSD stablecoin against $ETH which is native gas token on Arb1. Now ETH bag holders have a new use case to stake their ETH on xDollar and borrow xUSD for various use cases. In addition, xUSD will soon be used for yield farming, yield aggregator, and DeFI applications on key Arbitrum DeFI legos.
xDollar on ARB1 Landing Details
xDollar is going to land within NEXT 12 Hours and you can access the app through the frontend app hosted by our incubator. The frontend link is to be provided once xDollar is launched on ARB1.
Similar to our launch on Polygon and Avalanche, xDollar will be fully functional at launch without redemption function which will be activated after 14 days of launch. Right now, any user can open a Trove, deposit collateral and borrow xUSD, with options to deposit xUSD to the xUSD pool (stability Pool) and stake XDO on XDO Pool.
For the first 14 days after launch, redemption will be disabled by a smart contract. This purpose is to encourage the stable growth of the system during its bootstrapping phase and to protect borrowers from otherwise unnecessary redemption while they’re getting used to the platform. Redemption will be automatically enabled by the protocol contract after the 14 day period is passed.
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 multiple chains.
Note: We intend to bridge XDO over ARB1. But ARB1 official bridge has a whitelist token requirement which is currently in place. So the team is looking for an alternative bridging solution with Anyswap core team to bridge existing XDO token across multiple chains. Once bridged, this XDO can be stacked onto the XDO pool for platform revenue sharing.
xUSD is the USD-pegged stablecoin used to pay out loans on the xDollar platform. After 14 days of the initial launch, it can be redeemed against the underlying collateral at face value. In the future, xUSD will flow across chains.
On ARB1 network, xUSD will be minted when users deposit collateral (ETH) and open troves. The mechanism for its price stability is well described in Liquity’s doc. We highly recommend studying the mechanism well before accessing our xDollar platform.
Note: We intend to bridge xUSD over ARB1. But ARB1 official bridge has a whitelist token requirement which is currently in place. So the team is looking for an alternative bridging solution with Anyswap core team to bridge existing xUSD stablecoin across multiple chains. Once bridged, this xUSD can be stacked onto the xUSD pool for earning XDO rewards.
- 12 million XDO token (12%) is newly minted on Arbitrum One network with a total minted amount is 88M while the maximum token cap is 100M. (No Presale/IDO on Polygon and Avalanche Launch)
For the XDO token distribution, you may read about the information here.
11% to the ARB1 Community
- 9% XDO for xUSD pool reward: Issued to users who deposit xUSD to the xUSD pool (stability pool) on ARB1. The rewards are described by the following function:
9,000,000 * (1–0.5^year)
- 2% XDO reserved for LP stacking rewards like xUSD-ETH, xUSD-XDO, xUSD LPs, LP liquidity on Anyswap cross-chain bridge, and any LP incentive to help xUSD adoption and use cases.
0.85% to the ARB1 Ecosystem
- 0.85% XDO are used for funding ecosystem partnerships to help growing xDollar on ARB1.
0.15% to initial startup on ARB1
- 0.15% XDO in this category are released to bootstrap the xDollar on ARB1 ecosystem.
xUSD Pool (Stability Pool) on ARB1
9% XDO for stability pool rewards will be activated immediately after the deployment.
xUSD-ETH Farming on ARB1
- xUSD/ETH LP will be activated immediately after contracts deployment. We are going to launch first on the people choice of DEX.
- 0.1% XDO will be awarded to xUSD/ETH LP for 21 days.
- The team is considering to incentive xUSD/XDO if xDollar meets a certain TVL across all chains. We will release more information about this soon!
We are excited to embark on our multi-chain lending journey from Polygon planet to Avalanche planet and to Arbitrum planet. Our multi-chain journey doesn’t stop here and it is just beginning. We have more exciting news coming on the new chain launch and xDollar V2. In the meantime, we can’t wait to meet new community members and partners on Arbitrum!
For those who support xDollar at this early stage will be remembered and awarded! “The more and the longer you stake, the more rewards you will get.” — Captain X
We have an ongoing XDO bounty pool reserved for any community member to recommend us the potential partnerships as well as community business development recruitment. For any ARB1 ecosystem partnership, please reach out to @CaptainXDO on telegram or Captain X#9210 on discord.
xDollar is an interest-free lending platform that users can borrow non-custodial stablecoin, xUSD against MATIC collateral on Polygon, AVAX collateral on Avalanche, and ETH collateral on Arbitrum with a minimum collateral ratio of only 110%. The platform implements a systematic liquidation mechanism (xUSD pool) and fair platform revenue fee distribution (XDO pool). xDollar’s vision is to become the next-generation multi-collateral chain agnostic stablecoin.
xDollar has been up and running on Polygon and Avalanche since early June with the goal of establishing itself as a contender in the race for a truly mobile and decentralized multi-chain stablecoin.
Learn more about xDollar and get involved in the community