XT.COM will support TAI contract upgrade, and it will be renamed as XTUSD. The specific arrangements are as follows:
- XTUSD contract address: https://xscscan.pub/address/0x1a6131eaf7edd96afa10fc75b0d79dd814d19ed0
- XT.COM will suspend TAI’s deposit, withdrawal, transfer, etc. at 03:30 (UTC) on July 7, 2022, and close TAI/USDT trading pair. For relevant users, please perform an advanced cancellations on orders or withdraw in time. For orders that were not withdrawn in time will be automatically withdrawn by the system at the point of time.
- All TAI held by XT.COM users will be converted to XTUSD, and XTUSD will be released according to the exchange rate of 1 TAI=1 XTUSD.
- The XTUSD/USDT transaction pair will be available at 03:00 (UTC) on July 8, 2022.The deposit and withdrawal of XTUSD have not been opened yet. Please stay tuned for further announcements.
Note: Please do not deposit TAI during the renaming period to avoid asset loss. If you have any doubt, please contact the online customer support.
XTUSD is a stable coin implemented as an ERC20 token on the XSC blockchain. It is designed to maintain 1:1 parity with the US Dollar. With the efficiency of blockchain technology, the XTUSD token can be issued and redeemed on a 1:1 basis against the U.S. dollar easily. Also, the XTUSD's economic system is built on a so-called XTDao smart contract project(based on the MakerDao Protocol with certain improvements), which provides a more reliable and safer way to guarantee the stability of the token. The XTDao system is managed and maintained by the DAO of XTUSD, any changes to the XTDao Protocol must be proposed and voted by the community.
Like many other stable coins, XTUSD is designed for price stability compared to Bitcoin. It is easy to generate, access and use. All the XTUSD tokens are generated by depositing collateral assets into the so-called XTDao Vaults within the XTDao protocol. Others obtain XTUSD by buying it from brokers or exchanges, or simply by receiving it as a means of payment.
Once generated, bought, or received, XTUSD can be used in the same manner as any other cryptocurrency: it can be sent to others, used as payments for goods and services, and even held as savings through a feature of the XTDao Protocol. As every XTUSD token in circulation is directly backed by excess collateral, it means that the value of the collateral is higher than the value of the debt. To ensure there is always enough collateral in the vault to cover the value of all outstanding debt, the XTDao protocol provides an auction mechanism to handle the risky vaults, and therefore the XTUSD is kept stable.
Currently the XTUSD system accepts XT(the native token of the XSC blockchain) as the collateral asset. To make it more flexible, the XTDao protocol will support multiple collateral assets in the future, including BTC, ETH, BNB etc. There are basically 3 types of vaults for each collateral assets with different collateral ratios and fees:
- XT-A Min Coll. Ratio 150%， Annual Fee： 3%
- XT-B Min Coll. Ratio 170%， Annual Fee： 2%
- XT-C Min Coll. Ratio 200%， Annual Fee： 1%
The basic information of the XTUSD is as below:
- Symbol: XTUSD
- Total Supply: 1,000,000,000 XUSD for each collateral asset
- Decimals: 18
- Token Contract Address on XSC: 0x1a6131eAf7edD96aFA10fc75B0D79dd814D19ed0
- Website: https://www.xtusd.pro/main
- XSC Explore: https://xscscan.pub/
Thank you for your support!
July 7, 2022
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XT.COM reserves the right, at its discretion, to change, modify, or remove portions of the announcement at any time by posting the amended version on the website.