XFTD - XDC STAKING REWARDS - BEARING STABLECOIN

Inspiration

The goal is to create fully decentralized,permissionless and trustless XDC native stablecoin protocol.

What it does

Each user that mints the stablecoin with her/his currents stablecoin ( xUSDC,xUSDT,xDAI ) will be getting rewards from staked XDC .
Minting of the XFTD stablecoin only possible with the current well known stablecoins as USDT,USDC,DAI , its equivalents on XDC network. Each holder of the newly minted stablecoin receives the staked XDC , that is not tradable,only locked into staking smart contract, holder or better to say minter of the stablecoin will be receiving the staking rewards from XDC staking proportional to her/his stablecoin position . XDC staking rewards - bearing stablecoin → XDC staking rewards incentives for stablecoin holders→ decentralization of validation of XDC blockchain. Collateral – Liquid staking derivate of staked XDC only, maintaining the peg to USD also with the LSDs. XDC staked indefinitely with no entity having access to it.

How we built it

We used solidity for creating all smart contracts, moralis for the backend , moralis with react for the front end .

Challenges we ran into

So far no existing LSDs on XDC, ( we created dummy LSD contract for stXDC ) but we intend to use the stablecoin protocol to create LSDs of XDC and use them as per description above .

Accomplishments that we're proud of

We were able to create and deploy XFTD stablecoin, also send it to deposti function of staking contract and direct staking rewards to the stablecoin holder.

What we learned

quite lot about DPOS , XDC ecosystem and development ,also we improved in solidity, and learned about stablecoins various design,redemption and peg mechanism etc.

What's next for XFTD - XDC STAKING REWARDS - BEARING STABLECOIN

We would like to create stXDC on the XDC network, use it for sending rewards to stablecoin minters , using it as well for peg and redemption purposes . On the top of it we would like to create staking aggregator for various permissionless staking providers .