Vision
• Building a financial infrastructure for the MetaVerse, dedicated to providing liquidity solutions for MetaVerse assets
• Building the NFT and MetaVerse industry ecosystem
• Providing mortgage and lending services for NFT assets by P2P and Pool2C model
• Providing valuation, leasing and sales solutions for MetaVerse long-tail assets
XCarnival Solution 1.0 (XBroker)
Overview
XBroker is a platform for NFT pledge and loan, which provides liquidity for the NFT market. Participants are divided into three roles: mortgagor, lender, and liquidator. The mortgagor is to provide NFT to pledge and borrow money, the lender obtains interest by lending USDxc, and the liquidator participates in the liquidation through auction bidding, that is, paying the auction price to obtain NFT.
Integration
XBroker is implemented as a smart contract which can be deployed into EVM based public chain. In the future, XBroker will support rust language for easy deployment to WASM based public chain.
Project Detail
Token — USDxc Architecture
The XBroker is divided into three layers, from bottom to top, the protocol layer, the service layer, and the presentation layer.
• Protocol layer: This layer is a smart contract and defines the core business modules of XBroker, namely pledge center, order center, auction center and asset center. The pledge center is responsible for managing the NFT mortgaged by the mortgagor. The order center is responsible for managing the orders. When the mortgagor pledges the NFT, an order will be generated, and the lender will find the order he is interested in according to the order for lending activities. The auction center is responsible for auction management. When the mortgagor fails to redeem his NFT within the time limit, the auction center will auction the NFT pending order. The asset center is mainly responsible for the transfer of NFT and the transfer of USDxc.
• Service layer: This layer is a service, which is responsible for converting the request of the presentation layer into a call to the contract, thereby completing the business logic of XBroker.
• Display layer: This layer is the front-end page of XBroker, through which various roles interact with XBroker.
Work Flow
XBroker has three types of roles involved, namely mortgagor, lender, and liquidator.
• Mortgagor: Stakeholders obtain USDxc by staking NFT, and redeem their NFT by repaying the principal and interest of USDxc.
• Lender: The lender chooses the NFT mortgaged by the mortgagor, and lends USDxc to the mortgagor. After the mortgagor returns the USDxc and interest, the system will return the NFT to the mortgagor, and transfer the principal and interest to the lender.
• Liquidator: If the mortgagor does not plan for USDxc within the time limit, the system will auction the NFT. The starting price is the sum of the NFT’s loan price and interest. The auction is a mark-up auction. If a liquidator bids for the NFT, the system will transfer the NFT. To the liquidator, and transfer the USDxc issued by the liquidator to the lender. If it fails, the NFT will eventually be owned by the lender.
Code Repos
https://github.com/xcarnival/XBroker
XCarnival 1.0 Summaries
XBroker:
Megabox:
NFT mortgage and lending P2P model
XCarnival 2021 Milestones:
• Won the first prize of BNB Chain Hackathon competition and passed the security audit by Certik and Peckshield
• Successfully launched XCarnival Genesis NFT on Galaxy platform
• Launched BNB Chain major networks, offering NFT mortgage and lending P2P models: Support XCarnival, BabySwap and Pancake NFTs and offer liquidity reward
• Listed on CMC and CoinGecko, and got traffic support by CMC
• Listed on Gate.io and MEXC exchange at the same time and initiated the syrup pool incentives with Pancake
• Launched Gamefi platform — XIGO: successfully launched two Gamefi projects, Bino and Dracoo
• Binance NFT Marketplace: 9,000 XCarnival Combo Cards sold out in 2 seconds
• The lending and borrowing scale on BNB Chain exceeded $20,000,000 and the total number of mortgages exceeded 20,000
Core Data of XCarnival 2021
Communities:
• International Telegram: 41,294 members
• Chinese Telegram: 46,108 members
• Twitter: 52,002 followers
Platforms:
• NFT mortgage: 26,746 pieces
• Lending scale: $ 20,659,142.02
• Number of address: 13,519
XCarnival 2022: Build XCarnival Multi-chain Ecology
• Track upgrading: launch cross-chain
• Platform upgrading: overall iteration
• Community upgrading: prepare for DAO
Track Upgrading
With successful experience on BNB Chain, XCarnival’s core goal for 2022-Q1 is cross-chain launch on the Ethereum.
Cross-chain NFT data
• Ethereum: $19,690m, 8,775 Collections
• Solana: $115.87m, 2,404 Collections
• ImmutableX: $92.33m,140 Collections
• BNB Chain: $44.37m, 86 Collections
• Terra: $39.79m, 100 Collections
Necessity
• Ethereum chain takes up 97.30% of the whole NFT transactions.
• The Ethereum’s TVL accounts for 58.85% of total, reaching $117.69 billion.
(REF: DefiLlama.com, 2022.02.24)
Platform Upgrading: Mission
Dedicated to creating a NFT mortgage and lending market (platform) of $19.6 billion, and becoming the “NFT AAVE/Compound” in the vertical filed of mortgage and lending.
Platform Upgrading Product Iteration
XCarnival 1.0 (2021)
• Problem: lack of NFT liquidity, and difficult in pricing
• Solution: NFT mortgage and lending under P2P model: Complete lending between users through XBroker, and protect the rights and interests of investors by auction and liquidation
XCarnival 2.0 (2022)
• Problem:
- Can’t lend muliti-NFT out easily
- Have to wait lenders to match the deal
- High-price NFT difficult to get matched
• Solution: Product iteration by
- Mess Pool (majority) for standard assets
- VIP manual channel for target high priced blue chip NFT (minority)
- Mortgage and lending model upgrading: Pool2C model let borrowers make the deal anytime through the official pool (fund)
XCarnival Solution 2.0 ( XPawn )
Architecture
The XBank is divided into three layers, from bottom to top, the protocol layer, the service layer, and the presentation layer.
• Protocol layer
This layer is smart contract and defines the core business modules of XBank , namely Borrow pool, Supply pool, Liquidation, NFT Pricing Center. NFT Pricing Center is divided into Oracle and NFT Pricing.
Borrow pool: Users conduct mortgage lending through borrow pools. The user will mortgage the NFT to the contract, and XBank will determine the amount of the user’s loan based on the price given by the NFT Pricing Center. Users redeem the NFT after paying the principal and interest.
• Supply pool: The supply pool is responsible for providing liquidity for lending. In XBank, every kind of currency has a pool. User provides liquidity, XBank will reward him with interest.
• Liquidation: Each oracle price feed will trigger the system’s liquidation logic. XBank will follow the liquidation guide price given by the pricing center. When the loan amount is greater than the liquidation guide price, the system will liquidate the NFT mortgaged in this order.
XBank will have two clearing methods:
1) Auction is conducted within XBank. If the auction is successful, the auction funds enter the supply pool.
2) If the auction fails, the DAO votes to decide whether to enter the third-party auction platform for auction. If the auction is successful, the funds enter the supply pool. If the auction fails, the system will collect the NFT.
• Liquidity reward: XBank will reward governance tokens (XCV) according to the liquidity ratio provided by users in supply pool.
• Pricing Center: The pricing center provides pricing services for the NFT mortgaged by the borrower. It will give a reference price to the value of the mortgaged NFT, and the amount of the user’s mortgage NFT loan should not exceed this price. Pricing Center will also calculate the liquidation price of NFT to facilitate XBank’s liquidation.
• Oracle: It will select the floor price of the NFT Collection that collects multiple trading platforms in multiple time periods, remove the extreme value, weight it with time, and then take the average price
• Pricing: NFT Pricing calculates a reference price based on the price taken from the oracle and the maximum loan-to-deposit ratio.
• Service layer
This layer is a service, which is responsible for converting the request of the display layer into a call to the contract, thereby completing the business logic of XBank.
• Display layer
This layer is the front-end page of XBank, through which various roles interact with XBank.
Dashboard: Display the specific order details of the user’s mortgage NFT.
Display user deposit details.
• Notifications: Notification of the latest news on the website (including my loan being liquidated, my valid auction has a new bid).
XCarnival 2.0 Summaries
Pool2C Official Mortgage Lending Pool
• A useful addition to the original 1.0 P2P model
• Available for officially certified (and regularly whitelisted) NFT categories
Operating core steps
• Choose qualified blue-chip NFT collections into the whitelist
• Offer the reference price based on the floor price within a specific period of time (weeks)
• Clients choose the lending scope and interest conditions
• Complete the lending in seconds
• Liquidating the collateral NFTs if repay overdue or NFT floor price drop down
• Auction in multi NFT market such as Opensea and Looksrare for least value loss
Community Upgrading: XCarnival DAO
• Building XCarnival Treasury
• Enriching XCarnival ecology by connecting with upstream and downstream ecological resources of MetaVerse
• Improving veXCV mechanism (Curve-like), allocate mortgage and lending liquidity reward
XCarnival DAO
Treasury Fund Raising
Treasury Fund-Raising: Partnering with Lending Protocal ( ForTube/ Aave / Compound)
• Project team’s donation
• Holders’ token donation
• Mining pool collateral
External Resources Cooperation
Cooperate with NFT upstream and downstream ecological resources
• Creators and artists
• Trading platforms
• Customers communities
Build a community cooperation grid to inject vitality into the XCarnival and create more win-win opportunities in terms of community AMA, resource exchange and private domain communication.
veXCV Mechanism
Pledging $XCV to gain the “veXCV” with the following rights and interests
• Reasonable annualized return
• Holding platform ecological empowerment participation certificate, which can be used for lucky draw and air drop.
• Holding veXCV which can be used to participate in DAO vote, affecting the liquidity reward ratio for different NFT Mess Pool.
The influence factor of “veXCV” quantity
• $XCV pledge quantity
• $XCV pledge duration
The “veXCV” quantity determines voting weight Snapshots will be taken for 7-day uninterrupted, and the minimum vote will be considered as the total number of veXCV certificates.
XCarnival Tokenomics
XCarnival Governance Token “$XCV”
Total Supply: 1 Billion
• Airdrop 3%
• Treasury 7%
• Investors 18%
• Mkt & Operations 10%
• Teams & Advisors 12%
• DAO 50%
