10 August 2023

Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx

The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

DeFi platform Youves launches synthetic Gold tracker token 

uXAU is a synthetic token, which means that the value of gold is tracked by the token and the token itself is not backed by any actual gold. The value is backed by other collateral, in this case Tezos-based Tether (USDt). USDT is tethered to the US dollar, the idea in theory being that you can trade 1 Tether for 1 US dollar, regardless of market conditions.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

Tezos-based Decentralized Finance (DeFi) platform Youves continues to expand its platform with new features. Since the platform launched in July 2021, Youves enables users to mint, burn, stake, save (with interest) and trade several tokens that can be used in other DeFi platforms within the Tezos DeFi ecosystem. Youves has now launched its Gold tracker token uXAU, which enables users to leverage Gold valued tokens in Tezos DeFi.  

uXAU

uXAU is a synthetic token, which means that the value of gold is tracked by the token and the token itself is not backed by any actual gold. The value is backed by other collateral, in this case, Tezos-based Tether (USDt). USDT is tethered to the US dollar, the idea in theory being that you can trade 1 Tether for 1 US dollar, regardless of market conditions.

Minting uXAU can be done by depositing a collateral of USDt on the Youves platform. Since gold is a more stable asset (in USD value) than crypto-assets, the collateral ratio for minting uXAU is lower than most. It is currently set at a 115% target and the liquidation ratio is set at 110%. 

You can retrieve your collateral by burning uXAU on Youves. 

Minting and selling uXAU offers a viable option for those with a bearish outlook on the price of gold. By minting uXAU, users can effectively create a synthetic gold tracker and subsequently trade or sell uXAU for another token, thereby establishing a short position in gold. Bear in mind that subsequently, you establish a long position on the other token you buy with your uXAU. This way you can leverage both the value decrease of gold and the value increase of the token you bought. 

For example: you mint uXAU worth 100 USD, with a collateral of 300 USDt. Now you buy for 100 USD worth of XTZ with your minted uXAU tokens. If the gold price decreases, the uXAU that you minted is now worth, for example, 90 USD. If the USD price of XTZ remains the same, you can now buy back the same amount of uXAU for less XTZ, which means you end up with extra XTZ. 

If at the same time, the USD price of XTZ goes up, you will end up with more XTZ as a result. That way you have leveraged both the value decrease of gold and the value increase of XTZ. 

It can obviously also go the other way, which in the worst case means that the gold price increases and the XTZ price drops. Then you’ll not be able to buy back the same amount of uXAU with the XTZ you bought with your minted uXAU. At the same time, you might need to increase your collateral in USDt, because the uXAU increases in value which changes your collateral ratio (and as a result you’ll now either have to spend extra XTZ to buy back the uXAU to be able to burn and collect your collateral, or spend extra USDt to increase your collateral to prevent liquidation). 

Earn yield

uXAU can also be used to earn yield. By adding liquidity into the uXAU/uUSD Youves yield pool, you’ll earn the following rewards, proportional to your share of the pool:

Trading fees: 0.175% of all trades on this pair.

Interest: The interest rate payments from all uXAU engines.

Rewards accrue in real-time and can be claimed by withdrawing your liquidity.

Trading hours: The price trackers for gold are obtained from the actual gold market, which has limited trading hours. That means that during weekends and public holidays, there are no price feeds possible. For this reason, some activities are limited during those times.

The Gold market (XAU/USD) operates within the conditions of “traditional finance” and mirrors the behavior of a foreign exchange market. As a result, obtaining price feeds for gold during weekends and public holidays becomes unattainable. This behavior poses a challenge for certain actions involving uXAU that rely on oracle price feeds for execution, as these actions are rendered impossible during non-forex trading hours. To clarify, the weekends or non-forex trading hours span from Friday to Sunday (start and ending time is not defined yet).

Before using Youves, please first read their platform documentation, which can be found here.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

Upload Article

Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.

Hidden
Hidden
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Banner Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: pdf, doc, docx, Max. file size: 128 MB.
Submit Article: Suitable Formats = PDF, WORD
By Uploading an article, you are accepting all to all copyright and information that is to the best of your knowledge true and accurate.
Agree(Required)

Other News

View More

IguanaDEX Version 3 Launches on Etherlink, Now Tracked by DefiLlama

IguanaDEX, a new decentralized exchange (DEX), has officially launched on Etherlink, the Tezos Layer 2 rollup network. The platform enables users to trade and earn cryptocurrencies without relying on centralized exchanges or intermediaries.

Read More

DeFiLlama, the Largest TVL Aggregator in DeFi, Integrates Etherlink

DefiLlama, the largest TVL aggregator for Decentralized Finance (DeFi), has recently integrated Etherlink, enhancing the visibility and accessibility of this innovative Layer 2 blockchain solution within the decentralized finance (DeFi) ecosystem. DefiLlama is a prominent Total Value Locked (TVL) aggregator, offering open-source and transparent data, maintained by a dedicated team of contributors.

Read More

Unveiling SpicySwap: Tezos’ Next-Gen DEX

Developed by Genius Contracts, SpicySwap offers users a seamless and efficient trading experience while introducing novel features to the Tezos ecosystem.

Read More