Ouroboros Foundation
  • Introduction to Ouroboros
  • The Ouroboros ($ORX) Token
    • Pumpamentals
    • Launch/Participation Mechanics
    • Onboarding System
    • Minter Audit
    • Contract Addresses
  • Ouroboros Products
    • 🪙USDx Stablecoin
      • ORX Fee Sharing Pool (ORX Staking)
      • Borrowing USDx (USDx Minter)
      • Backstop Staking (USDx Staking)
      • Liquidations
      • Protocol Safety
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🪙USDx Stablecoin

An innovative multi-collateral CDP stablecoin for the TitanX ecosysm

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Last updated 2 months ago

USDx presents an innovative Multi-Asset Collateralised Debt Position (CDP) style stable asset, which uses an elegant system of arbitrage and direct exchange to issue an asset (USDx) which is capable of pegging to an arbitrary price point. For the purposes of initial operation, V1 of USDx will peg exclusively to $1.

Goals

The ultimate goal for USDx is to establish itself as the goto stablecoin of choice across the entire TitanX ecosystem, by accommodating for the inclusion of various project assets as collateral in a controlled manner. The longer terms goals are to branch out, and give the TitanX ecosystem exposure to a rangle of non TX based collaterals and unique collateralisation strategies.

The USDx system operates with the following subcomponents:

  1. Position Managers: Responsible for the issuance and destruction of debt in the form of USDx.

  2. Unified Backstop Pool: Accepts USDx deposits which are used for the purpose of rapid debt-position liquidations during periods of downward price volatility. By depositing USDx, Backstop Pool depositors enjoy rewards in the form of liquidated collateral which is exchanged at a below market-rate ratio. Sophisticated actors can employ MEV at this layer to rapidly close the arbitrage loop to realise these gains in any asset of their choosing, or instead compound these assets via issuance of additional USDx.

  3. Collateral Controller: A simple but critical piece of USDx, which allows for the addition and decommission of Collateral types, with an aim to including all TitanX ecosystem assets which are deemed suitable for inclusion (subject to review). This component also contains safety critical features such as debt caps, redemption points (RP), loan points (RP), and various other metrics/settings designed to shore up the system in the presence of volatile collateral assets.

  4. ORX Fee Staking Pool: This pool will accept deposits of ORX, and allow depositors to accrue a share of debt issuance and collateral redemption fees.

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