Organizations working on the blockchain and giving the opportunity to combine crypto assets for investment in Decentralized Finance (DeFi) became a trend last year. Their role should become even more prominent in 2021. The Total Value Locked (TVL) of DeFi projects on Ethereum has grown 3.5 times since the beginning of the year, and on Binance Smart Chain – more than 35 times.
xDAO allows users to jointly hold a wallet and manage cryptocurrencies for collective purposes through auto-generated audited smart contracts. Each DAO can store any tokens supported by the Binance Smart Chain, including NFTs, on its wallet.
“The user experience for us initially came first. Our dream was to create a platform through which DAOs can be managed by ordinary people, and they will not need to understand the complicated details of how it works internally. I hope we succeeded”, — said Vladislav Shavlidze, the founder and CEO of xDAO.
The platform allows to create 2 types of DAOs — a company (DAC) and a fund (DAF). Both DACs and DAFs issue Governance Tokens the funds from the sale of which go to the general wallet.
DAC is a good option for small teams that need to collectively manage shared crypto assets quickly and efficiently. All decisions in DAC are made by the Team. Token holders have rights to the company’s balance sheet but do not participate in governance.
DAF is a more decentralized model of crypto asset management. The fund has no Team; all decisions are made by a common board of all token holders. The quorum percentage is set on a case-by-case basis.
According to xDAO CTO, the team of a project “managed to create a very high-tech product, which has long been expected on the market”. “Decentralized finance is developing so fast that more and more people want to participate in the formation of a new crypto market, and DAOs become the optimal solution in this case”, — added Egor Gavrilov.
XDAO token will be minted by users and will be backed by liquid digital assets with the possibility of reverse conversion. It could be used as a unified currency in the entire ecosystem of the platform. The tokens will be emitted based on a liquidity-mining algorithm with other currencies (BNB, BTC (BTCB), ETH, USDT (BUSD-T), USDC, DAI and BUSD) as collateral. In 3 years, a reverse conversion feature will be unlocked, allowing users to exchange XDAO tokens.
The logic of XDAO emission on Fibonacci Numbers Following the Golden Ratio Proportions. For example, the first emission limit is expected to be 10,000 XDAOs, the second — 10,000 XDAOs as well, and according to the logic further limits will be equal to the sum of the previous two.
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