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As many Sovryns may have already noticed, stablecoins and their use on Sovryn are being upgraded. The Sovryn Devs, alongside Babelfish, have been toiling away relentlessly to conjure the next evolution of stablecoin - XUSD.
XUSD aggregates multiple stablecoins into one token, improving ease-of-use and reducing systemic risk. More importantly, the aggregation increases incoming liquidity options and deepens that liquidity in Sovryn, leading to lower slippage and healthier margin functionality. To find out more about XUSD, read the wiki article here.
We have already seen major developments that allow users to bridge and aggregate multiple stablecoins from both Ethereum and Binance Smart Chain to Sovryn. Consequently, many have been earning from SOV loot drops on the XUSD-BTC pool for the last two weeks, and will continue to do so as the SOV loot drops are being recalibrated today!
Continuing from these developments, we are pleased to announce that you can now margin trade, lend and borrow XUSD permissionlessly in the Sovryn app. As such, XUSD can now be used as collateral when opening loans in other tokens. You can now also convert some or all of your rUSDT to XUSD directly from within your portfolio. As usual, there is a how-to guide for this on the Wiki here.
To celebrate this new lending opportunity, there will be a Liquidity Mining event on the XUSD lending pool. That’s right, you can now earn SOV by lending XUSD in Sovryn! The exact start date of this event will be announced soon.
Along with the task of upgrading our stablecoins comes the deprecation of the old. Therefore, users will no longer be able to open new margin positions, lend or borrow using rUSDT, or use rUSDT as collateral when borrowing other tokens. The interface will remain live to allow for positions to be closed. This does not mean rUSDT is being removed from Sovryn, but only from opening new margin/lending positions.
XUSD token contract address: 0xb5999795BE0eBb5BAb23144Aa5fD6a02d080299f
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