Carrot Swap has launched its stablecoin, xUSD, on Neo X, which is collateralized by prominent stablecoins on diversified blockchain networks. xUSD is backed by USDC and USDT that persist on Excessive, BNB Chain, and Arbitrum.
So some distance, Carrot Swap purports that the sinful-chain bridge has efficiently processed better than 50,000 transactions on TestNet and MainNet, most of which have now not included the xUSD stablecoin. The sinful-chain bridge is a fork of ZetaChain’s mechanism that leverages relayers that independently validate transactions and then require diversified relayers to substantiate the validity sooner than transmitting messages between chains.
Every token minted on Neo X (i.e., xUSD) is 1:1 collateralized by the underlying asset (i.e., USDC or USDT) on the originating community, which is locked in a magnificent contract on Excessive, BNB Chain, or Arbitrum till a Carrot Swap particular person redeems the xUSD for the underlying stablecoin. When redeeming xUSD, the actual person can convert to USDT or USDC on one amongst the three supported sinful-chain networks.
If the supported community doesn’t have enough liquidity of the chosen stablecoin, it will whole the redemption the utilization of the diversified supported stablecoin on the community, or the identical stablecoin on one other blockchain. As an illustration, if a particular person seeks to redeem 100 xUSD for 100 USDT on Excessive chain, but there’s handiest 80 USDT in liquidity on Excessive, then Carrot Swap will provide the actual person with the probability to redeem for 20 USDC on Excessive, or for 20 in USDT or USDC on one other chain, to meet the 100 xUSD redemption.
About Carrot Swap
Carrot Swap is an AMM-essentially based utterly non-custodial alternate that launched on the NeoX TestNet in Oct. 2023, following its AWS award at the Neo APAC Hackathon. The DEX went are living on MainNet in Aug. 2024, providing customers sinful-chain bridging, swapping, and liquidity pool provision efficiency. The next month, the arrangement crew launched a token generator.
The plump xUSD commence announcement can even be figured out at the hyperlink below:
https://x.com/carrot_fi/procedure/1836701589073170730
