Add XRAY to Aada Finance as a collateral option

Graveyard
1

Proposal Description

I would like to add the XRAY token in Aada V1 as a collateral asset for borrowing.

Short Summary

Ray Network provides a full range of DeFi solutions for Cardano - from an exchange app to light wallets and different SDKs. Adding the XRAY token as a collateral option would make Aada Finance part of the extensive network of utilities the token gives its holders.

Motivation

  1. Project and token overview

Ray Network is an advanced and multifunctional solution built for Cardano. The project’s primary goal is to create a self-sustainable ecosystem of decentralized apps that encompasses all aspects of DeFi. XRAY is designed as the utility and governance token to power the network.

  1. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?

Ray Network will provide a wide range of services to the Cardano community. As there’s expected to be a significant demand, adding XRAY as a collateral option to Aada will grant more people access to Ray’s solutions. Consequently, users can borrow and use the token for staking, yield farming and/or minting on the Network’s apps.

  1. What’s the asset’s utility?

  • XRAY will be the payment token on all Ray Network platforms
  • Users will be able to stake, mint and earn yield with XRAY on the Ray Network apps
  • XRAY is the governance token for the Ray Network, which enables its holders to submit proposals and vote

  1. Token data

1352×665 67.3 KB

Minswap metrics:

TVL - 4.21M ₳

Volume 24h - 26.07K ₳

Volume 7D - 192.26K ₳

RayStake TVL - $149.3m

Stake Keys Involved - 24,949

Conclusion

Ray Network has an ambitious goal of becoming one of the leading service providers on Cardano. Having XRAY as a collateral option on Aada will increase the token’s functionality while growing the network effect of both Aada and Ray.

References

3 Likes
2

I’m more iffy on this than the others after their stake rewards hack (Also the the first Cardano hack). Any further hacks would drop the price of XRAY quite a lot and leave loans unstable.