USDX (USDX)
USDX is a stablecoin designed to maintain its value pegged to the US Dollar and is built on the Kava blockchain, a versatile DeFi platform. It serves three main purposes within the Kava network: margin trading, hedging, and facilitating payments. Users can generate USDX by depositing their crypto assets into Kava's protocol, where it is created when a Collateralized Debt Position (CDP) is established. The system requires collateral to be overcollateralized, with rates determined by the associated risk profiles of the assets. The value of USDX is influenced by market dynamics, and users who mint USDX receive rewards in Kava tokens, distributed weekly.
USDX also functions as a borrowing currency on the Kava lending platform. Users can deposit cryptocurrencies like BTC, borrow USDX, and use it to acquire other assets, goods, or services. Upon repaying the USDX, users regain full access to their initial crypto deposits.
| Ticker | USDX |
| Category | Stablecoins |
| Website | https://www.kava.io/overview |
| Contract Addresses | |
|---|---|
| kava | |
Kava
Kava is a decentralized finance platform that leverages Interledger technology to connect various blockchain networks, enabling users to interact with multiple networks seamlessly. Through Kava, users can perform cross-chain payments and asset swaps directly within their wallets. The platform uses the USDX stablecoin in conjunction with the KAVA staking token, which plays a role in governance and voting processes.
Exchanges can also integrate Kava's solutions, allowing users to maintain control over their blockchain assets while executing transactions with the exchange's order book. Kava's cryptocurrency swap application facilitates quick and efficient exchanges of cryptocurrencies, even those across different blockchain systems.