Summary
This is a proposal to launch a Turbo&Stable fund for sUSDX on BNB Chain.
Project Description:
What is USDX:
USDX is a synthetic USD stablecoin that employs a multi-coin arbitrage strategy as backing. It maintains a delta-neutral, approximate dollar position through balanced trading across various digital assets. This token will be the focal point of liquidity provision in AMMs and CEX order books.
USDX peg stability is maintained by employing delta hedging strategies with derivatives positions, counterbalanced against collateral held by the protocol.
What is sUSDX:
sUSDX is short for “staked USDX”. sUSDX is the token representing staked USDX. Users are able to receive a portion of the protocol’s generated yield by staking their USDX and receiving sUSDX automatically in return. USDX that is staked is not rehypothecated or otherwise utilized to independently generate the value accrual for sUSDX.
sUSDX is a reward-bearing token, similar to cbETH and rETH in the case of ETH. This means its value appreciates instead of its quantity increasing, unlike stETH, which modifies its total supply via rebasing.
Fund Specifications:
Underlying Asset: sUSDX
Chain: BNB Chain
Multiplier: 10
Interest rate: 10%
Duration: Till March 27, 2025
Protocols: USDX
Motivation:
Tranches’ story with stablecoins dates back to when we launched. As an important yet frequently ignored token category, Stablecoins have a large market and even larger potential. sUSDX is our first attempt at stablecoin-related funds and a great start for a series of potential stablecoin-related collaborations.
References/Useful links:
Website: https://usdx.money/, usdx.money - Next Gen Stablecoin Infra
Documentation: https://docs.usdx.money/
Audit: Audit | usdx.money
Snapshot voting will be open until 24:00 UTC on Jan. 7, 2024. When voting starts, all veCHESS on BNB Chain and Ethereum will be eligible to vote.