UXD Protocol
Its team said the stablecoin was not exciting enough
A Solana stablecoin, UXD, backed by delta-neutral positions: crypto collateral held long and hedged with an equal short in perpetual futures, with the funding payments meant to go to holders.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- User deposits at the sunset proposal
As reported by DL News on the day of the proposal.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Seed round | 2021 | ||
| UXP token sale (November 2021) | Unknown | Not disclosed |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Kento Inami | — | Not established | Oct 2026 |
Timeline
2 September 2021
The announcement described testnet operation and hiring plans.
October 2022
DL News reports the protocol lost $19.9 million in the exploit of the Solana lending protocol and recovered the funds shortly afterwards.
19 August 2024
Put to a one-week DAO vote.
12 October 2024
The first phase was to run six months, after which UXP could no longer be exchanged for USDC.
How it ended
The team proposed to the UXD DAO that the protocol be sunset and unused capital returned to investors, saying the stablecoin held its peg but was not exciting enough for DeFi users and offered too little advantage over centralised stablecoins. User deposits stood at $7.5 million. The team said the wind-down could take up to two years because of illiquid assets in its insurance fund, and proposed keeping two smart-contract engineers to see it through.
Still alive
Open spot
UXD Protocol is gone. Is your stablecoin still running?
Spotlight your project here.
Sources
9 sources behind this page.
- 1Can UXD, led by Multicoin, break the existing stablecoin pattern? · BlockBeats (via ChainCatcher) · Nov 2021
- 2UXD Raises $3M to Bring Algorithmic Stablecoins to Solana · CoinDesk · Sep 2021
- 3UXD Protocol (UXP) - UXP Redemption Start - 12 Oct 2024 · CoinMarketCal (via TradingView) · user-editable
- 4Solana Stablecoin UXD Raises $3M, Aims to Expand DeFi Outside Ethereum · Decrypt · Sep 2021
- 5Solana protocol with $7.5m in deposits shuts down as its model 'isn't exciting enough' for DeFi users · DL News · Aug 2024
- 6Solving the Stablecoin Trilemma · Multicoin Capital · Sep 2021
- 7Monthly community update | November 2021 · Solana Foundation · Dec 2021
- 8X account lookup: @KentoInami · twitterapi.io (X data provider)
- 9X post search: @KentoInami posts about UXD (2022–2023) · twitterapi.io (X data provider)
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.