Summary
This proposal seeks to introduce Savings USX (sUSX) as a tokenized version of yield-bearing USX, which redistributes revenue from dForce DAO back to USX holders.
Savings USX will be accessible across all networks we support, with the same saving interest, making USX the first native yield omni stablecoin.
Background
Savings USX (sUSX) implements a LayerZero OFT (Omnichain Fungible Token) format for USX deposited into the sUSX vault, converting the USR-deposited position into a token users can hold and use.
sUSX will offer the same saving interest to holders across all networks we support, allowing USX holders to share in protocol revenues with the dForce DAO in proportion to the amount of USX deposited into the sUSX vault. This encourages long-term liquidity contributions to both USX and dForce.
xUSX will redistribute revenues collected by the Treasury from all dForce protocols and our eco-projects to sUSX holders, including but not limited to:
- Unitus Finance: interest spread allocation
- Vault: minting fees
- LSR: redemption fees, and saving interest generated by underlying collateral assets supplied to lending protocols
- POO: DeFi rewards
- Other RWA and other market operation strategies
Earnings automatically accrue and compound continuously while you hold sUSX.
Motivation
sUSX is the only stablecoin offering the possibility for users to mint it and start earning native yield on any supported L1/L2s. This flexibility allows USX holders to avoid the high gas fees associated with minting and redeeming USX on the Ethereum mainnet, making the process more cost-efficient for users.
sUSX yield is synchronized across all chains, giving users complete flexibility to choose where to adopt and utilize sUSX, eliminating the hassle of navigating between Ethereum and other L1/L2 networks. This seamless omni-yield alignment not only enhances the user experience but also encourages the adoption and integration of sUSX within the broader DeFi ecosystem.
Specification
sUSX will implement a fixed and compounding rate which can be further adjusted through governance.
sUSX will be firstly launched on Ethereum, Arbitrum, Optimism, Base, and BSC, with proposed parameters and interest rates as below:
| Mint Cap | Interest Rate | |
|---|---|---|
| Ethereum | 3,000,000 | 15% |
| Arbitrum | 4,000,000 | 15% |
| Optimism | 1,000,000 | 15% |
| Base | 1,000,000 | 15% |
| BSC | 1,000,000 | 15% |