UXD Protocol UXP Redemption
APR
13
Event date
Sunday 13 April 2025, UTC
Event description
- UXD Protocol, a Solana-based stablecoin project, initiated the first phase of its UXP token redemption process, allowing holders to exchange UXP for USDC following the decision to sunset the protocol due to liquidity issues and lack of product-market fit.
- The redemption phase, announced after a governance proposal in August 2024, comes with a six-month window, after which unclaimed UXP tokens will lose their convertibility to UCT and eligibility for USDC redemption.
- This move follows UXD Protocol's earlier struggles, including a $57 million token sale in 2021 and challenges with illiquid assets in its insurance fund, which holds about 11% illiquid investments as noted in prior discussions.
UXD Protocol
Bullish or Bearish?
UXD Protocol
Be aware of the recent news
in crypto every day
Please keep me updated by email with the latest crypto news, research findings, reward programs, event updates, coin listings, and more information from Bitdates.