USDX (USDX) is the 301st largest cryptocurrency in the world by market cap, valued at $93,634,673. The current price of USDX is $0.837323, which is 0.563% higher than yesterday. Prices have ranged between $0.842953 and $0.829803 over the past 24 hours. All prices are listed in US dollars and accurate as of April 01, 2023 03:04 UTC.
What is Usdx?
USDX is the US Dollar stablecoin native to the Kava ecosystem. The Kava ecosystem is composed of the Kava chain and associated Kava protocol that were developed using the Cosmos Tendermint Software Development Kit (SDK).
Leveraging the interoperability of the Cosmos ecosystem, Kava was designed to be a hub for decentralized finance (DeFi). USDX was designed to be the native stablecoin within that ecosystem.
USDX can be minted by supplying cryptocurrency as collateral to the Kava Mint protocol. All cryptocurrency collateral must be overcollateralized. According to the Kava blog, this allows users to leverage existing cryptocurrency assets and free up liquidity while also protecting the Kava protocol. USDX is required when a user wishes to access the cryptocurrencies used as collateral. As described by Kava, USDX’s peg to $1 is ‘loose’. By design, there is no requirement for it to remain at $1. Instead, USDX’s peg is controlled by a range of market factors including increasing and decreasing APY rates, KAVA token incentives, and Kava’s Lending auction arbitrage. Some of these factors are heavily influenced by KAVA token holders, who are incentivised to keep the USDX peg as close to $1 as possible. The more stable USDX is, the more often the stablecoin will be used and, therefore, the less likely the KAVA token will be needed to stabilise prices. The KAVA token can be used as a lender of last resort if USDX collateral falls below requirements. USDX can be used for a wide range of applications within the KAVA ecosystem including decentralized loans, hedging, and earning further rewards.
How we keep this USDX guide up-to-date
- USDX price data is regularly updated through data feeds so you always have the latest information.
- USDX performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.
Usdx at a glance
Basic stats for Usdx
#301
$94 M
112 M
112 M
Usdx performance over time
Usdx fundamental and technical analysis
Time frame
Movement
1 day
0.56%
1 week
1.52%
1 month
1.08%
2 months
4.39%
200 days
11.12%
1 year
14.19%
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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