Upcoming Layer 1 Blockchain Nexus has introduced its native rewards stablecoin USDx.
USDx acts because the native greenback of the Nexus ecosystem and implements the World Yield Distribution System (GYDS) the place functions that maintain USDx earn a share of protocol income primarily based on their customers' USDx holdings.
This design is meant to supply income as a income stream to the applying layer of the ecosystem and encourage them to combine USDx into every underlying protocol.
By USDx, Nexus goals to unify the ecosystem round a shared forex layer that coordinates functions and incentivizes the conversion of USDT and USDC to USDx.
Nexus is concentrated on “verifiable finance,” the place each layer and transaction within the ecosystem may be independently verified with cryptographic proof with out sacrificing privateness. The design is constructed on Nexus' zero-knowledge digital machine (zkVM) and may be verified with out disclosing delicate details about particular person customers.
Nexus raised $27.2 million in two funding rounds from December 2022 to June 2024, with the seed spherical led by Dragonfly and the Sequence A led by Pantera and Lightspeed.
CEO Daniel Marin instructed The Defiant that USDx is totally backed by U.S. Treasuries, however didn’t reveal the precise components for the way the yield will likely be allotted. “Functions and customers that obtain yield generated by USDX will obtain it in response to their contributions to the protocol, reminiscent of TVL and quantity, and as decided every so often by the protocol's financial coverage,” Marin mentioned.
Marin didn’t immediately clarify why the yield can be distributed to the applying layer slightly than to customers who trade conventional stablecoins for USDx.
“USDx offers Nexus the chance to create a brand new sort of financial design that may assist decentralized governance, on-chain exercise, and yield streaming, with the objective of constructing a system that aligns the incentives of protocols, builders, and customers,” he mentioned.
