Chip Coin System

XT plays a crucial role as the value carrier for the platform. Apart from purchasing X Captain and supporting the infrastructure of layer2, X WINNER offers a lending system involving XT and CC (Chip Coin).

Players can collateralize XT within the platform to borrow CC and directly engage in games without needing to convert stablecoins to CC. X WINNER's Chip Coin system is similar to the chips used in an offline casino. In the XWINNER platform, our Chip Coin is a token that is pegged to USDT at 1:1 ratio. Players can use Chip Coin to play any games on the platform.

Integration of Chip Coin system increases the liquidity of XT and introduces more arbitrage opportunities within this system, allowing players to engage in DeFi profit generating activities.

In this system, there are several key points:

1. Players: Gamers within the platform can obtain CC by collateralizing XT and then participate in various games on the platform.

2. Borrowers: Due to the existence of various rewards and arbitrage opportunities (such as collateral borrowing rewards, and the price difference between CC and stablecoins), there will be individuals motivated to borrow.

3. Liquidators: Since the price of XT can fluctuate, there might be instances where the collateral, i.e., XT, is liquidated when its price drops. Liquidators can pledge their CC to the stability pool, and whenever a liquidation occurs, they receive the collateral from the liquidated party but lose some of their CC in the process. Liquidators are guaranteed at least 150% of the collateral, ensuring they benefit from the action.

4. Liquidation Pool: All liquidators deposit their CC into the liquidation pool. This pool is responsible for performing the liquidation and distributing the collateral to the liquidators.

5. Individual Collateralization Ratio(C-Ratio): The minimum individual collateralization ratio (C-Ratio) is 160%, which is calculated as

$$CRatio=XT _{Current Price}* XT_{Collateralized Amount}/CC_{Borrowed Amount}$$

If the price of XT drops during this period, then borrowers will be liquidated.

6. Total Collateralization Ratio（TC- Ratio): The minimum overall collateralization ratio (C-Ratio) is 200%, which is calculated as

$$TCRatio = XT _{Current Price}*XT _{Total Collateralized Amount}/CC_{Total Borrowed Amount}$$

7. Recovery Model: To ensure the stability of the entire system, when the total collateralization ratio (TC- Ratio) of the system falls below 200%, liquidation will begin starting with the individual with the lowest collateralization ratio (C-Ratio). This process continues until the system's collateralization ratio recovers to above 200%. At this point, the individual collateralization ratio（C- Ratio）becomes 200%.

8. Liquidation Penalty: When a borrower is liquidated, 10% of their collateral goes into the safety pool.

9. Safety Pool: In case of extreme fluctuations in the XT price, the safety pool replenishes the collateral to maintain system stability.

10. Debt Redistribution: When the CC in the stability pool is insufficient to cover the debt, and once the CC in the stability pool has been completely depleted, the remaining debt will be proportionally distributed among the positions of all existing borrows.

Below is all the liquidation scenarios: