LAX – Algorithmic Stablecoin
Litho Algorithmic stablecoin coin (LAX) is similar to algorithmic stable coin protocols operating on the Ethereum blockchain, but unlike coins like U.S. Dollar Coin (USDC) and Tether (USDT) which are backed by audited holdings of U.S. dollars or crypto assets like PAX Gold (PAXG), Litho USD coin is not pegged to the U.S. dollar or any crypto collateral. Rather than using crypto, fiat, or commodities as collateral, the Lithosphere protocol adjusts its LAX crypto supply every 24 hours in a process called “rebasing” to maintain a stable price.
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