Rewards and Rebasing

Only KYC'ed users with whitelisted wallet addresses are eligible for reward distribution.

To ensure fair distribution of rewards, Excellar will account for the fraction of a day holders have their XUSD using a block-by-block calculation, then distribute the rewards accordingly. This calculation mechanism allows XUSD to be used both as a payment and a saving instrument.

• holding_period is calculated as the number of blocks XUSD is held over 24 hours.
• reward_rate is set by Excellar based on the market environment and underlying assets. For example, a reward_rate of 0.013368% is equivalent to a 5% APY: (1 + 5%)^1/365 - 1 = 0.013368%
• Reward calculation is done throughout the day upon any change in balance as balance * reward_rate * holding_period.
• The calculated reward is "checkpointed", i.e. stored in the smart contract as the amount owed to the respective holder until explicitly claimed by said holder.