A Decentralized Stablecoin For Algorand

xBacked is a DAO building a decentralized,
over-collateralized stablecoin backed by ALGO, xUSD.

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

About xBacked

xBacked is building a decentralized, permissionless stablecoin on Algorand, fully backed by crypto assets instead of centralized assets. No central entity controls the issuance of xUSD and other tokens the xBacked protocol might build in the future.


What does this mean?

Algorand as an ecosystem is culturally all for decentralization. The xBacked protocol brings a stable, decentralized, form of exchange to the ecosystem.

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

xBacked roadmap

Jan — Mar 22
Testnet Launch
Complete core contracts
Audit begins
Apr — Jun 22
Audit completion
Complete staking contracts
Build governance tooling
Mainnet launch
Add collateral to Mainnet
Prep for TGE
Hackathon
International language support
Add collateral to Mainnet
Jul — Sept 22
Staking live for LP tokens
Staking live for X governance
Aeneas LM program
TGE
Protocol governance live end of Q3 or Q4
OCT — DEC 22
X governance token LM program begins
Accept liquid staking as a collateral type
Growth and partnership
View the finer details

Why xBacked?

Traditional finance is issued in sovereign opaque currencies with significant costs, high barriers to entry and limited access. Transparent collateralised assets are needed to unlock equity and empower the digital economy.


audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

Building governance tooling

Completing staking contracts

audit in progress

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

unlocking the unlockable

xBacked Team

Austin

CORE CONTRIBUTOR

Austin has worked for half a decade in some of Australia's best SaaS companies as a software developer and Site Reliability Engineer (SRE). More recently he was a Product manager, where he lead a team of 4 developers and 1 designer. He was also selected to be in a FinTech incubator at an Australian bank where he worked on building an algorithmic trading SaaS platform. Ultimately a bank was not a very inspiring environment and he started diving deeper into DeFi.

Diego

CORE CONTRIBUTOR

Diego is a Full Stack Developer with several years experience specializing in enterprise scaling and automation. An Algorand Developer Ambassador who previously worked on a project tokenizing real estate on the Algorand blockchain.

Nimi

CORE DEVELOPER

Nimi is a Google Associate Andriod Developer and a recipient of the Algorand foundation development award for building the swift SDK. He is a blockchain developer that has used several of the Algorand SDKs like the java SDK and the Javascript SDK. He has also written several smart contract in Teal for managing comples royalty schemes with NFTs. He is also skilled with Reach and always looking for ways to build software that will bring about a fully decentralized world.

Gal

COMMUNITY MANAGER

Worked and invested actively in the crypto space since 2017, starting off with establishing the Blockchain Education Network in Australia. Later worked in various marketing and growth roles in the blockchain and Fintech space. Highly prioritises mindfulness, self development, and loves growing products that help people achieve financial independence.

JayZ

CORE DEVELOPER

xBacked is my first crypto space project. I have previous experience from large tech companies like Facebook. I want to keep my career focused on blockchain technology for the long term. I love dogs.

Thinc

CORE DEVELOPER

Love programming especially at a lower level. Intrigued by the role of DAOs in the world today and the communities that surround them. I hope to make the world a better place through the propagation of permission-less application.

Denvinl

Head of Growth

Denvinl studied Economics and Marketing at university because she’s always been curious about human behaviour, assets and how these things impact the world. She then started dipping her toes in crypto around 2016, and got obsessed with breeding cryptokitties not long after that. Prior to joining xBacked, Denvinl worked for a NASDAQ-listed SaaS company as a Product Marketing Manager and then a Voice of Customer Lead. Before that, she gained her blockchain experience from a local cryptocurrency exchange as a Marketing Strategist and helped drive Bitcoin adoption through education. She’s a big fan of championing user voice to solve their problems.

FAQs

Like many blockchain technologies, xBacked is an ever-evolving product. The following FAQs will continue to be updated in line with protocol development. The exact structures and technologies may change with continued research and developer updates. We’ll do everything to ensure information is always current.

What is xBacked?

xBacked is a Decentralised Autonomous Organisation (DAO) building a decentralised, permissionless stablecoin on Algorand: xUSD. Unlike Tether or USDC, xUSD is backed by crypto assets (similar to DAI in Ethereum).

What is the difference between your project and similar projects?

On xBacked, you will always be able to redeem one xUSD token for $1 of collateral (ALGO, goBTC, goETH). Capital efficiency on xBacked has a minimum 110% collateral ratio.
At xBacked, we only partially liquidate your Collateralised Debt Position (CDP). For example, vaults have a minimum collateral ratio of 110%. Below this level, vaults become available for liquidation. To withdraw collateral, or to mint new debt, the collateral ratio must be above 120%.
We use isolated risk markets, where xUSD collateral is carefully selected, and can be experimented with relative safety. This is not true of money markets that have increased risk introducing new collateral.

What kind of assets are accepted as collateral?

ALGO, goETH and goBTC will be accepted as collateral from mainnet launch. We'll continue to work on accepting additional collateral assets, but for now there are no other ASAs on our roadmap. We're always eager to hear from the community what it would like to use as collateral so we can take it under consideration.

Do you need to own a vault to redeem xUSD?

No you don't. Any xUSD will do. It can also be bought on an exchange or borrowed from capital markets such as Folks Finance.

Is there a minimum collateral required? If so, why is there a limit?

Yes, you are required to deposit a collateral that will mint 100 xUSD plus the fee. This is to prevent DDoS attacks on xBacked.

What is the minimum collateral ratio?

On vault creation, the collateral ratio must be 120%. Vaults are partially liquidated when they drop below 110%.

Is xBacked a DAO?

Yes, we are working towards a fully decentralised governance model. This will be facilitated by the utility of our governance token. More details about the token launch and governance model will be released in the coming months.

Does xBacked have a bug bounty program?

How can users submit bug notifications found on the xBacked protocol?

Although the xBacked protocol will undergo thorough audits prior to mainnet launch, this does not completely mitigate potential protocol bugs. We ask if you have found any protocol vulnerabilities or bugs, please contact the development team. It is recommended to open a ticket in the xBacked discord server.

What official partnerships does xBacked have?

xBacked has several official strategic partners to assist with continued mutual growth. This list includes projects like Pact, Folks, Algomint, AlgoDAO, and Prismatic as well as investors such as Meld Ventures, Borderless Capital, Arrington Capital, Delphi Digital, and Mechanism Capital.

Is there an xBacked token?

Not currently. When launched, the xBacked token will allow users to participate in platform governance and staking. Details on the token launch and its utility will be released in the coming months.

Glossary terms:

Collateral — Any token types allowed to be deposited when opening a vault. To begin with, xBacked will only support ALGO, goETH, and goBTC.

Vault — Owned by a user, it’s the primary mechanism for the minting of xUSD.

Get in touch on social

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