The XUSD protocol is a partially-collateralized and partially-algorithmic cryptocurrency stablecoin. XUSD is completely on-chain, open-source, and permissionless protocol, currently implemented on the Ethereum network (although cross-chain implementations are possible in the future). As an alternative to fixed-supply digital assets like Bitcoin, the XUSD protocol provides a highly scalable, decentralized, algorithmic currency. 

The XUSD protocol consists of two tokens: the stablecoin XUSD and the share token XUS. No matter what collateral ratio they are minted at, all XUSD tokens are entitled to the same proportion of collateral and are fungible with one another. In the system, XUSD can always be issued and redeemed for $1. Minting refers to the creation of new blocks and recording of that information into the blockchain.  

Users can burn XUS and get the excess collateral in the pool in a buyback scenario. Users can re-collateralize when the effective collateral ratio falls below the targeted ratio and receive XUS and a 0.75 percent bonus. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means, the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value. Users can earn XUS rewards when they deposit Uniswap Liquidity pool tokens to incentivized pairs, which can be achieved by adding liquidity to token pairs on Uniswap. For the first month, XUS rewards for each incentivized pair emit at a base rate of two million XUS and then it increases by three times when XUSD becomes algorithmic, although the XUS emission rate decreases by 50 percent each month. 

In addition to being seamless, easy to understand, and economically sound, the XUSD redemption process is also economical. This phase is straightforward. As XUSD is minted, XUS is burned during the fractional-algorithmic phase. When XUSD is redeemed, XUS is minted. 

Therefore, as long as there is a demand for XUSD, redeeming it for collateral plus XUS places an equivalent amount of USD into circulation on the other end (which burns an equivalent amount of XUS). Therefore, the XUS token's value is determined by the demand for XUSD.

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