Xbank
XRIDE DeFi Bank
Xride Defi Bank is a decentralized finance (DeFi) platform designed to provide financial services to the Xride community. It operates on the blockchain and smart contracts, allowing for transparency and security of transactions.
Except trading, We can also use it to pay interest by signing a cooperation agreement with AMCs
What Is an Asset Management Company (AMC)?
An asset management company (AMC) is a firm that invests pooled funds from clients, putting the capital to work through different investments, including stocks, bonds, real estate, master limited partnerships, and more. Along with high-net-worth individual (HNWI) portfolios, AMCs manage hedge funds and pension plans and—to serve smaller investors better—create pooled structures such as mutual funds, index funds, or exchange-traded funds (ETFs), which they can manage in a single centralized portfolio.
Version 1
USDT pool
Staking USDT and earning interest is common in many decentralized finance (DeFi) platforms. It allows users to lock their USDT tokens into the platform and earn rewards in the form of interest or additional tokens. This process is often called "yield farming" or "liquidity mining."
By contributing funds to the pool, individuals can help ensure sufficient liquidity for trading activities and receive a portion of the revenue generated in the pool.
Interest rates (flexible)
locked periods:
The lock-up periods available for staking are 3 months, 6 months, and 12 months
In the flexible pool, on the 14th and 28th of every month, 50% of the Xbank Earnings income will be deposited into the reward pool smart contract. Rewards will be distributed among users in proportion to the amount of capital and the duration of the lock.
Users who have been locked for a longer time and larger amount will have a greater share of the pool.
Interest rates (Fixed rate)
For users preferring a fixed interest rate approach, we offer compelling options with lock-up periods of 3, 6, and 12 months. Each user's specific Annual Percentage Yield (APY) is meticulously calculated, ensuring a fair and transparent distribution of rewards. Users have the flexibility to withdraw their rewards at the designated time.
Users can harvest profits from the pool on the 14th and 28th of every month and unlock their staking after the locked period is finished.
Staking canceling will incur a 5-25% fee proportional to the plan's duration and Deduction of interest paid.
Account settlement will take a one-week process after the user submits the ticket.
Xbank treasury Proof of the reserve fund (POR)
Protecting our investors' funds is our priority
As you know, financial markets always have risks, and we are a public team and registered legal company in UAE(under administrative affairs). We always want to protect our investors from any risks as much as possible.
For this reason, We would like to offer our users Xbank treasury proof of reserve.
It helps if the market starts to have bad conditions and we suffer a loss; we can return our user's principal funds into the pool without any problem. Also, if, At some point in time, there is a situation where we cannot provide the income needed to pay users' interest, the treasury of the bank will cover this issue.
By the way, the Xbank traders/financial team are experts in risk management. Also, we never promise high APY to our users and put their funds at high risk.
We will publish the Xbank treasury POR wallet address on the website, and everyone can check it with full transparency in the blockchain.
Xbank treasury reserves are designed to cover potential losses, ensuring the protection of investors' funds.
How much is the POR rate?
Ideally, it will be 10:2
For example, the Xbank pool capacity is the 10000$
It means if our investor's capital gets into the 20% loss (which is very rare because we always protect trading funds with risk management), then we need an injection of 2,000$ from the reserve fund into the pool to cover this loss and protect our investor's capitals .or if At some point in time, we face a lack of Required income to pay the interest, we can get help from the treasury to cover the deficit.
flowchartThe POR rate might be 10:1 or less in the first weeks and months after the Xbank launch. The increase in income from trading and purchasing VIPs and the development of other sectors such as the lottery, Token, NFT sales, etc., explained in the flowchart, a peer-to-peer system, t, will increase the rate of the treasury Overtime.
As the platform grows, the POR rate is expected to increase, providing enhanced protection.
What is Xbank pool capacity?
This is another feature to protect users' funds.
For this reason, we don't accept unlimited investments and always try to keep a POR rate of 10:1- 10:2 on our balance sheet.
Once our treasury POR increases, we can increase pool capacity for other investors.
It's important to note that the specifics of the POR rate and pool capacity may vary over time and depend on the current circumstances and risk assessments performed by the Xbank risk management team.
Permanence fee
Once users harvest profits, the Xbank smart contract charges users a 2% fee and sends this to the treasury reserve fund.
Where can I find my referral link?
Please go to the website's dashboard page; you can copy the link and share it with your friends.
We've developed extra capabilities to this page so you can keep tabs on your earnings and referral activity.
Version 2
The platform offers financial services, including staking, borrowing and lending, and liquidity provision. XRD holders can stake their tokens to earn rewards or borrow USDT from the platform or other users.
In addition to these services, MrDrivr Defi Bank also has a liquidity pool, allowing users to provide liquidity and earn fees. This provides an opportunity for users to earn passive income while also contributing to the platform's liquidity.
Borrowing and lending
Borrowing and lending capabilities enable users to access liquidity by borrowing USDT from the platform or other users in a peer-to-peer system.
It's a key component in the Xride decentralized finance (DeFi) Bank platform that allows users to access funds or earn interest on their assets.
XRD holders can borrow USDT at the lowest rate from the platform
Automated Investment Option for Drivers
At Xride, we have developed a new opportunity for drivers to enhance their financial management. The new option, "Automated Investment for Drivers," allows you to automatically lock a portion of your earnings from your trips into our banking system and benefit from it.
How does it work? It's simple! When you have income from your trips, you can allocate a portion of it into your investment account automatically. This allocation allows you to grow and manage your finances more effectively.
With "Automated Investment for Drivers," you will have complete control over your income and investments. Furthermore, this option will contribute to safer and more successful investments in the future.
Introducing this innovative option lets you smartly focus on your financial management and get closer to your financial goals quickly.
NFT Collateral for Drivers
Xride DeFi Bank version 2 introduces a new feature that allows drivers to use their NFTs as collateral to receive a loan from the platform. This feature provides a safety net for drivers in case their cars have accidents or face unexpected downtime, preventing them from earning income. Here's how the NFT collateral system works:
Collateral Evaluation: Drivers can use their NFTs as collateral for a loan. The platform will assess the value and level of the NFT based on factors such as trip history, ratings, and rewards received. Each NFT will have an associated collateral value.
Loan Amount: Based on the collateral value of the NFT, drivers can receive a loan amount from the platform. The loan amount will be a percentage of the NFT's collateral value, ensuring drivers can access the necessary funds while maintaining the platform's security and transparency.
Terms and Conditions: Drivers will agree to specific terms and conditions for the loan, including repayment schedules, interest rates, and the duration of the loan period. These terms will be transparent and agreed upon by both parties before the loan is disbursed.
Accident or Downtime: If a driver's car is involved in an accident or experiences unexpected downtime that prevents them from earning income, they can request a loan using their NFT collateral. The platform will process the loan application and disburse the approved amount to the driver's wallet.
Loan Repayment: Once the driver's car is repaired and they resume earning income, they will repay the loan in installments, including the principal amount and accrued interest. The loan repayment will be deducted automatically from the driver's earnings on the platform.
Overall, Xride Defi Bank is a powerful tool for the XRD community, providing access to a range of financial services securely and transparently. It is an important step towards a decentralized financial system that is accessible to everyone.
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