UXD Stablecoin Protocol Announces Shutdown: Liquidity and Market Fit Challenges

IconCryptoNewsTerminal Staff19 Aug, 2024

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UXD Stablecoin Protocol Announces Shutdown: Liquidity and Market Fit Challenges

UXD, the Solana-based algorithmic stablecoin protocol, has announced its shutdown. The decision stems from a combination of insufficient liquidity and market fit issues. UXD intends to return user funds and burn $7.5 million worth of UXP tokens. Currently, a DAO vote is underway to determine the termination and capital return process. This process, according to UXD, could take up to two years to complete.