Dear xDollar community,
For the last seven months, xDollar has been at the constant development pace to deliver a multi-chain multi-collateral stablecoin lending protocol from first being a single asset collateral backed stablecoin based on Liquity protocol. Today xDollar is spinning off from being a fork and managing its stablecoin lending operation by tapping onto the long tail chains despite there were multiple Liquity forks sprouting across blockchains back then.
The team behind xDollar are driving the spacecraft forward despite ups and downs of market condition. Nevertheless, we value the community we have met and gathered along these months. There are some with us since the beginning as well as there are some who are newly joining. In this blogpost we would like to provide an overview of what’s ahead over next few months for xDollar DAO and provide more details of upcoming benefits to our community of xSpace holders will be receiving.
First of all, we would like to thank for your support onto our xDollar protocol. Until today we have launched xDollar V2 softly on Ethereum mainnet and officially launched our V2 protocol on IoTeX as our prioritized chain development before expanding our multi-chain journey. So far on IoTeX blockchain, xDollar protocol has launched WIOTX trove and achieved $5.19M TVL.
xDollar DAO Roadmap
In the past few months, we have witnessed the rises and falls of many great DeFI protocols in which we learnt great lessons from. We value the community contribution and seek a way for community to get involved and decide what’s ahead for xDollar. Hence, we decide to gradually transforming into xDollar DAO that is owned by the community with xSpace token as a proof of governance for anyone who want to become one of us.
XDO Migration Plan
Prior to our transformation journey as xDollar DAO, there needs a XDO migration for users to claim their corresponding SPACE token in Febuary. Due to unforeseen circumstances, we apologize but decide to delay the SPACE token claiming to next month. The SPACE claiming process will finalize on IoTeX blockchain with a 1:10 basis token exchange rate. For more details, you can read the blogpost here.
Protocol Revenue Sharing Plan (PRSP)
We are excited to announce that protocol revenue sharing plan (PRSP) will occur recurrently to distribute 50% of protocol revenue to the holders of xSpace. The first profit sharing will be likely occurring on the first week of February. Therefore, you are highly encouraged to stake your SPACE token on xstake for sharing protocol revenue.
Trove Opening Incentive Plan (TOIP)
At the moment, the team is working on trove opening incentive plan to boost the protocol’s TVL. TOIP is a protocol self-directed program which aims to reward users who have opened troves on IoTeX and get a chance to boost the rewards with xSpace token. The xSpace system works similarly to curve veCRV system which users get to vote the weighting of each trove and boost the APY trove reward accordingly.
SPACE 2Pool Farming Plan
Gathering the feedback from the community, the team is aware of liquidity issue of SPACE token and currently accessing several options to incentive the SPACE 2Pool liquidity without leading to an unhealthy mercenary liquidity mining. To provide a timeline of SPACE 2Pool, the team is proposing a farming incentive on MIMO.exchange once the protocol’s TVL surpassed 15M.
One of xDollar V2’s benefits is that it now can support multi-collateral feature. And we would transit the addition of collateral privilege to the holders of xSPACE token. Thereby, xSpace token holders can propose and vote to add any demanding crypto asset as collateral for minting xDollar Interverse Money (XIM).
xDollar is clear about its multichain vision since beginning and constanly seeking for any long tail chain which has its own niche and user base. That’s why xDollar is selecting IoTeX as its current prioritized chain for its MachineFi application. Until then, xDollar is not limited on single chain and ready for new chain deployment once the community determines one via xSpace voting on xDollar DAO snapshot.
In short, xDollar DAO is just beginning with the staking and voting of xSPACE token. The holders of xSpace token are enjoying following benefits including a 50% protocol revenue sharing, voting right on trove opening incentive plan, extra boosting reward as well as special access to rooftop of xDollar Headquarter which is located in Decentraland — the first virtual world owned by its users.
Let’s learn more about xDollar Space and get involved in the community