Thread by @The_ReadingApe

Today, we are sharing a quick tutorial guide on @xDollarFi App v2. It might be a little confusing to newcomers on what the different features are all about, so we decided to do a light introduction to them.

Ready? Let's go 🔥🔥

@xDollarFi First of all, what is xDollar Space (v2)?

This is a multi-chain interest-free lending platform. Users can deposit assets to borrow their stablecoin, $XIM, with a min collateral ratio.

So, what can you do on xDollar app?

@xDollarFi xBank is where users can open Troves to deposit their collateral to borrow $XIM. So far, only $WBTC and $WETH can be used, but more will be added in the near future. There is a one-time borrowing fee of 0.5% and the min collateral ratio is 110%.

@xDollarFi xPeg is where users can collateralize stablecoins for $XIM. Currently, only $USDC is available. This is a special Trove where liquidation and redemption functions are disabled. There is a one-time borrowing fee of 1% and the min collateral ratio is 101%

@xDollarFi xPool is where users can deposit their $XIM to become stability providers. $XIM deposited in the pool act as a source of liquidity to repay debts from liquidated Troves. In return, users get a pro-rata share of the collaterals in the liquidated Troves and $SPACE tokens.

@xDollarFi We've done up a tweet thread on how the stability pool work and what are the benefits of being a Stability Provider.

To refresh your memory, take a look at it again here:

https://twitter.com/The_ReadingApe/status/1473994300153237505

@xDollarFi xStake is where users can stake their $SPACE token to receive $xSPACE. $xSPACE is the governance token and it allows the holder to share the fees earned from the protocol. The longer $SPACE is staked, the more $xSPACE received. The max locking period is 4 years.

@xDollarFi xFarm is where users can stake their XIM-3LP3CRV-f LP tokens to farm for $SPACE. The LP tokens can be obtained by adding liquidity in the relevant pool in @CurveFinance. The difference between xPool and xFarm is that xPool is a stability pool but xFarm is not.

@xDollarFi @CurveFinance Here's the full infographic for the quick tutorial guide:

@xDollarFi @CurveFinance We heard from the team that they have a lot more exciting news to share in the coming weeks, so do follow them @xDollarFi and join their discord!

@xDollarFi @CurveFinance Like our work?

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Apes alone weak 🦍💀
Apes together strong🦍🦍🦍💪💪💪

Stay strong, apes 🦍💪

~ End Thread