UXD Protocol
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UXD is deployed on a Bridge and integrated with derivative DEX protocols such as Mango Markets to create positions that back the stablecoin. When the funding rate (FR) is positive, traders can earn interest based on the FR while exploring the operational profits of UXD through the delta neutral position. The insurance fund of UXD receives a portion of the FR, but if the FR is negative, the insurance fund pays a negative interest rate. The UXD protocol is managed by proposals and votes from holders of the governance token UXP.
Changes to the collateral assets of UXD, the distribution method of the funding rate (FR), and the operation of the insurance fund can be controlled by UXP.
UXP is the governance token of UXD. https://gyazo.com/89aa1a2d6bf1cd4054acf8bd642f17b8
The total supply of UXP is 10 billion, of which 3% is allocated to the token sale. The funds raised in the sale will be used as capital for the insurance fund. The sale will take place over 48 hours starting from 12 PM JST on November 12th. A portion of the total supply of 300,000,000 UXP tokens (3% of the total supply) will be distributed in proportion to the total amount of USDC deposited during the sale period. During the IDO period, USDC can be deposited and withdrawn as many times as desired, allowing participants to adjust their acquisition price.