Deep Tide TechFlow News, Solana ecosystem algorithmic stablecoin UXD Protocol announced the termination of operations and will refund 7.50 million US dollars of user deposits. The UXD team attributed the project closure to insufficient liquidity and the stablecoin model's inability to achieve product-market fit. The project closure and fund refund process are undergoing DAO voting, which is expected to take up to two years to complete.As part of the closure process, UXD will burn UXP tokens worth 7.50 million US dollars.It is worth noting that UXD suffered a loss of 19.90 million US dollars in the attack on Mango Markets in October 2022, but subsequently successfully recovered the funds.

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Deep Tide TechFlow News, Solana ecosystem algorithmic stablecoin UXD Protocol announced the termination of operations and will refund 7.50 million US dollars of user deposits. The UXD team attributed the project closure to insufficient liquidity and the stablecoin model's inability to achieve product-market fit. The project closure and fund refund process are undergoing DAO voting, which is expected to take up to two years to complete.
As part of the closure process, UXD will burn 7.50 million US dollars worth of UXP tokens.
It is worth noting that UXD suffered a loss of 19.90 million US dollars in the attack on Mango Markets in October 2022, but subsequently successfully recovered the funds.
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UXD Protocol, a stablecoin project on Solana, announced the termination of its operations and will refund $7.50 million in user deposits.