xbacked
xbacked is a makers of decentralized stable assets on #Algorand.
All edits
Any other token ID or Application ID Claiming to be xBacked is a scam
X Governance Token:
xUSD: Not launched yet
Vault Contracts: not launched yet
xBacked is building a decentralized, permissionless stablecoin on Algorand, fully backed by crypto assets instead of centralized assets. No central entity controls the issuance of xUSD and other tokens the xBacked protocol might build in the future. Using Collateralized Debt Positions (CDPs), the xBacked protocol ensures that all xUSD minted is backed by more than $1 in underlying collateral in the protocol.
xbacked
Makers of decentralized stable assets on #Algorand
About xBacked
xBacked is building a decentralized, permissionless stablecoin on Algorand, fully backed by crypto assets instead of centralized assets. No central entity controls the issuance of xUSD and other tokens the xBacked protocol might build in the future.
What does this mean?
Algorand as an ecosystem is culturally all for decentralization. The xBacked protocol brings a stable, decentralized, form of exchange to the ecosystem.
Why xBacked?
Traditional finance is issued in sovereign opaque currencies with significant costs, high barriers to entry and limited access. Transparent collateralised assets are needed to unlock equity and empower the digital economy.
● Transparently backed and over collateralised
● 0% interest borrowing
About
xBacked is a Distributed Autonomous Organization (DAO) building a suite of decentralized stablecoins on Algorand beginning with xUSD. Unlike Tether or USDC, xUSD is backed by crypto assets (similar to DAI in Ethereum).
Building a decentralized stablecoin on Algorand makes a lot of sense. It is a Pure Proof of Stake Layer 1 protocol with instant finality, 4.5s block times and is moving to a decentralized governance model by the end of 2021. Their barrier to entry for running a node is also very low compared to Layer 1s like Solana.
No other blockchain ecosystem can offer these unique properties - which means we can build something unique.
February 10, 2022
February 10, 2022
January 10, 2022
January 10, 2022
xbacked
Makers of decentralized stable assets on #Algorand
About xBacked
xBacked is building a decentralized, permissionless stablecoin on Algorand, fully backed by crypto assets instead of centralized assets. No central entity controls the issuance of xUSD and other tokens the xBacked protocol might build in the future.
What does this mean?
Algorand as an ecosystem is culturally all for decentralization. The xBacked protocol brings a stable, decentralized, form of exchange to the ecosystem.
Why xBacked?
Traditional finance is issued in sovereign opaque currencies with significant costs, high barriers to entry and limited access. Transparent collateralised assets are needed to unlock equity and empower the digital economy.
● Transparently backed and over collateralised
● 0% interest borrowing
xbacked
Makers of decentralized stable assets on #Algorand
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