diff --git a/README.md b/README.md index 2b8f6e2..8c47937 100644 --- a/README.md +++ b/README.md @@ -4,9 +4,9 @@ USDX is a stablecoin designed to maintain a 1 USD valuation backed by short-term X Protocol hosts the primary market that establishes the price peg. KYC-verified users can deposit collateral, either USDC or fiat currency, on our platform. In exchange, they receive USDX and can choose to redeem USDX for collateral or withdraw USDX to any Ethereum address. Since X Protocol offers an exchange rate of one dollar per USDX in both directions, any price movement in the external (secondary) market can be traded in the primary market to re-establish the peg. -[USDX](https://github.com/Xprotocol/tokens#USDX) is a rebasing ERC-20 token with a set of additional features, including pausing, blocking/unblocking accounts, role-based access control, and upgradability. The contract’s primary objective is to reflect the T-bills’ annual percentage yield (APY) within the token’s value. It achieves this through a reward multiplier rebasing mechanism, where the addRewardMultiplier function is called daily to adjust the reward multiplier, guaranteeing an accurate representation of yield from the underlying assets. +[USDX](https://github.com/x-protocol/tokens#USDX) is a rebasing ERC-20 token with a set of additional features, including pausing, blocking/unblocking accounts, role-based access control, and upgradability. The contract’s primary objective is to reflect the T-bills’ annual percentage yield (APY) within the token’s value. It achieves this through a reward multiplier rebasing mechanism, where the addRewardMultiplier function is called daily to adjust the reward multiplier, guaranteeing an accurate representation of yield from the underlying assets. -Acknowledging the complexities of handling rebasing tokens in the DeFi ecosystem, the [wUSDX](https://github.com/Xprotocol/tokens#wUSDX) contract serves as a wrapped token, simplifying integration while preserving stability. The wUSDX contract is an ERC-462 token vault, enabling users to deposit USDX in exchange for wUSDX tokens. The USDX tokens are rebasing, whereas the wUSDX tokens are non-rebasing, making wUSDX ideal for seamless integration with protocols in the DeFi ecosystem. +Acknowledging the complexities of handling rebasing tokens in the DeFi ecosystem, the [wUSDX](https://github.com/x-protocol/tokens#wUSDX) contract serves as a wrapped token, simplifying integration while preserving stability. The wUSDX contract is an ERC-462 token vault, enabling users to deposit USDX in exchange for wUSDX tokens. The USDX tokens are rebasing, whereas the wUSDX tokens are non-rebasing, making wUSDX ideal for seamless integration with protocols in the DeFi ecosystem. The wUSDX contract incorporates the ERC-2612 permit functionality, allowing the use of signatures to grant token allowances. Additionally, the close relationship between the wUSDX and USDX contracts is also worth noting; the wUSDX contract leverages the account block list from the USDX contract to govern transfers and, specifically, prevent transfers from accounts included in the block list.