UXD Protocol
UXD is deployed on the Solana blockchain and integrated with derivative DEX protocols like Mango Markets to create positions that back the stablecoin. When the funding rate is positive, traders can earn interest through the funding rate (FR) while exploring the profitability of UXD through the delta neutral position. A portion of the FR is received by the UXD Insurance Fund, but if the FR is negative, the insurance fund pays the negative interest. The UXD protocol is governed by proposals and voting from holders of the governance token UXP. UXP enables control over changes in collateral assets, distribution methods of the funding rate (FR), and the management of the insurance fund. UXP serves as the governance token for UXD. The issuance of UXP is 10 billion UXP, with 3% allocated to the token sale. The funds raised in the sale will be allocated to the capital of the insurance fund. The sale will take place for 48 hours starting from 12 PM Japan time on November 12th. A portion of the total supply, 300,000,000 UXP tokens (3% of the total supply), will be distributed proportionally based on the ratio of the total USDC deposited during the IDO period. Participants can deposit and withdraw USDC multiple times during the period and adjust their acquisition cost accordingly.