xDollar <> AVAX Launch Mission

Launch Highlights

  • xDollar is built on top of Liquity protocol and envisions to become the first multiple-chain stablecoin lending platform on Polygon and Avalanche.
  • xDollar is going to live on Avalanche within next 24 hours.
  • xDollar is well audited by coinspect (audit report).
  • There will be 12,000,000 XDO tokens minted on AVAX and 64,000,000 XDO minted on Polygon. The current minted XDO number on both networks is 76,000,000 XDO while the maximum cap of XDO is kept 100,000,000 XDO for all chains.

Hello AVAX Community! We feel the love and support of AVAX community and has been talking with several partners. They are very helpful and supportive! So we are excited to share AVAX launch details as xDollar is almost ready for interplanetary space exploration mission.

What does xDollar mean to AVAX bag holders?

xDollar is coming with a clear mission to democratize the store value of $AVAX 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 $AVAX. Now AVAX bag holders have a new use case to stake their AVAX on xDollar and borrow xUSD for variety use cases. In addition, xUSD will soon be used for yield farming, yield aggregator and DeFI applications on key AVAX DeFI legos.

xDollar on AVAX Launch Details

Deployment

xDollar is going to deploy on NEXT 24 Hours and you can access the app through the frontend app hosted by our incubator, MCN Ventures. The frontent link to be provided once xDollar is launched on AVAX.

Functionality

Similarly to our launch on Polygon, xDollar will be fully functional at launch without redemption function which will be activated after 14 days of launch. Right now, any users can open a Trove, deposit collateral and borrow xUSD, with options to deposit xUSD to the stability Pool and stake XDO on XDO Pool.

For the first 14 days after launch, redemption will be disabled by 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 of the platform. Redemption will be automatically enabled by the protocol contract after the 14 day period is passed.

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 multiple chains.

Please noted that the team is working hard with Anyswap core team to bridge exisiting XDO token on ETH and Polygon to AVAX. Once bridged, these XDO can be stacked onto the XDO pool for platform revenue sharing.

xUSD Stablecoin

xUSD is the USD-pegged stablecoin used to pay out loans on the xDollar platform. After 14 days of initial launch, it can be redeemed against the underlying collateral at face value. In future, xUSD will flow across chains.

On AVAX network, xUSD will be minted when users deposit collateral (AVAX) and open troves. The mechanism for its price stability is well described in Liquity’s doc. We highly recommend to study the mechanism well before accessing to our xDollar platform.

Please noted that the team is working hard with Anyswap core team to bridge exisiting xUSD token on Polygon to AVAX. Once bridged, these xUSD stablecoin on Polygon can be stacked onto the xUSD pool.

Token Distribution

  • 12 million XDO tokens (12%) is newly minted on AVAX network with total minted amount is 76M while the maximum token cap is 100M. (No Presale/IDO on Polygon Launch)

For the XDO token distribution, you may read about the information here.

11% to the AVAX Community‌

  • 6% XDO for xUSD pool reward: Issued to users who deposit xUSD to the stability pool on AVAX. The rewards described by the following function: 6,000,000 * (1–0.5^year)
  • 5% XDO reserved for xUSD pool reward of new collateral type, xUSD LP and other usage.

0.85% to the AVAX Ecosystem

  • 0.85% XDO are used for funding ecosystem partnerships to help growing xDollar on AVAX.

0.15% to initial startup on AVAX

  • 0.15% XDO in this category are released to bootstrap the xDollar on AVAX ecosystem.

xUSD Pool on AVAX

6% XDO for stability pool rewards will be activated immediately after the successful contracts deployment .

xUSD LP Farming on AVAX

  • xUSD/AVAX LP will be activated immediately after contracts deployment. We are going to launch first on the people choice of DEX. Please tell us which DEX you want to list this LP token here

Summary

We are excited to embark our multi-chain lending journey from Polygon planet to Avalanche planet. Our multi-chain journey doesn’t stop here and it is just beginning. We have more exciting news coming on new chain launch and xDollar V2. In the meantime, we can’t wait to meet new community and partners on AVAX!

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

Last but not least, we will also unite together with xCHAIN DeFI Alliance to make cross-chain DeFI accessible to one billion users by 2030. Please come and join our alliance to make it possible.

We have ongoing XDO bounty pool reserved for any community member to recommend us the potential partnerships. For any AVAX ecosystem partnership, please reach out to @CaptainXDO on telegram or Captain X#9210 on discord.

About xDollar

xDollar is an interest free lending platform that users can borrow non-custodial stablecoin, xUSD against MATIC collateral on Polygon and AVAX collateral on Avalanche with a minimum collateral ratio of only 110%. The platform implements a systematic liquidation mechanism (stability pool) and fair platform revenue fee distribution (stacking pool). xDollar’s vision is to become the next-generation multi-collateral chain agnostic stablecoin.

xDollar has been up and running on Polygon since early June with the goal of establishing itself as a contender in the race for a truly mobile and decentralized multi-chain stablecoin. The

Learn more about xDollar and get involved in the community

Discord | Telegram | Twitter | Docs

--

--

--

First Cross Chain Interest-free Borrowing Platform based on Liquity protocol.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Bonus NFT’s & Smart NFT, Wait, What ?!?!

Kadia Ventures invest in Rage.Fan to head to new heights in the DeFi fantasy sport market

The Weekly Hash, 2/9/21: Bitcoin surges, aided by Tesla’s adoption

Loopring L2 Liquidity Mining: Round 13

Thinking Correctly About Bitcoin

The Perfect Exchange to Trade Crypto

Blockchain Technology and Digital Governance- Consensus

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
xDollar

xDollar

First Cross Chain Interest-free Borrowing Platform based on Liquity protocol.

More from Medium

Bridging to Harmony — What happens next?

MEME VIP — Drop Details and Whitelist.

Ask Me Anything ( AMA ) Series #158 Crypto Zyte x Enrex On February 10th, 2022.

Crypto Markets are highly volatile and needs exclusive expertise to trade crypto assets and new…