The XOXS Difference

The Stable Coin's Role Model

Overview

XOXS plays a vital role in reducing inflation and selling pressure on our native XOX token, and serves as the staking currency for our protocol. Additionally, it can be earned through various initiatives such as giveaways, referral programs, community giveaways, ecosystem growth incentives, and other such avenues.

However, these are just the preliminary capabilities of XOXS, and we have a lot more planned for it. In the following sections, we will delve deeper into the multiple functionalities of XOXS that will enable it to play a crucial role in enhancing the overall value proposition of our ecosystem.

Stablecoin primer

Please refer to What Are Stablecoins? if you require a primer on the different types of stablecoins.

The XOXS Difference

As the demand for stablecoins continues to grow, XOX Labs is proud to announce the introduction of XOXS, a cryptocurrency-backed multi-chain stable coin that will offer a new level of stability and reliability to the crypto market.

Unlike traditional stablecoins which are typically backed by fiat currency or commodities, XOXS is backed by a diversified portfolio of cryptocurrencies, providing users with the benefits of both stablecoins and cryptocurrencies. XOXS will be pegged to the value of 1 US Dollar via maintaining a basket of other stablecoins such as USDT, USDC, etc. The XOXS reserve will always be publicly viewable to increase trust through transparency.

Being multi-chain, XOXS will be available on several blockchains therefore providing users with increased flexibility and accessibility. This multi-chain approach will also ensure the stability of the coin, as the collateral will be spread across multiple chains, reducing the risk of any single point of failure.

XOXS will provide users with a reliable and trustworthy stablecoin option, enabling users to transact in a more stable and secure manner.

XOXS Stability Mechanism

XOXS operates as a cryptocurrency-backed multi-chain stablecoin whose value is pegged 1-1 to the US dollar via a basket of other stablecoins. This simple mechanism ensures the sustainability and performance of XOXS.

Whenever a user wants to acquire XOXS, they will be required to deposit an equivalent amount of USDT or USDC into the XOXS smart contract whereupon an equivalent amount of XOXS will be. minted. The deposited USDT/USDC will be locked in the XOXS smart contract and can only be redeemed by users who have the equivalent XOXS token amount. Once a user redeems their XOXS, the smart contract will burn the received XOXS to ensure that every XOXS in circulation is backed 1-1.

No fees will be charged for the swapping of USDT/USDC to XOXS. There is also no limit to such conversions. There will be a small redemption fee of 0.1% which will be adjusted based on market conditions or community requests. This fee will never exceed 0.1% and users can easily query the reserves to ensure that their funds are always fully backed.

XOXS Utility & Benefits

• Used as the default medium of exchange across all products built by XOX Labs and eventually it will expand its capabilities into other DeFi ecosystems in the Cross-chain space.

• Fully decentralized and collateralized by the assets in its reserve.

• Trade with the lowest fees on the XOX DEX V2

• Earn passive income from staking

• Used as a reliable store of value (especially for traders)

• Used to add liquidity and earn LP tokens (Yield farming)

• Used for Buying Competitions with no Transaction Tax

• Community Rewards and Ecosystem Growth Incentives

As the XOXS stablecoin is designed to be community-driven, we understand the importance of listening to our users and incorporating their feedback and requests. In addition to its core utility as a stablecoin, we plan to continually enhance XOXS with additional features and use cases. This includes but is not limited to, integrating with other DeFi protocols, providing liquidity and trading pairs on popular decentralized exchanges, and offering yield farming opportunities for XOXS holders. As we move forward, we are committed to building a vibrant ecosystem around XOXS that benefits our users and the broader crypto community.