Two weeks have flown by since we announced the EURxb, and a lot has happened! Catch-up with us, and take a look at what is to come.
We are working hard to realise our vision of bridging DeFi with Security Markets, and there is a lot to be done in this journey. We are excited to have a growing community to be working with, and we are putting programs in place to share the progress and priorities so we can start working together!
The EURxb is the project’s crown jewel and will always be our priority – but if we are going to succeed, we will need to work just as hard on the XBE, our governance token. Let’s start with a quick overview of all our tokens, including the EBND and ESAT ERC721 NFTs.
Each EURxb Bond Token(EBND) NFT721 represents 1m EURO reserve for EURxb ERC20 stablecoins as a tokenised subscription to an ISIN registered Senior Secured Bond, which in turn is overcollateralised at a 4:3 ratio by an EURxb Security asset token (ESAT) NFT721 representing 1.34m EURO of pledged collateralised assets to the same ISIN Security. The protocol governance will be controlled through the XBE ERC20 token, which will also be a mechanism to distribute protocol income to holders.
The EURxb brings a few key new things to “real-world” backed stablecoins:
1. We are decentralizing stablecoin reserves by tokenizing securities that can be verified on the blockchain, and through the existing legal securities market systems without having to rely on a specific entity for certainty that stablecoins are properly backed, and that tokenholders' rights are being protected. To ensure this, the EURxb protocol is secured by tokenised real-world assets from Miris AS, pledged to the platform through Senior Secured Bonds (registered with a ISIN NNA issuer) - which are tokenised as the protocol’s bond reserves at a 133%+ overcollateralisation ratio.
2. We are bringing the “time-value” of real-world money to stablecoins, which works complementary to DeFi – meaning you can earn interest on your stablecoin AND earn rewards in DeFi – potentially doubling your returns on your capital! We can do this because we pass ALL of the proceeds of the protocol’s bond reserves directly to stablecoin holders - which is how it is able to generate the 7% APY interest.
3. We are bringing a GREEN choice to the EUR denominated stablecoin market as we are extremely proud of our launch partnership with Miris AS who are committed to 100% Green and Sustainable Investments and independently audited for this by Cicero. Holding the EURxb as your stablecoin is literally creating a greener and more sustainable planet through the impressive programs Miris develops, like the remarkable Svart Hotel (https://svart.no).
4. We are creating a regulatory compliant on-ramp for regulated and institutional investors that want to enter crypto but have been unable to do so due to prescriptive investment requirements and other bottlenecks, through the transparency and nature of EURxb reserves.
So what has actually happened in the first 2 weeks since we announced our project?
1. We minted 100mm EURxb, 100 EURxb Bond Tokens (EBND), and 100 EURxb Security Asset Tokens (ESAT) tokens on our first issuance, with 4 more similar tranches to follow in future to complete our roadmap to tokenising 667m EUR in pledged assets, 500m EUR in senior secured bonds, and consequently 500m EUR in EURxb stablecoins by end of 2021 - supported by our launch issuing partner Miris AS and associates.
2. We minted all 15,000 of the EURxb protocol's governance tokens (XBE), and in our initial launch strategy on Uniswap and Balancer last week we distributed 12,000 of them freely and fairly to early bird liquidity providers. This was done with ZERO founder or investor allocations to ensure the token is 100% community owned. The remaining 3,000 tokens will soon be locked as community-controlled treasury to fund on-going development and growth of the protocol.
3. We are in active discussions with other projects about creating partnerships and continue to work on the smart contracts to be deployed in the near term such as Vaults, Governance Staking, and more.
Outlined below is an overview of the XBE ecosystem roadmap, as well as the launch schedule for the EURxb.finance protocol.
· EURxb.finance Launch
· Pools Launched - Balancer and Uniswap
· Liquidity event - XBE Governance Token distribution
· Planned XBE Liquidity event – incentivise liquidity for the USDT/XBE pair
o 1000 XBE distributed to LPs in the USDT pool over 7 days
· Begin the process of DeFi integration
– contact has already been made with key protocols.
Should you wish to contribute to this as a community member, please feel free to reach out to our team.
Q2 – Q3 2021
· XBE Governance forums & Governance contract launch post audit
· XBE Vault launched post audit
· XBE Institutional Vault (XIV) Launched post audit
o 53,000,000 mm EURxb committed to XIV (mandate signed)
· Vault Partnerships – connect with the industry leaders.
· Additional Tranche issued of another 100mm EURxb and supporting EBND and ESAT. tokens against another ±133m EUR real-world asset collateral.
· Further DeFi integrations
· Layer 2 testing and auditing
o Layer 2 deployment post audits
o Layer 2 issuance of Bonds, additional securities, additional instruments.
o Layer 2 Bitfair Markets launched – additional income to XBE holders.
All platform fees will be distributed to XBE holders.
As with every idea and business, it takes a lot of hard work to get over the “tipping point” where everyone else can see the vision! So, while we continue forward with maximum effort, we remain dedicated to the task at hand. With this in mind the roadmap is subject to change without prior notice.
And as this is a community governed protocol, please feel free to share your thoughts and feedback on our gov forums which will be released very soon.