Hi guys, I’m using localmonero to buy XMR and cakewallet to keep my coins. My idea is to have those XMR accessible when the time comes, for example if I want to purchase something and the seller accepts Monero. The thing is I would like to have those XMR “frozen” until the situation comes without being exposed to coin prices changes. I was thinking to keep USDT, and when I need to buy something with XMR, just convert it and use that specific amount. Maybe is not the point of Monero itself. Is this approach the best option? What would be your recommendations? Thank you!
There was, but… I don’t know if they are still around.
Haven Protocol (XHV/xUSD)
It doesn’t look very stable to me. What am I missing? https://coinmarketcap.com/currencies/haven-protocol/
The “stablecoin” was called xUSD. You would acquire the protocol coin XHV (built on Monero code). You could transfer it to an XHV Vault. You could then exchange your XHV for any of the available stablecoins (called xAssets) in-vault. Whenever you swap back, you would get the face value of the stablecoin’s worth of XHV.
Example:
I buy, or mine, 10 XHV at a price of $1 each. I move it to my Haven Vault. In-Vault, I swap 10 XHV for 10 xUSD.
Now, the price of XHV drops by half. When I swap back, I still get $10 worth of XHV (now 20 coins). The xUSD will always be worth $1 worth of the underlying coin, regardless of the price of XHV.
All of these transactions are hidden. The devs originally marketed it as a crypto offshore bank.
What happened the other way if XHV went up in value? You’d only get 5 back? Interesting idea.
Correct.
In my opinion it was an awesome idea. The price of XHV tanked after the last bubble, and too often were there major changes inside the ecosystem. It was an internal crypto safe-haven.