1. Project Introduction
xDollar is an interest-free stablecoin lending platform that any users can borrow non-custodial stablecoin, xUSD against their crypto assets on Polygon with a minimum collateral ratio of only 110%.
xDollar’s vision is to become the next-generation multi-collateral chain agnostic stablecoin.
xDollar’s mission is to democratize the store value of crypto assets on all chains and make cross-chain DeFI accessible to 1 billion users by 2030.
2. Proposal Summary, Motivation, and Key Details
xDollar is proposing a joint liquidity mining program with Kyber to help improve liquidity for the xUSD, a non-custodial stablecoin on KyberDMM protocol.
During the campaign period, liquidity providers who add liquidity (deposit tokens) on the eligible xUSD-USDC pool will receive LP tokens that can be staked on the Yield page for additional XDO and KNC token rewards. As part of the campaign launch, there will also be joint marketing efforts with Kyber Network.
Additional Marketing Idea:
xDollar is a true fan of POAP and has issued a few cool POAP to the community. The POAP campaign has been well received to boost project exposure and community growth. Therefore, xDollar proposes to launch a special POAP for Kyber. Top 420 xUSD-DAI LP users can claim an exclusive xPartner Kyber POAP after the end of yield farming period. And those 420 xPartner Kyber POAP are eligible for a POAP raffle which awards 42 lucky supporters with a fixed KNC and XDO reward which happens one/two weeks after the yield farming is over.
Here are few reasons why xDollar is an ideal candidate for Rainmaker Liquidity Mining on KyberDMM.
First, xDollar is the first DeFI project on Polygon to integrate KyberDMM. xDollar is adventurous in nature to explore innovative projects like Kyber and works best for the xDollar community. As the first DeFI project on Polygon, xDollar integrated KyberDMM one month ago hence many xDollar users are also indirect KyberDMM users. Please read our medium post about Kyber DMM pool launching.
Our xDollar Research (XDOR) is also undergoing liquidity research by comparing KyberDMM vs other AMM where we launched incentive yield farms a month ago. Thanks to KyberDMM’s capital efficiency, xDollar users have benefited from the lower fee, lower price slippage, and high trading volume on KyberDMM. Since then, there has been high volume for the xUSD token for the past 30 days as seen on Kyber DMM statistics here. xUSD-DAI LP pairs have been ranked top seven pairs on KyberDMM even without the official KNC liquidity mining program.
Second, xDollar as a stablecoin lending DeFI lego has grown gradually to keep innovating the platform and growing the community which is aligned with Kyber’s vision. The xUSD product has been widely used by hundreds of users and has been audited by coinspect as well as ongoing audit by Certik on our xDollar V2 product. There are over 23,000 followers across the xDollar communities (twitter, discord, and telegram) and many are liquidity providers of KyberDMM. Furthermore, xDollar is not alone in the universe while connecting stars with other cross-chain projects to form a xCHAIN DeFI alliance, the first DeFI alliance focusing on cross-chain vision to make DeFI accessible to 1 billion users by 2025. We are confident that both xDollar and Kyber are benefiting from this xCHAIN alliance by doing a series of co-marketing, co-community and co-partnership.
Third, xDollar as a cross-chain stablecoin lending lego shares the same cross-chain vision with Kyber. xDollar was born on Polygon yet the journey isn’t done there and will eventually travel to other planets like AVAX, ETH, BSC, and others. As Kyber is launching on multiple planets (ETH, BSC, AVAX), xDollar will continue to partner with KyberDMM by encouraging xDollar users for liquidity stacking. Hence, this is a win-win proposal for both Kyber and xDollar communities to partner together on multiple chains for the long term.
As on Polygon, xDollar will maintain the minimum requirement of $200,000 worth of liquidity on an existing amplified xUSD-USDC (AMP=32) pool on KyberDMM. As on AVAX, xDollar will also plan to launch the minimum requirement of $200,000 worth of liquidity on a new amplified xUSD-DAI (AMP=32) pool on KyberDMM. Together with requested KNC rewards, total incentives exceed the minimum requirement of $200,000.
We propose this campaign be executed into two phases because xDollar is planning to upgrade its platform in late Q3 & early Q4. There is a transition period for xDollar v1 to xDollar v2.
Campaign 1 on Polygon - Phase 1
Pair: xUSD-USDC
Start date: asap;
Duration: 30 Days
KNC Amount Requested
$10,000 US
Project Contribution Amount
$20,000 in XDO
Campaign 1 on Polygon - Phase 2
Pair: xUSD-USDC
Start date: early Oct,
Duration: 30 Days
KNC Amount Requested
$15,000 US
Project Contribution Amount
$30,000 in XDO
3. KNC Amount Requested
$10000 (Phase 1); $15000 (Phase 2)
4. Project Contribution Amount
$20000 (Phase 1); $30000 (Phase 2)
5. Network
Polygon
6. Token pair option
USDC
7. Vesting Schedule
No vesting
8. Campaign Duration
1 month (Phase 1); 1 month (Phase 2)
9. Project Details
Here are all media links for the project for further reference.
one link to access all links of xDollar
Token Contract
0x3A3e7650f8B9f667dA98F236010fBf44Ee4B2975 (xUSD on Polygon),
0x3Dc7B06dD0B1f08ef9AcBbD2564f8605b4868EEA (XDO on Polygon)
Audit Reports V1https://github.com/xDollar-Finance/xDollar-contracts/blob/main/xDollar%20-%20Smart%20Contract%20Audit%20v210624.pdf