cdxUSD (Cod3x) - Yield-Optimised CDP Stablecoin

2026-07-08

cdxUSD is the stablecoin issued by Cod3x, a yield-optimising CDP protocol. The core innovation is that collateral deposited by borrowers continues generating yield inside the Cod3x vault, and that yield is used to subsidise or eliminate interest on outstanding cdxUSD debt. This makes borrowing cheaper: potentially free for well-collateralised positions: by letting the collateral's own productivity pay the borrow cost.

Users deposit yield-bearing assets like staked ETH or LP tokens, mint cdxUSD up to the loan-to-value limit, and pay little to no interest because the collateral's yield offsets it. The standard CDP liquidation mechanism keeps the protocol solvent: if collateral drops below the minimum ratio, positions are liquidated to repay cdxUSD. The yield subsidy is a feature, not a stability mechanism: cdxUSD stays pegged to USD the same way all CDP stablecoins do, through over-collateralisation and liquidation.

The peg tracker reads cdxUSD's totalSupply() from the token contract and tracks mint and burn events from the Cod3x vault. The peg type is peggedUSD. cdxUSD is part of a broader category of productive-collateral CDP stablecoins: alongside Liquity BOLD and Sperax USDs: that have grown in DeFi as yield-bearing assets became more widely available as collateral types.