View source for UXD Protocol (UXP)

UXD is a [[Solana (SOL)|Solana]]-based [[Stablecoins|stablecoin]] protocol employing a novel stability mechanism, governed by the UXP [[token]].

==Basics==
*Based in:
*Started in / Announced on:
*[[Testnet]] release:
*[[Mainnet]] release:
==History==
==Audits & Exploits==
*[[bug bounty|Bug bounty]] program can be found [insert here].
===Bugs/Exploits===
==Governance==
===Admin Keys===
===DAO===
===Treasury===
==Token==
===Launch===
===Token Allocation===
===Utility===
===Other Details===
==Coin Distribution==
==Technology==
*[[Whitepaper]] or docs can be found [insert here].
*Code can be viewed [insert here].
===Implementations===
*Built on: [[Solana (SOL)|Solana]]
===How it works===

* [https://newsletter.banklesshq.com/p/top-5-tokens-to-watch?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo1MjIyMDY0NywiXyI6ImR6bWdYIiwiaWF0IjoxNjUwMjUxMzc5LCJleHAiOjE2NTAyNTQ5NzksImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.ziMb6q-W3JpSxqcjY5Y5oBuYBgWW19cU4z4UbBUgidY&s=r From] [[Bankless DAO (BANK)|Bankless]] (15-4-2022):

''"When a user mints UXD, the protocols fully collateralized [[Stablecoins|stablecoin]], each $1 of user collateral (like [[Solana (SOL)|SOL]]) is deposited into a [[decentralized]] [[Perpetual Contract|perpetuals]] exchange and used to open a corresponding $1 short position. Through this, the protocol will be delta-[[neutral]], meaning that the long and short positions will negate changes in the price of the collateral in either direction.'' 

''As it is opening perpetual [[futures]] positions, UXD also accrues or assumes responsibility for the funding payments. When funding is positive, i.e., long positions are paying short positions, the protocol accrues funding, a portion of which is [[distributed]] to an insurance fund. When funding is negative, meaning shorts are paying longs, the insurance fund is used to make payments on behalf of UXD holders."''

===Fees===
===Upgrades===
===Staking===

* [https://newsletter.banklesshq.com/p/top-5-tokens-to-watch?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo1MjIyMDY0NywiXyI6ImR6bWdYIiwiaWF0IjoxNjUwMjUxMzc5LCJleHAiOjE2NTAyNTQ5NzksImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.ziMb6q-W3JpSxqcjY5Y5oBuYBgWW19cU4z4UbBUgidY&s=r From] [[Bankless DAO (BANK)|Bankless]] (15-4-2022):

''"Along with benefitting from the secular growth in [[stablecoins]], a key catalyst for UXD is the [https://uxdprotocol.medium.com/uxd-protocol-fund-structure-dd57844892e8 launch of its protocol fund.] The fund will allocate the yield from positive to different stakeholders within the protocol through utilizing a unique [https://uxdprotocol.medium.com/introducing-verev-a-yield-distribution-mechanism-c9243fbbfe3e veREV token model]. This model works by allowing lockers of UXP, the protocol’s [[governance]] token, to receive said yield either in the form of more UXP, or via the protocol purchasing from them some of their locked [[stake]].'' 

''This mechanism allows long-term aligned tokenholders to increase their stake in the network, while also providing an elegant [[option]] for lockers to exit the system over time. In addition, it should serve to increase demand for UXP, as UXP must be purchased on the open market to be distributed to lockers."''

====Validator Stats====
===Liquidity Mining===
===Scaling===
===Interoperability===
===Other Details===
==Oracle Method==
==Their Other Projects==
==Roadmap==
*Can be found [Insert [[LINK|link]] here].
==Usage==

* [https://newsletter.banklesshq.com/p/top-5-tokens-to-watch?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo1MjIyMDY0NywiXyI6ImR6bWdYIiwiaWF0IjoxNjUwMjUxMzc5LCJleHAiOjE2NTAyNTQ5NzksImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.ziMb6q-W3JpSxqcjY5Y5oBuYBgWW19cU4z4UbBUgidY&s=r From] [[Bankless DAO (BANK)|Bankless]] (15-4-2022):

''"Despite implementing significant guardrails at launch and currently employing a $2.5 million daily cap on new UXD minted, its market cap sits at [https://www.coingecko.com/ $31 million], placing it as the largest [[Solana (SOL)|Solana]] native [[stablecoin]]."''

===Projects that use or built on it===
==Competition==
==Pros and Cons==
===Pros===
===Cons===
==Team, Funding and Partners==
===Team===
*Full team can be found [here].
===Funding===
===Partners===
==(:==
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