On November 14th, the Solana ecological algorithm stablecoin protocol UXD Protocol was announced. Raise 57,086,131 US dollars for the insurance fund through IDO. He also said that the insurance fund is sufficiently funded to withstand the funding rate of the bear market and will increase the utility of UXD.
The insurance fund will first invest Saber and Mercurial Finance stablecoin swap LP tokens to obtain income, and then the income will flow into the insurance fund.
These funds will be allocated in half to Saber’s USDT-USDC pool and Mercurial Finance’s wUSD 4Pool.
The insurance fund will invest in the UXD-USDC pool to increase the liquidity of UXD. Insurance fund address: 5gPD5fuQe77inQRoRAtp6KtzU6HYavMkMcYhXufLRKXt. In addition, UXP has launched Serum, and there will be a market maker to provide liquidity in the future.
IDO has been completed, and the team will now focus on releasing the stablecoin UXD on the mainnet.