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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
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.
