How to Get xUSD and Trade Synths
xUSD is a stablecoin synth minted through ROG pledging and tethered to USD at 1:1 ratio. xUSD is similar to USDT on centralized exchanges. It is the medium for trades between synths. The market determines xUSD price. xUSD is publicly tradeable in Trade in Wayki-DEX, the decentralized exchange of WaykiChain.
If xUSD breaks away from USD, ROG holders have the incentive to minimize and correct the price deviation through arbitrage. Of course, we can also reduce the supply of synths by increasing the target C-Ratio to make xUSD scarcer and restore tethering at the right ratio.
Users can follow these steps to get the xUSD synth stablecoin depending on the assets they hold:
Option 1: For users who hold USDT or WUSD
Note: If you hold WUSD, you can skip steps 1 and 2 and go to steps 3 or 4. Steps 3 and 4 are functionally the same and differ only in the currency.
1. Select Token Swap in Discover in WaykiTimes, then select ERC20_USDT > WUSD under the Ethereum to WaykiChain direction.
2. Example for imToken wallet: Enter or scan the reception address, enter USDT amount, and press Next. The exchange will complete automatically after 1 to 2 minutes.
3. Select Trade in WaykiTimes, press Synths — Buy xUSD, enter xUSD or WUSD amount, and then press Instant exchange. (Note: WUSD is at the top and xUSD is at the bottom. The order does not reverse.)
4. Select Trade in WaykiTimes, press DEX — xUSD/WUSD. Select the order type, enter xUSD amount, and press Buy xUSD. (Note: A market order can be filled instantly. A limit order can be filled only when the market price reaches the order price.)
Option 2: For users who hold ROG
- Press Wayki-X on the start page of WaykiTimes and then PLEDGE.
2. Enter ROG amount to pledge, press NEXT, and enter the wallet password. When you see Submission succeeded, pledging is successful.
3. Press BACK TO Wayki-X to return and then MINT, enter xUSD amount for minting, and press CONFIRM.
4. Enter the wallet password and press Tx submission. When you see Submission succeeded, xUSD minting is successful.
You can see how to use xUSD to trade synths below:
- Tap the Synths Trading Contest banner on the Assets page or select Trading Contest in Discover to see the event details and rules.
2. Press Trade — Synths in WaykiTimes, select the asset type (Crypto, Index, or US Stocks) and the asset you want to trade. For example, to buy Microsoft (MSFT), press US Stocks — Microsoft/xUSD, enter amount, and press Buy Microsoft.
Note: Trading of indices and stocks stops when the respective market is closed. For any questions, please contact @MeloCai in Telegram.