Stellar Community Fund

By XCCY

XCCY: Fixed-Rate Layer on Stellar

SCF #43

$141.1K

Build

Test Transaction

Products & Services

1. Fixed Lending & Borrowing via IRS on Top of Blend

How Stellar will be used:

Smart Contracts (Soroban): Our IRS protocol will be written in Rust using the Soroban SDK. This ensures high performance and security. Smart contracts will be deployed on the Stellar mainnet and will be fully composable with other Soroban-based protocols like Blend.
Blend Lending Protocol: XCCY will operate as a layer on top of Blend, Stellar's leading lending protocol. We will use existing Blend liquidity pools and create new markets for fixed-rate borrowing and lending.
Key Assets: Initially, we will launch markets for institutional RWA assets that are already well-represented in the Stellar ecosystem:
- PYUSD: PayPal's regulated stablecoin, launched on Stellar in 2025, providing access to a global network of 400M accounts and 35M merchants.
- BENJI: Franklin Templeton's tokenized US Treasury fund, managing ~$775M in assets, the majority of which are on Stellar ($490M).
- USDe (Ethena Labs): A yield-bearing stablecoin with a market cap of ~$6.3B. Its integration will give XCCY and Blend users access to one of the largest and most liquid stablecoins in DeFi.

Impact on the project:

Launching on Stellar will make XCCY the first fixed-rate protocol in the ecosystem, giving us a significant competitive advantage.
Integration with Blend will accelerate our launch, as we can leverage proven, liquid infrastructure instead of building from scratch. This aligns with Stellar's composability ethos, where new protocols are built on top of existing ones.
Working with assets like PYUSD, BENJI, and USDe will open direct access to institutional capital – our primary target audience. This will significantly boost our TVL and strengthen our reputation.

2. Yield Vaults with Fixed-Rate Strategy

How Stellar will be used:

Core Protocol: The vaults will use our own IRS protocol (launched in Phase 1) and will interact directly with Blend to execute lending and borrowing operations.
Network Efficiency: We intend to leverage Stellar's key advantages – negligible fees (~$0.00055 per operation) and fast finality (3–5 seconds). This will make leveraged looping strategies extremely efficient, as the cost of hundreds of transactions inside the vault will approach zero.

Impact on the project:

Stellar's low fees will allow us to offer competitive APRs since operational costs for LPs will be minimal – critical for attracting liquidity.
Fast transaction finality will enhance vault security, enabling us to react almost instantly to changes in health factors and reduce liquidation risks.
The successful launch of these vaults will be a landmark case for Stellar, demonstrating the ability to build sophisticated, high-yield, yet secure financial products on Soroban. This will attract more developers and institutional capital to the ecosystem.

Requested Budget

$141.1K

Traction Evidence

Live Mainnet Deployment – XCCY is already live on Arbitrum and Polygon mainnets (since January 2026) and on Ethereum (since April 2026), demonstrating technical readiness and real on‑chain execution.
Trading Volume & Growth – Cumulative trading volume exceeds $1M.
https://dune.com/xccy_admin/xccy-v0
Liquidity & Curator Interest – Active negotiations with Mezen Capital, RE7 Labs, 9Summit and Liquidity Land for primary liquidity provision and vault curation.
Audit Process – Offers from Zellic and Halborn are pending; the audit‑ready codebase includes Fixed Borrow and the IRS engine.
Team Track Record – The team has collectively managed $1B+ TVL across previous projects (Resolv, Mellow Finance, TAC Protocol), completed 10+ audits with zero critical findings and shipped three live mainnet protocols.
Social / Public Presence – Regular updates and product announcements are shared via the official XCCY Twitter account (@xccy_finance)

Tranche 1 (Deliverable Roadmap) - MVP

Foundation (W1–W4) · 29% · $37,125

Tranche #1 Deliverables:

· Math library parity — matches Solidity forge reference on 10,000+ property-test vectors

· VAMM swap executed on Stellar testnet (tx hash provided)

· Reflector price read verified on testnet (tx hash provided)

· Architecture document published; CI + fuzz harness scaffolding live

Tranche #1 Completion Date: Week 4 (T+4 weeks from grant start)

Tranche 2 (Deliverable Roadmap) - Testnet

Core + Receiver Strategy (W5–W8) · 39% · $57,000

Tranche #2 Deliverables:

· CollateralEngine + OracleHub + BlendBTokenWrapper (SEP-41) live on testnet (contract addresses provided)

· LockYieldBlend full roundtrip on testnet: PYUSD → Blend bToken → fixed rate → settlement (tx sequence provided)

· Public backend API endpoint serving testnet state (URL provided)

· LockYield demo video (public Vimeo/YouTube URL)

Tranche #2 Completion Date: Week 8 (T+8 weeks from grant start)

Tranche 3 (Deliverable Roadmap) - Mainnet

Payer Strategy + Public Testnet (W9–W12) · 32% · $47,000

Tranche #3 Deliverables:

· BorrowHedgeBlend full flow on testnet, including sub-account factory (tx sequence provided)

· Frontend live at public URL in testnet mode (wallets-kit + pool / LP / strategy UX)

· Python SDK published (py-stellar-base + managers + strategy helpers)

· Fuzz + invariant test suite integrated in CI

· Bots (MM / LP / Taker) adapted to Soroban

· Mainnet contracts live under multisig, with caps (contract addresses provided)
- 100k$ - TVL
- transaction volume - 1 month after mainnet launch 10.000 txses
- Integrations

Team

Our team combines deep TradFi and DeFi expertise with a proven track record of building and scaling financial protocols.

Denis Kornyukhov (CEO) – 5+ years in trading & DeFi. Co-founder of Flux Trading ($50M+ daily volume). Senior Trader at Resolv ($600M peak TVL). Managed $100M+ eFX book at a top investment bank. Led 10+ person teams. BSc & MSc from MSU.

Dmitry Kalmykov (CPO) – 3+ years in trading & quantitative research. Co-founded Flux Trading, built an institutional options desk with $100M monthly volume. Former equity trader at a top investment bank ($100M+ portfolio). BSc from Warwick.

Aleksei Saplin (CTO) – 5+ years in crypto. Lead engineer at Mellow Finance from day one, building core lending infrastructure that supported $400M+ TVL at peak. ICPC semifinalist. Top 2 in LayerZero sybil hunting competition. BSc & MSc from MIPT. Production

Sergey Peregudov (Core Solidity Engineer) – Core contributor at TAC Protocol ($50M+ TVL secured). 4+ years Solidity, multiple audits with zero critical incidents. ICPC semifinalist. Graduate of top CS university in CIS.

Track record: $1B+ combined TVL managed across previous projects - 1 year working together as a core team • 3 live mainnet protocols (Resolv, Mellow, TAC) • 4+ audits with zero critical findings • $1M+ XCCY volume since Jan 2026.
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Soroban DEVs

Andrei Orlov[https://www.linkedin.com/in/andrei-orlov-7263a482/] (Lead Rust Engineer) is leading Soroban implementation. He brings 10+ years of backend and blockchain engineering experience, with deep expertise in Rust across multiple blockchain stacks (Substrate, Polkadot, Cosmos, Sui). He has designed and implemented custom blockchain runtimes, smart contracts in Rust (PolkaVM), and high-performance backend systems using async Rust (tokio, serde, subxt). His experience spans both low-level blockchain architecture and DevOps infrastructure, including building and maintaining full devnet/testnet environments and CI/CD pipelines.

Polina Sireneva[https://docsend.com/view/x69shh5egerqg2qi] (Core Rust Engineer) strengthens execution capacity on the Rust side. She has 4+ years of experience building high-load distributed systems and blockchain-related infrastructure in Rust. At Aftermath Finance, she worked on production systems supporting perpetuals trading and on-chain order books, including real-time state synchronization across multiple sources.