On Oct 12, LITEX and dForce announced their cooperation. Together, we will cooperate on the layer 2 technology and stablecoin field and accelerate the commercialization of the crypto payment industry. Starting for today, LITEX’s first commercial-grade layer 2 product “LITEX Store” is supporting USDx as a recharge option, and users can now use USDx to recharge their phone bill and petrol cards with USDx. LITEX Store will fully support USDx as a payment option in the future.
LITEX Store is supporting phone bill recharge and petrol card recharge using ETH/USDT/LXT/DAI, adding dForce’s USDx as a payment stablecoin will greatly increase the diversity of our payment option, and we will add more ERC-20 assets in the future allowing more tokens to be used in day-to-day payment scenarios. Our goal is to become the middle layer that connecting public chains and commercial applications, using technology to bring blockchain into everyone’s life. and therefore, creating commercial-grade applications. The cooperation with dForce will accelerate the expansion of LITEX’s payment system, and create more practical payment scenarios for USDx’s users.
LITEX is dedicated to creating the world’s largest layer 2 ecosystem and is the only project in China that has Bitcoin layer 2 technology, and one of the few projects that have both Bitcoin and Ethereum layer 2 technology. By using layer 2 technology, LITEX expands the public chain’s efficiency and realized communication across chains, both of those solved the public chain’s low-efficiency problem and public chain isolation problem we are the first company that has a commercial-grade application up and running.
USDx has been launched by dForce as the first monetary protocol, which is a decentralized and synthetic indexed stablecoin with interest bearing capability. USDx is pegged into a basket of constituent stablecoins (1 USDx = 0.3 USDC + 0.3 TUSD + 0.3 PAX + 0.1 DAI) at a pre-determined weighting, which can be adjusted via on-chain governance. USDx carries a number of benefits including interest-bearing capability, simple and robust trust model, risk diversification to avoid single-point failure, multi-layer insurance mechanism, and decentralized governance.
