xUSD Stablecoin

xUSD is a USD-pegged stablecoin at the core of the X ecosystem. It maintains a 1:1 peg with the US dollar, providing a stable and reliable medium of exchange within the ecosystem. Key features of xUSD include:

• Minting: Users can mint xUSD in two ways, either to deposit USDC or USDT on the L1 side and receive xUSD on the L2 side, or deposit a basket of currencies such as ETH, stETH, wBTC as collateral on L2 and mint xUSD.

• Decentralized Price Oracle: Maintains accurate and current exchange rates of xUSD-X and xUSD-USDC/USDT pairs, mitigating the risks associated with centralized price feeds.

X Network has pioneered the integration of its native algorithmic stablecoin as gas fees, marking a significant innovation in the Layer 2 (L2) landscape. This strategic move not only amplifies the utility of the algorithmic stablecoin but also positions X Network as the most accessible and user-centric L2 platform for cryptocurrency newcomers.

New users can seamlessly experience X Network without incurring gas fees, using an Externally Owned Account (EOA) wallet, thus bypassing the complexity associated with an Account Abstraction (AA) wallet. This innovative approach preserves the intrinsic value of xUSD, as X Network's subsidization mechanism is designed to generate organic revenue streams for the entire L2 ecosystem. Furthermore, X Network ensures robust xUSD liquidity through meticulous official mint and burn operations, bolstering the stability and sustainability of the platform.

In essence, X Network's adoption of its algorithmic stablecoin as gas not only democratizes access to decentralized finance but also underscores its commitment to fostering an inclusive and sustainable environment and thus make X Network to be the most friendly blockchain for Crypto Newbies.

More details are described in Maintaining Stability.