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The Solana-based UXD Protocol is set to shut down its stablecoin due to a lack of interest and excitement from decentralized finance (DeFi) users. The protocol, which has approximately $7.5 million in deposits, is undergoing a decentralized autonomous organization (DAO) vote to finalize the decision to sunset its operations. Following the shutdown, the protocol plans to return its insurance fund to token holders; however, this process may take up to two years due to its complexity. The UXD Protocol was noted for pioneering the delta-neutral model aimed at providing stability in the DeFi space, but it ultimately failed to gain traction among users.
UXD STABLECOIN IS SHUTTING DOWN AFTER FAILING TO GAIN TRACTION! UXD Protocol is sunsetting its Solana-based stablecoin due to low liquidity and excitement from DeFi users. They’ll return the insurance fund to holders, but it’ll take years. So long, UXD! Source: The Block https://t.co/4zrynwwLH6
UXD PROTOCOL TO SUNSET STABLECOIN AFTER DAO VOTE Solana-based UXD Protocol is preparing to shut down its stablecoin, with a DAO vote underway to finalize the plan. Token holders will receive funds back, but the process could take up to two years due to the complex nature of… https://t.co/nrI7dYZST7
Solana-based UXD Protocol's DAO is voting on whether to sunset its stablecoin https://t.co/LnkhZnzk6I
