Minting Process
Bitcash offers a unique DAIX minting process centered on wrapped ORDI aka wORDI, a SPL token.
Staking wORDI
Users stake wORDI as collateral to begin generating DAIX. This forms the core of our collateral system.
ORDI to wORDI Conversion
Our built-in bridge allows seamless conversion of native ORDI to SPL-compatible wORDI for use on Solana.
Initial Focus
We initially accept wORDI exclusively for collateral to ensure stability and efficiency. Support for additional collateral types is planned.
Cross-Chain Allocation
A significant portion of minted DAIX is designated for cross-chain use, particularly within Solana, expanding DAIX utility and reach.
Stability Management
Bitcash employs a rigorous system to ensure financial stability.
Overcollateralization
Users must stake collateral value exceeding the DAIX they mint. For instance, a 50% overcollateralization rate means $100 in wORDI allows minting up to 50 DAIX.
Example
Staking wORDI worth 100 USDT at a 50% rate lets you mint a maximum of 50 DAIX.
Health Factor
This metric indicates the safety of your staked position and risk of liquidation.
Calculation
Health Factor = (1 - (Value of minted DAIX / Value of wORDI staked) + Safety Margin) * 100
Safety Margin
A constant percentage for an additional buffer.
Example
Given 1 wORDI = 100 USDT, for minting 20 DAIX, the Health Factor is [1 - (20/100) + 0.2] * 100 = 100. If only 10 DAIX is minted, it's [1 - (10/100) + 0.2] * 100 = 110.
