A lot of new stablecoins have come to market in the past few months. Not all of these projects are catering to the same people, especially if an airdrop is involved. xStable and xUSD are interesting on paper, but some of the airdrop requirements raise a lot of questions.
The Purpose of xStable and xUSD
Creating a new stablecoin in the form of xUSD by having it backed by existing stablecoins seems a bit unusual.
Currently, the goal is to have xStable support as many xASSETS as possible.
This opens the doors not just for existing stablecoins, as well as fiat currencies.
Every xASSET is minted permissionless and requires sending any of the supported assets to the smart contract.
Redeeming works the same way, by sending an xUSD to the contract. They can then determine which asset to receive in return.
Keeping all of this in mind, it appears that xStable units the concept of stablecoins, lending, and swapping.
Currently, the entire stablecoin industry is very fragmented,e specially when it comes to DeFi access.
xStable will explore this space too through its mASSET native interest rate.
This interest rate is derived from lending bASSETS on third-party protocols, combined with fees generated by the native SWAP product.
One of the core features is how there will be zero price slippage when swapping between bASSETS.
There is currently an airdrop to receive up to $1,500 in xUSD through Telegram.
It will require users to “whitelist” their address by sending 0.03 ETH to a specific address.
This makes the project appear a bit shadier, thus thorough research may be required.
Any airdrop asking users to spend money first – except for a fee to withdraw tokens – is often best avoided altogether.
Sending money to participate in this airdrop is a user’s own risk, as we strongly advise against doing so.
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