Project Name: Up Stable Token eXperiment
Project Track: DeFi
Team Name: USTX Team
Team Member(s): 3, Sirluke, Benna, Aska
Project Goal: USTX aim is to bridge the gap between stablecoins (no volatility, no grow) and normal cryptos (high volatility, high grow potential). USTX algorithm reduces price volatility, protects investors value while providing consistent grow potential. The long term goal is to build an ecosystem around USTX, that can support worldwide adoption of the token. Currently the project has a DEX for trading USTX against TRX, USDT, USDJ, USDC and TUSD. It also has a very flexible staking platform, that has been chosen by the vast majority of our holders, with a TVL of over 75% of the circulating supply. The next steps in the roadmap are: the voting platform and the cross-chain bridge, that will allow simple and secure trasfer of USTX between Tron and potentially any EVM compatible chain, like BTTC. We also believe that one of the keys to success is to cooperate with other projects in the Tron ecosystem. That’s why we made a partnership with Kraftly, that has added the possibility to mint NFTs using USTX. We also have very good relations with other projects and teams, like Cubie, TronNinjas, Tron Spark and JustMoney, to name a few.
Project Info:
USTX Website
Official Telegram group
USTX presentation video
PitchDeckGH.pdf (736.0 KB)
USTX_WhitepaperV2.pdf (353.2 KB)
PitchDeckStaking.pdf (692.5 KB)
Project Repo: USTX Github Repo
Project Details: USTX project began in 2021, following a public testnet phase, the token was launched in October, the DEX in November and SunSwap and Coinsbit listing in December. In January the staking dApp was launched and now the TVL is over 75% of the circulating supply.
But the project is far from finished, we need to keep growing both in userbase and utility, that’s why we decided to join this Hackathon with two specific goals: launch the voting portal and the cross-chain bridge.
Voting and governance portal
We have a great community that was involved in many decisions about the project along the way, but we think that a more formal recognition of the holders in the decision-making progress is due. The voting portal will allow holders to cast votes on propositions regarding strategic decisions about the project future. Voting power will come from staking, in a similar way to Tron voting system: 1 vote for every 1000USTX in stake. The voting process will be implemented on-chain, using a purpose built smart contract, deployed on Tron. Voting will not require energy from the user, but the team will provide energy to the contract. A demo of the voting dApp (only frontend) is online here.
Cross-chain bridge
USTX is a unique token in the cryptoverse since it sits in between stablecoins and unpegged tokens. We believe it has many use cases across all blockchains and similarly to what happens to most stablecoins, we want USTX to live in as many blockchains as possibile. The hearth of the project (the liquidity management algorithm and governance platform) will always be on Tron, but we want users on as many bloclchains as possible. So, as first step we need is a bridge with some characteristics: be compatible with EVM based blockchains, have low infrastructure costs, be decentralized (as much as possible), allow for token transfer in any direction on any of the blockchain supported. After some research we decided to develop our own bridge. USTX bridge will be implemented mostly on-chain with the highest level of decentralization possible. The user will have control of all transactions: sending USTX on side A and withdrawing USTX on side B. The transfer will be untaxed, only the transaction fees will be due. The only centralized element is represented by a transaction witness that monitors the transactions on source and destination chains providing the necessary signature allowing the withdraw on the target chain. The smart contracts integrate all security measures to prevent double transactions and guarantee the funds. The token total supply will be shared among all blockchains, using the lock/release method on Tron (Tronscan will always report the correct total supply of the token) and mint/burn on secondary chains. This will allow USTX to be one token, with one price and one supply, across multiple blockchains.
After the bridge is deployed, USTX will launch several Cross-launch events, landing on other blockchains, one at a time. Every cross-launch will be structured with incentives mechanism and will provide additional liquidity for token buyback, marketing and listing on new exchanges. Since the main DEX and the governance platform will remain on Tron, we expect new users from other blockchains to be attracted to the Tron ecosystem.
The hackathon funding will be used for development, marketing and bug bounty rewards.
Project Milestones:
Mar 13, 2022: Start of Hackathon, USTX participation will be shared on all our social media accounts. The front-end design of the voting platform will be finalized and deployed. Work on smart contracts ongoing. DONE
Mar 20, 2022: Voting smart contract deployed on Nile testnet. Integration with front-end and testing continues. DONE
Mar 27, 2022: Voting smart contracts are deployed on mainnet. Final testing takes place. DONE
Mar 31, 2022: The voting and governance portal is officially active and the first proposition will take place: which is the next blockchain USTX should launch on? DONE
Apr 13, 2022: Voting results are available. Cross-chain bridge contracts are deployed on testnets and a first version of the dApp is released for testing. Community testnet and bug bounty programs are launched. DONE
Apr 30, 2022: Complete dApp is released and smart contracts are deployed on mainnet. Real life testing begins. DONE
May 13, 2022: End of Hackathon one. The cross-chain bridge is officially available to users. DONE
June, 2022: The first cross-launch event takes place on USTX Cross-launchpad. Liquidity is raised for listing, marketing and buyback.
August, 2022: Staking will be available on all blockchains where USTX is present, as an incentive to holding and keep TVL around 75%.
Dec 31, 2022: By the end of the year, we plan to have USTX launched and listed on at least other 3 blockchains. A first redesign of the dApps and website will be done. More partnerships will be defined.
Project Progress:
March 13, first milestone: Voting dApp frontend release.
Today we released the final (99%) version of the voting user interface. Check it out on: dex.ustx.io/votingDEMO.html
March 24th, Voting dApp testing begins.
The testing starts today, on dex.ustx.io/votingCTN.html
March 31st, The voting and governance portal is officially online.
Apr 13, 2022: Voting results are available. Cross-chain bridge contracts are deployed on testnets and a first version of the dApp is released for testing.
https://dex.ustx.io/teleportCTN.html
May 29, 2022: The cross-chain bridge is online on mainnet and open to the users
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