Convert Leveraged stETH XSTETH to ZED Token ZED

xstETH token, also called leveraged stETH, is a decentralized, composable leveraged long stETH futures contract with a low risk of liquidations and a 0 funding fee. To create a stable-leverage pair, f(x) holds a reserve of some base token. To start, let’s consider stETH. Minted against that stETH reserve are two types of derivative tokens; one stable, and one volatile(xstETH). At all times, the total market cap of the two derivative tokens is held equal to the value of the reserve, and any derivative token can be redeemed at any time for its share of the reserve base token. The volatile token price rises at a multiple rate of stETH. Based on the performance of xETH, this multiple generally varies between 1.5x- 4x, though it can rise as high as 4.3X before the protocol responds to limit it.

The ZED Token is the official in-game currency of ZED Champions. Originally used in ZED RUN, the ZED Token on Polygon can be bridged to Base, where ZED Champions lives. ZED Champions is a new era of digital horse racing, combining strategy, competition, and ownership in an entirely new format. This launch marks a fresh chapter with a refined racing experience and expanded opportunities to compete and win. Taking queues from the classic ZED RUN gameplay, ZED Champions brings a more structured league and higher stakes competition. The ZED token is the backbone of ZED Champions, powering every transaction of the game. Players can swap for $ZED and use it to buy, breed and race digital horses on-chain.