The Dual-Token Model
🐂 xBNB: The Bull (Leveraged Long)
xBNB is an ERC-20 token, and holding it is equivalent to holding a spot leverage position without the need to maintain margin.
Pricing FormulaDerived from the accounting invariant, xBNB’s price is calculated as:
PricexBNB=SupplyxBNBTVLUSD−SupplyapUSD
Core Features
Volatility Absorption: Since apUSD’s price remains stable, all price fluctuations (upside or downside) of the collateral pool are borne solely by xBNB. This amplifies xBNB’s profit and loss magnitude.
No Liquidation Risk: Unlike perpetual contract positions, xBNB is just a token. If you take the wrong position, xBNB’s net value will drop (even significantly), but you will never be liquidated to zero (as long as the system’s CR > 100%). You can hold it indefinitely until the price recovers.
Zero Funding Fees: As a spot asset, it does not involve long-short counterparty games, so no funding fees are required.
⚠️ Note: While there is no forced liquidation, leverage tokens are subject to Volatility Decay. In a prolonged range-bound market, net value may gradually erode over time.
🛡️ apUSD: The Stable (Stablecoin Backbone) apUSD is the protocol’s decentralized stablecoin, designed to maintain a $1.00 value peg. Stability MechanismapUSD’s stability does not rely on algorithmic supply adjustments, but on Over-Collateralization.
As long as xBNB retains value in the system (i.e., TVL>SupplyapUSD), apUSD is always fully backed by assets.
xBNB acts as apUSD’s "bulletproof vest", absorbing the impact of market downturns.
Redeemability GuaranteeUnder normal market conditions, users can redeem apUSD for underlying LST assets at a net value of $1.00 at any time (minus a small fee).
Zuletzt aktualisiert