Cod3x USD

Every cdxUSD begins life as a loan. Cod3x USD is the native dollar of Cod3x, a Base-based lending protocol, minted when borrowers lock collateral rather than when a company takes in cash. The design borrows from the collateralized-debt-position model MakerDAO popularized, adding isolated facilitators that each mint and burn the token under their own strategy, so trouble in one does not spill into the rest. An algorithmic PID controller adjusts interest rates to keep supply and the dollar peg in balance. Because there is no issuing company, redemption is an onchain affair: holders close positions or return the token to the protocol for the underlying collateral, with no KYC gate. Liquidity stays modest and concentrated on Aerodrome, which makes cdxUSD more a piece of DeFi plumbing than a widely held dollar.