Finally xDollar V2 is here! I am excited to announce the launch of xDollar V2, dubbed ‘Space’, to Ethereum mainnet! It’s undeniably that this ‘Space’ release marks the highlight of months of hard work from xDollar team, but I am thinking that we’re just beginning on this blockchain space journey. As product innovation is in our project DNA, we have a lot of exciting features to release under the pipeline for next few weeks.
Today I would like to take this chance, representing our anon warriors spending their days and nights behind the scene, to thank our xDollar community members for being supportive and awesome companion since the beginning. And we are not done yet and continuing to learn and build together with more community engagement and involvement in our future undertaking!
Overview of xDollar v2 — ‘Space’
Howdy, I am going to keep this simple and sweet by briefing everyone who read this post on xDollar V2’s main value propositions. xDollar Interverse Money (XIM) aims to be the emerging stablecoin of emerging chains, MachineFi, and metaverse. For a more in-depth description of xDollar Space (V2) and its unique differentiators, please refer to our v2 whitepaper.
xDollar Space (V2) integrates with and innovates upon many DeFi’s flagship protocols: Liquity protocol, Maker DAO, Abracadra, Curve Finance, and Olympus DAO. With Liquity protocol, it introduced the first 0% interest rate with unique stability pool and redemption functions design to keep collateral based stablecoin stable. Maker DAO showed us many wise ways to scale thier stablecoin into mass adoption of DeFi. Abracadabra demonstrated a good example of stablecoin need for illiquid interest bearing tokens could be a scalable solution with multi-chain expansion. Curve Finance teaches us on how they design their reward token into veCURVE that bring it as top 1 stablecoin liquidity concentration place in the world. And the ohmies from Olympus DAO pitched the concept of Protocol Owned Liquidity is actually possible with (3,3) belief where everyone co-op to conquer the traditional financial market pie.
xDollar’s integration with aforementioned DeFI flagship protocols will allow its users to borrow this capital efficiency interverse money (XIM) on emerging chains as well as on metaverse. xDollar will be that spoon to cooperate with DeFI flagship protocols to power more DeFI users with financial knowledge and freedom!
In addition, xDollar Space (V2) is first launched on Ethereum mainnet as the mother land of all DeFI applications. We are clear with multichain vision and not done yet on Ethereum mainnet. Instead, xDollar Space (V2) will deploy soon on the people’s choice of Layer 2 solutions & Layer 1 protocols with niche expertise in Metaverse, Web3 and GameFi. And for those of you who support us since beginning will get to vote and decide where our spaceship sailing next for the space settlement!
xDollar v1 Migration and v2 Token Distribution Update
As explained in this xDollar v1 Migratino plan post, an on-chain snapshot has been taken on 11/30/2021 6 PM UTC to record XDO held in wallet addresses, stability pools, XDO staking pools, MCN multifarm and any existing XDO LP on Ethereum, Polygon, Avalanche and Arbitrum. So this marks the official degradation of xDollar v1 protocol with no more recognition on XDO & xUSD stablecoin anywhere.
All are encouraged to return their xUSD to close the trove or redeem collateral at 1:1 ratio. For those who haven’t enough xUSD, please DM the official team members on discord or telegram to open a ticket. The team is gathering all tickets and planning to supply 1:1 OTC stablecoin swap to assist those users to close their trove and claim back their collateral. Please be patience as we are transitioning v1 to v2.
So what’s next after v1 snapshot, v2 token distribution details will come later to distribute SPACE token to XDO token holders. Right now we are aggregating the XDO holders’ wallet addresses and prepare for SPACE distribution. With goal to ensure smooth transition and operation of xDollar v2, the distribution plan for SPACE token will be executed with vesting schedule after the v2 platform is stabilized during the 1 month transition phase.
xDollar Space (V2) Transition Phase
We are officially launching xDollar Space (V2) on Ethereum today and announcing a 1 month transition phase. As a default, we will have three types of collaterals available for XIM minting (WETH, WBTC, USDC). The community can mint XIM by depositing following collaterals with a preset debt ceiling. This debt ceiling will be raised from the time being. And the community will vote which chain and collateral to be deployed next.
WETH Trove— 500,000 XIM Available for Minting
WBTC Trove — 250,000 XIM Available for Minting
USDC Trove — 250,000 XIM Available for Minting
In this 1 month transition phase, we will initiate xFarm for bootstrapping the protocol on Ethereum in which the details of each pool and farm are listed below:
WBTC — XIM Pool — 100,000 SPACE–30 Days
WETH— XIM Pool — 100,000 SPACE–30 Days
XIM-3Pool Curve Pool — 400,000 SPACE–30 Days
What’s Next For xDollar
One of the key aspects of any flagship protocols is largely contributed by its community. Therefore, in bootstrapping xDollar Space to a more community centric protocol, the team will gradually building xDollar DAO to engage highly motivated individuals and talents from our community. Any xSPACE holders can propose ideas, discuss and make it as XIP to be voted on xDollar DAO snapshot.
Another exciting aspect of xDollar is its high level of composability as the fundamental DeFi stablecoin protocol layer. Cooperation, (3,3) is a key value in driving xDollar to next level. xDollar was built with this since beginning, and we believe it will play a critical role in its success. We have allocated SPACE token for ecosystem partnership in which we are seeking strategic collaboration among DAOs such as Olympus DAO, Rari DAO, Bankless DAO, etc.
Community Incentives Program
Another exciting initiative of xDollar is to launch a community incentives program with SPACE token allocation as reward for their participation and contribution. A community driven efforts to promote, improve, and integrate xDollar in all levels are worth for SPACE rewards. We want to provide a fair SPACE token distribution to those who support and contribute xDollar. One of community driven initiative is to launch xDollar Space Forces program (ambassador program) for those who create interactive contents to increase the project awareness.
xDollar Space aims to differentiate itself from others to become the emerging interverse money. In the past weeks, the team has been working with passionate community members on Project X to boost and populate the use case of XIM. Soon we have some exciting progress to share with the community. Please stay tune for more updates on Project X by xDollar Space.
We hope this release announcement has been informational and insightful for what’s on and upcoming for xDollar. It’s a highlight at xDollar, and we’d like to take this opportunity to invite you who haven’t already to join our social channels.
Let’s learn more about xDollar Space and get involved in the community