UXD Protocol Price (UXP)

As per the website, UXD is a vital algorithmic stablecoin, entirely supported by the delta neutral position. UXD Protocol is a decentralized system that does not include custody of user assets, and users can interact with any centralized commodity. The token aims to make sure that every user can transact without censorship. Furthermore, UXD Protocol is capital efficient and lets users issue 1 UXD with 1 USD worth of digital assets without demanding over-collateralization.

According to the whitepaper, users of UXP tokens can earn yield developed from the funding rate. Any individual can aim to issue and save the stablecoins for a decentralized cryptocurrency at a par value. Also, the users can seek to confirm that the funds equal the number of stablecoins in circulation by reviewing the blockchain. Cryptocurrency-backed stablecoins are fund inefficient and can be inconsistent during severe market volatility. Algorithmic stablecoins are liable to a collapse in trust by the holders of the stablecoin and are at threat of bank runs. 

UXD Protocol aims to solve these problems by eradicating the necessity of converting to fiat currencies and becoming stable under market volatility. UXD Protocol aims to be comparatively more capital efficient than other cryptocurrency-backed alternatives because UXD Protocol does not need an excess of funds to support its stablecoin. 

Furthermore, the users of UXD can acquire a part of the yield from the funding rate when the funding rate is favorable. By using smart contracts, token holders' balances seek to automatically grow by a certain amount of yield. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Later, the negative yield is paid out from the insurance fund when the funding rate is negative.

Besides being an algorithmic stablecoin, the token aims to have three prime qualities: censorship resistance, price stability, and capital efficiency. UXD seeks to obtain yield from the funding rate that makes UXD a unique store of value. Furthermore, individuals excluded from the banking system can also seek to hold and perform transactions in a stable currency without censorship.

We update our UXD Protocol to USD currency in real-time. Get the live price of UXD Protocol on Coinbase.

The current market cap of UXD Protocol is $105.82M. A high market cap implies that the asset is highly valued by the market.

The all-time high of UXD Protocol is $48.63. This all-time high is highest price paid for UXD Protocol since it was launched.

Over the last 24 hours, the trading volume of UXD Protocol is $141.41.

Assets that have a similar market cap to UXD Protocol include ETHplode, ToxicDeer Finance, Avalaunch, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of UXD Protocol is 7 billion.