Name of Project
xDollar
Proposal overview
xDollar is a multi-chain multi-collateral interest free lending platform that users can borrow non-custodial stablecoin, xUSD against their crypto assets on any side chains with the lowest collateral ratio.
Protocol Feature
Any users can borrow up to 90% on their $ONE, interest free, with xDollar.
xDollar has successfully launched on Polygon on June 10th and expanded to Avalanche and Arbitrum One. xDollar is ready to offer 0% interest rate stablecoin lending service to ONE community. The project is incubated by MCN (decentralized investment DAO) and the team has KYCed with their General Partners (@billtheinvestor & @vfat). The project is audited by coinspect.
xDollar Integration
In term of unique value proposition, xDollar will integrate with other MCN Defi legos (hundred - lending protocol, Magicland - yield farming/optimizer and MinMax - stableswap AMM and upcoming incubated dapp) to increase the use cases of xUSD across these protocols. At the same time, xDollar will seek to integrate with native protocol DeFI apps to bring decentralized stablecoin to ONE users.
The $50K grant will be mainly used for marketing, development and largely for user incentives allocation.
Proposal ask
$50K in ONE
Metrics for success
- Mainnet launch of xDollar
- 10M++ TVL including collateralized ONE, xUSD supply and LP farming.
External links
Website: xdollar.fi
Documentation: docs.xdollar.fi
Social Links: xdollarfi | Twitter | Linktree
Community Poll
NOTE: For “More Info Needed” please Reply with your question below
Hi @xdollarfi we have a launch guidelines based on Harmony Grants and Investments (Paused) as follows
Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after mainnet launch, $10K after forming a DAO with its community, and $20K for after 10K users.
Will your team be able to abide by these milestones?
@xdollarfi
According to the updated guidelines at Apply for Grants or DAO …
Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each:
$10K after launching a feature-complete product on our testnet $10K after forming a DAO with 5-out-of-9 multisig with our DAOs $10K after launching on our mainnet with audit $10K after 1K daily active users (with launch video, full PR promotion) $10K after 10k daily active users (with a detailed roadmap, governance process)
We recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO.
In all cases, we ask for 3-month exclusive campaigns with Harmony before more porting with other chains. We also offer follow-on investments – see 50 Investments ($20M) above; but, at the moment, you must have an outside, lead investor for us to match the funding terms. All codes, development materials and production assets must be fully open, preferrably with MIT or BSD licences; weekly updates must on sent on forum; and, all server deploys or mobile apps must be easily clonable.
Will the milestones and above guidelines work?
This proposal does not fit a Port grant based on the guidelines at Apply for Grants or DAO for the following reasons:
Harmony serves as a cross-chain platform by porting exisiting applications from Ethereum, Polygon, Polkadot, Cosmos and other chains. As mentioned above, projects of “100 Ports” will receive $50K-250K each, totaling $20M in grant amount. We target the top 25% projects across chains with most tractions and highest potential: DeFi apps should have at least $20M total locked value or 20% sustained yields. Highly vibrant and engaged communities usually have social metrics of 50K Twitter followers, 10K Discord members, 5000 active wallets, and 1000 Telegram daily online.
Thank you for choosing Harmony.