UXD Protocol (UXP)

From CryptoWiki

Revision as of 03:54, 18 April 2022 by Grand Master Pepe (talk | contribs) (Created page with "UXD is a Solana-based 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 program can be found [insert here]. ===Bugs/Exploits=== ==Governance== ===Admin Keys=== ===DAO=== ===Treasury=== ==Token== ===Launch=== ===Token Allocation=== ===Utility=== ===Ot...")
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)

UXD is a Solana-based 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

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

How it works

"When a user mints UXD, the protocols fully collateralized stablecoin, each $1 of user collateral (like SOL) is deposited into a decentralized 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

"Along with benefitting from the secular growth in stablecoins, a key catalyst for UXD is the launch of its protocol fund. The fund will allocate the yield from positive to different stakeholders within the protocol through utilizing a unique 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 here].

Usage

"Despite implementing significant guardrails at launch and currently employing a $2.5 million daily cap on new UXD minted, its market cap sits at $31 million, placing it as the largest 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

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31