Introduction:
Buckle up and get ready to enter the world of Xade, where banking meets DeFi in the most mind-blowing way possible. We’re about to take you on a wild ride through the realm of finance, with a twist that’ll make your grandma say, “What in tarnation is this DeFi thingy?”
Now, let’s talk about banks. We all know they’re like the sturdy pillars of society, but let’s face it, they have their flaws. They can be slow, inefficient, and as fragile as a Jenga tower during an earthquake. Yeah, we’ve seen it happen before.
That’s where Xade comes in, strutting its stuff as the ultimate alternative to traditional banks. It aims to be the ultimate handshake between traditional banking & DeFi, with all the banking services you need, but on the blockchain.
We’re talking about a seamless user experience that aims to be welcoming to non-web3 natives rather than alienating the masses.
Let’s talk about DeFi:
So what’s this DeFi thing we keep mentioning?
Picture this: after the 2008 economic crisis, a vision was born. A vision to create a global financial system that’s independent of all banks, like a rebel without a cause. And that’s when Bitcoin popped up, paving the way for Decentralized Finance, or DeFi for short. It’s like a rebellious movement to build a financial system that’s global, permissionless, decentralized, and autonomous. No more bowing down to the banks, my friends!
But here’s the kicker: DeFi, despite its potential to revolutionize finance, has had a bit of a detour lately. Some projects are all about quick wealth creation without solving real problems, like chasing rainbows without finding the pot of gold. And let’s not forget the complicated user experience that feels like deciphering an ancient language. Who needs that?
Major hurdles of DeFi & how Xade jumps over them:
First, we have the user experience. It’s like navigating a maze while juggling flaming swords. Wallet addresses, seed phrases, and bridging between chains—talk about a headache! And don’t even get us started on those gas fees that make you feel like you’re paying for rocket fuel.
Secondly, most DeFi protocols out there don’t offer real-world banking services. No loans, no secure savings accounts, no insurance—just an isolated economy that’s cut off from reality. It’s like living in a bubble while the rest of the world carries on. That’s not how you replace traditional banks, folks!
Xade recognizes the existing pain points to the existing barrier-to-entry, by imagining a super dApp that brings traditional banking services into the DeFi realm, without breaking a sweat.
With Xade, you can create your own non-custodial wallet with a flick of your social media accounts or connect your existing wallet. Security is tight too, with face ID, passcodes, pins, and all the bells and whistles you can think of.
Depositing funds is a breeze with 10+ Fiat Ramps, Xade P2P, or your existing wallet. And here’s the icing on the cake: you can send payments to anyone, whether they have a wallet or not. Say goodbye to complex addresses and hello to a 100% gasless experience using stablecoins like USDC. Easy peasy!
Xade’s consumer-centric approach:
Xade’s got big (consumer) plans. In the near future, users will be able to get a shiny card to spend globally, pay bills, and shop with over 5,000 e-commerce brands. And guess what? You’ll even earn Xade Tokens as rewards for every transaction you make. Talk about banking perks!
The power of Xade’s ecosystem is an enabler for:
- Global Payments
- High Yield Savings
- PRO- Trading
- Instant Loans
These allow Xade to onboard more and more retail consumers, who are looking at the opportunity web3 has to offer but are alienated by the complexities of the ecosystem as a whole.
The Xade ecosystem flex:
Behind the scenes, Xade is powered by its own suite of DeFi protocols, which drive its functionality and make all these features possible. Let’s meet the ecosystem protocols that are reimaging traditional finance:
RemmiteX: This protocol facilitates seamless payments within the Xade ecosystem, simplifying global transfers. Users can send payments using stablecoins backed by fiat currencies, eliminating the complexities of traditional addresses and seed phrases.
Step into the world of RemmiteX, where traditional remittance problems are left in the dust. This exciting payment protocol is here to reimagine global transactions. With an estimated market value of a staggering 750 billion USD.
Sadly, the remittance industry has long been plagued by issues like exorbitant fees (reaching up to 2%-5%) and extended settlement periods that can stretch out for a daunting two weeks. But fear not, for DeFi came charging in with Bitcoin leading the way!
Bitcoin originally emerged as a global peer-to-peer electronic payments system, but its volatile nature rendered it unsuitable as a currency. Nonetheless, it laid the foundation for the concept of decentralized payments, proving that they could be faster, cheaper, and more secure. And thus, stablecoin payments through DeFi rose to the occasion, becoming the shining beacon of hope.
While DeFi has successfully tackled the challenges faced by traditional financial systems, it does present its own set of hurdles, primarily in terms of user experience. The complexity of addresses and seed phrases can leave one bewildered, not to mention the gas fees that need to be paid in the native token of the network. It’s like refueling a rocket!
Xade’s very own protocol empowers users to send payments across borders using multiple fiat-pegged stablecoins.
How does one acquire these stablecoins, you might ask? Xade Finance has teamed up with reputable fiat ramp partners, and users can also deposit funds from their wallets or utilize the convenient Xade P2P service. And the cherry on top? It’s a gasless experience, meaning users can bid farewell to the hassles of dealing with the native token and those pesky gas fees.
To elevate the excitement even further, RemmiteX integrates cutting-edge technologies. With the power of Biconomy, seamless transactions are at your fingertips. And that’s not all! Users receive their very own non-custodial wallet, effortlessly generated through the utilization of their social media accounts, thanks to the magic of Particle Network. So whether you’re sending payments to an email address, mobile number, decentralized identities, or beyond, RemmiteX has got it all covered!
Leave behind the complexities and frustrations of traditional remittances and join the revolution that is RemmiteX. Embrace a world where borderless payments are fast, secure, and simply exhilarating. Step into the realm of RemmiteX and experience a new era of global transactions!
SabeX: Xade’s money market protocol empowers users to combat inflation by earning stable savings yields that outperform regional inflation rates. Additionally, users can obtain secured loans against tokenized assets, offering a win-win situation.
SabeX, as a money market protocol in De-Fi aims to solve all the current problems in De-Fi money markets. Say goodbye to the struggles of unstable interest rates, because SabeX brings you a mechanism that combines both variable and fixed rates, ensuring a stable savings rate. But that’s not all! SabeX also offers individual borrowing rates for different types of collateral, giving you more flexibility than ever before.
It introduces multiple money markets for different fiat-pegged stablecoins. Here’s the cherry on top: the savings rate provided by SabeX is higher than the Consumer Price Index (CPI) or inflation rate of the native region to which the stablecoin is pegged. So, if you’re using a USD stablecoin in Xade, rest assured that the savings rate will exceed the CPI of the United States.
SabeX allows users to borrow against a variety of assets, including ERC-20 tokens and NFTs that are whitelisted by Xade. The interest rates for borrowing are determined based on demand and governance. And if the yield from borrowing alone isn’t enough, SabeX steps in and purchases whitelisted on-chain bonds to generate additional yield. It’s like having a backup plan for your financial success.
The SabeX rate changes every three months, keeping up with the dynamic market conditions.
Let’s break it down further.
The SabeX Rate (SX%) is calculated using the formula SX% = 1.3 * I%, where I% represents the 3-month rolling average of the CPI provided by the oracles. To determine the Variable Rate (VR), we use the formula VR = (1 – u(t)) * SX%, with u(t) representing the utilization ratio between 0 and 1, calculated as the total amount borrowed divided by the total amount deposited. The Actual Savings Rate (S%) received by depositors is then determined by S% = SX% – VR.
Depositors have the flexibility to withdraw their funds anytime until the liquidity reserve of the protocol reaches 2% of the total amount deposited. However, early withdrawals before maturity will incur a 0.2% penalty. To ensure continuous yield generation, the system purchases short-term on-chain bonds that are whitelisted through on-chain governance, starting 15 days before maturity, until the utilization ratio (u(t)) reaches 0.8.
To maintain the stability and security of the protocol, collateral can be liquidated if it falls below the minimum Collateral Factor or if the maturity date has passed. Safety first!
SabeX implements an efficient and reliable mechanism similar to the y-token used by the Yield Protocol. Smart contracts have a 3-month maturity period with automatic rollovers, and users are rewarded for holding their deposits until maturity. During this period, the system purchases on-chain bonds that are whitelisted through on-chain governance, such as those provided by Ondo-Finance, until the utilization ratio reaches 0.8, 15 days after the contract is issued.
DeriveX: This protocol enables users to unleash their inner trader by engaging in perpetual futures trading of over 5,000 assets with up to 10x leverage. With minimal fees and instant settlements, DeriveX ensures efficient capital utilization.
Get ready for a revolution in derivatives trading with DeriveX! Traditional derivatives can be costly, with hefty fees imposed by intermediaries. But fear not, because DeFi has introduced perpetual futures—a type of futures contract that never expires. And DeriveX takes this innovation to new heights by offering faster settlement times, enhanced risk management, and increased accessibility to a global audience.
Unlike many other perpetual future protocols, DeriveX addresses the potential risks associated with token holders being the counterparty to ensure liquidity in the protocol. Instead, every trade on DeriveX is isolated between two parties, providing the highest level of security and capital efficiency.
As a perpetual futures protocol, DeriveX allows you to trade a wide range of assets, including stocks, crypto commodities, and more, all with 10x leverage. And the cherry on top? Funding rates occur every 1 minute, optimizing capital efficiency and enabling swift decision-making.
But here’s the game-changer—DeriveX has partnered with traditional brokers who take counterparty positions. These brokers are incentivized with spreads and fees, eliminating the potential risks associated with token holders serving as counterparties. It’s a win-win situation that enhances trust and stability in the protocol.
Currently available on a public testnet and private mainnet exclusively on the Polygon POS network via the Xade app, DeriveX initially accepts USDC as collateral and allows trading only for BTC. But by the end of Q2 2023, they aim to introduce a plethora of exciting features, including limit orders, stop losses, and support for 10+ markets.
Thoughts by the Xade team:
For me DeFi is an innovation as significant as the internet but when I started using DeFi products while being an avid trader it was no way near its original vision of replacing banks which led me to the idea of Xade around the end of 2021 and I gathered my first team members to start working from January 2022- Harshal Madnani (Founder)
Conclusion:
DeFi is one of the most powerful tools within the blockchain space. It has truly gone a step further and decentralized finance by empowering users and their funds. There has been a whole ecosystem shift with the launch of powerful platforms that offer liquidity pools, staking, borrowing & lending powered through blockchain technology.
As an offering, Xade seems to be an offering that was missing within the space. Not only by offering a plethora of features through their various protocols but by actually addressing the existing pain points of non-web3 natives. The crypto space has a wrong school of thought that believes DeFi is the future of empowered finance but fails to realize the millions that the space is alienating by having a very high barrier to entry.
A product like Xade might just be what the space needs: a super powerful handshake between traditional banking systems & DeFi.
To be part of the Xade revolution, individuals can sign up for the beta version. Additionally, joining the Xade community on Discord allows users to connect with like-minded finance enthusiasts.
With Xade, the era of banking as we know it is poised for a significant upgrade, promising a future where traditional banking services meet the limitless potential of DeFi