xDollar Spae (V2) has 3 main tokens:
- SPACE: the protocol's token which is used for incentivization.
- xSPACE: obtained by staking SPACE tokens and used for fee-sharing and governance.
- XIM: a USD pegged stablecoin.
Token Symbol: SPACE
- 1 Billion (1,000,000,000) SPACE tokens in total.
- This will be allocated to stable pools across different chains to reward early adopters. The community can vote on the specific allocation amount to each stable pool across chains.
- This is used to support the growth of xDollar Space for the ecosystem, community, partnership, etc. The tokens distributed to space guardians are vested and stacked for xSPACE.
- SPACE in this category is for the team which is subjected to a 6 months lockup and 30 months vesting since the initial launch of xDollar V1.
- 5% SPACE for Treasury is locked onto the multi-sig wallet which is owned by xDollar DAO. The community can vote on how to use these tokens for the goods of xDollar Space.
- SPACE in this category is released to the team for the initial startup of the platform including marketing/bootstrap liquidity/bounties/expenses/airdrop/community incentive program.
- SPACE in this category is allocated for strategic investors.
xSPACE is used for fee-sharing and governance, which can be obtained by staking SPACE tokens.
- Staking SPACE a 4 year time lock to get 1 xSPACE, a 2 year time lock to get 0.5 xSPACE, a 1 year time lock to get 0.25 xSpace. The longer you stake, the more you get for xSPACE.
- Please note that every time a user stakes SPACE, he/she will not be able to withdraw in the middle of the locking period he/she selected).
- The longer you lock, the more xSPACE you will get; The more reward you earn, and the more voting power you vote.
The xDollar Interverse Money token is a USD pegged stable coin that is backed by selected crypto assets. The community can vote on which collaterals to be listed on xDollar Space.
xDollar always considers this token to be worth 1 USD. Since XIM is a multichain token which the community can vote to decide on which chain to be deployed, please find the XIM address on the deployed chains below:
Since XIM is a USD pegged stable coin, it thereotically remains pegged to 1 USD. The mechanics used for XIM rely on soft, hard, and stablecoin swap. This can happen in several ways.
- The ability to redeem XIM for $ETH at face value (i.e. 1 XIM for $1 of $ETH) and the minimum collateral ratio of
110%creating a price floor and price ceiling (respectively) through arbitrage opportunities. We call these "hard peg mechanisms" since they are based on direct processes.
- XIM also benefits from less direct mechanisms for USD parity — called "soft peg mechanisms". One of these mechanisms is parity as a Schelling point. Since xDollar treats XIM as being equal to USD, parity between the two is an implied equilibrium state of the protocol. Another of these mechanisms is the borrowing fee on new debts. As redemptions increase (implying XIM is below $1), so too does the
baseRate— making borrowing less attractive which keeps new XIM from hitting the market and driving the price below $1).
- xDollar also provides the option to collateralize stablecoins like USDC (the community can vote to include which stablecoin to this list) for XIM. For a small, 1% fee, users are able to mint or sell XIM to other stablecoins. When a user deposits USDC into the xDollar Space platform, they will essentially be opening a special trove that accepts only USDC as collateral at a minimum collateral ratio of 101%. The liquidation and redemption functions are disabled in these troves and as long as the troves are open they remain active until users claim their USDC by simply closing them.