What is xBacked?
xBacked stands at the forefront of stable coin issuance (xUSD) on Algorand. xUSD is backed by an array of digital assets such as gold, silver, BTC, and more. Through the utilisation of the Algorand Blockchain, xBacked facilitates uninterrupted asset management, allowing transactions to be executed in seconds for minimal fees.
Summary:
What is the program goal?
The long-term aspiration is to enhance the volume of assets backing the xUSD stable coin issued by xBacked on the Algorand blockchain. The TDR program is tailored to encapsulate multiple facets to materialise this objective:
1. Enhance Value.
2. Retain existing liquidity / user retention.
3. Grow Cross-Platform Partnerships
4. Increase liquidity of vault assets.
All rewards under xBacked’s umbrella will be distributed directly to vault holders or through Pact farms. Collaborative efforts are in motion with Pact regarding co-incentive plans, along with other marketing synergies to amplify the effectiveness of the program and support the growth of xUSD long term. Moreover, alliances are being nurtured with other entities such as Algomint and Meld Gold to co-incentivize particular trading pairs and devise collaborative strategies, further promoting the agenda of the program.
The allocation of incentives directly to vault holders, will be targeted at increasing the number of vaults (users) by incentivising the depositing of collateral and minting of xUSD. This will be achieved via snapshots of vault holder wallet addresses within a specific period of time and airdropping tokens equally among them.
Allocation:
Amount: 116,505 $ALGO
What will be incentivised & where?
Rewards will be distributed via: xBacked Reward Wallet
N.B
Rewards were adjusted to accomodate a 20,000$Algo allocation to EURS / xUSD pools across both Tinyman and Pact. Vault holder incentives were delayed until January 2024 due to the ongoing deprecation of vaults. Eligibility guidelines for vault holder incentives will be published in the coming days.
