USX
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USX is a USD-pegged stablecoin by dForce with a dual model for minting - USX can be minted through Vault (single collateral & risk-isolated), or via borrowing from supported lending protocols (pool-based & multi-collateral & market-driven rates) directly.
USX x over-collateralized stablecoins :
- A flexible and highly efficient dual model for minting – USX can be minted through Vault (single collateral & risk-isolated), or via borrowing from supported lending protocols (pool-based & multi-collateral & market-driven rates) directly.
- Protocol controlled liquidity could also support scenarios to cover credit granting and multiple use cases. This feature is particularly useful to facilitate protocol-to-protocol interactions, i.e., to provide liquidity to USX bridges, seed liquidity into stablecoin swap pools, etc.
- USX adopts a hybrid interest rate policy: 1) fixed interest rate - USX carries a fixed interest rate under the Vaults model. It allows vaults with different collaterals to enforce different interest rates, which can be adjusted via governance voting. 2) range-bound market interest rate - the PDLP (Protocol-Direct-Liquidity-Provision) module will guide USX’s interest rates in the secondary markets (i.e., lending protocols, DEXes, etc). In a nutshell, this hybrid model enables DF holders to: 1) determine interest rates for all Vaults directly; 2) keep interest rate range-bound via controlling USX supply in the secondary markets.
- Multichain liquidity conduit. USX can be minted natively on all deployed chains, with cross-chain-enabled liquidity capability. This positions USX as the only stablecoin that can serve as a cross-chain bridge with guaranteed liquidity depth (powered by the PDLP module), allowing users to move USX across supported chains with zero slippage and uncapped limit. Stacked with swap and lending protocol, users can move any crypto assets across different chains with zero slippage and minimized liquidity cap (only subject to USX’s liquidity on destination chain). For example, if you swap asset A to USX on Chain X, bridge USX to Chain Y and swap it back to asset A, you won’t be capped by bridge liquidity – this is completely untenable for fiat-back stablecoins like USDC, USDT, etc.
- Decentralization. USX is 100% decentralized with DF holders governing the protocol, including but not limited to parameter setting, liquidity operation, onboarding of new collaterals, new feature implementation, etc.
Bridge USX Cross-Chain
Through cBridge, $USX tokens can be bridged across Ethereum, Arbitrum, Optimism, Polygon, BSC (Binance Smart Chain) in a liquidity-pool-based model with lower fees and faster transaction speeds.
USX PEG
USX is designed to maintain a 1:1 soft peg with the U.S. dollar. Its pegging mechanism is mainly dictated by the hybrid interest rate policy which shall algorithmically adjust to keep market supply and demand in equilibrium.