XinUSD

A Decentralise Stable-Coin pegged by XDC. Over-Collatralised Stable Coin.

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A Decentralise Stable-Coin pegged by XDC

Inspiration

Stable-Coin is always a topic of discussion in the crypto community. There are n numbers of tokens that always try to promise features and failed to execute the complete roadmap for the tokens. The goal is to provide a cryptocurrency that is less volatile than other cryptocurrencies There are several different approaches to creating a stablecoin, including using traditional assets like fiat currencies or commodities as collateral, algorithms to maintain the value of the stablecoin or a combination of both. Still, we all experienced the drawback of these stablecoins. To overcome this problem, I developed an over-collateralised Crypto Backed stablecoin. Where the backing asset is the Wrapped XDC token as collateralised.

What it does

XinUSD is an Over-Collateralised XDC Backed crypto stablecoin, which tries to stabilize its value close to 1$ to maintain stability, Resistance to hyperinflations with maintaining decentralisation. No centralise intervention for stabilation. The collateralization ratio must be maintained at 200% else the tokens of the users get liquidity with a penalty of 10%. Also, users can add or remove liquidity, whenever required. We are introducing stable coin stacking, where stackers can earn constant APY without volatility. If users are required to mint stable coins, they are required to add the liquidity minimum of 1:2 ratio.

How we built it

With the XDC Network, We deployed a series of smart contracts, to maintain the governance and stability of the token. WXDC:- ERC-20 Wrapped XDC token. Wrapped token improves interoperability between multiple dApps. XinUSD:- ERC-20 stablecoin, Contract to mint and burn the tokens, User can add or remove liquidity with WXDC. XinUSD Vault:- A vault and Governance smart contract to maintain the complete structure for a stablecoin.

Challenges we ran into

Fetching the current price of collateral price is a gargantuan task! We can use an on-chain oracle to fetch the details. Also for governance, fee structures for withdrawal, and Stacking mechanism.

Accomplishments that we're proud of

Able to utilise all the available functionality of the XDC network. Stabilised the price to $1. Deployed the wrapped token and creates a governance mechanism.

What we learned

Over-collateralised tokens. StableCoin is backed by crypto tokens. Governance mechanism.

What's next for XinUSD

Improving governance and stacking mechanism. Working on the collateralization ratio. Decentralise oracles to receive the current token price for minting.

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