UXUY Pioneers Taproot Asset Universe Service, Fully Integrating Infrastructure into the Bitcoin Ecosystem
On November 6, 2023, UXUY announced the official launch of its “Universe” service, marking a significant milestone in its “UXUY Struck by Lightning” plan to enhance the Bitcoin ecosystem. UXUY is now the second provider in the world, following Lightning Labs, to offer this service.
https://void.cat/d/PfjAbwQSZ1h4XeaQEUxus9.webp
What is the Universe service
The Universe service introduced by UXUY is essentially a repository for assets and their associated proofs. It can provide information about various asset types, including stablecoins, detailing asset issuance, quantity, rules, and recent transfer proofs. Think of it as a Block Explorer, but with a unique feature: it stores Taproot asset transaction data off-chain while remaining synchronized with the Taproot asset client.
With the release of Taproot Assets v0.3, the Multiverse Mode is activated, allowing multiple Universe servers to work together as a federation. This synchronization ensures that data remains consistent, even if the issuer’s server goes offline, thereby verifying the legitimacy of assets during on-chain Taproot transactions.
For on-chain Taproot asset transactions, users no longer need both parties to be online simultaneously. Receivers can generate an address to which anyone can send assets at any time. Taproot Assets v0.3 facilitates this by enabling developers to add a proof-retrieval Uniform Resource Identifier (URI) to an on-chain address. The receiver’s wallet can then sync with the specific Universe server detailed in that URI to download the off-chain proof data they’ll need for future asset transfers, all happening seamlessly in the background.
Release of Taproot Block Explorer
In addition to the Universe service, UXUY has also launched the Taproot Block Explorer, catering to traders and users who want to explore and identify assets in the Taproot Assets ecosystem. This will further contribute to bridging Bitcoin with other blockchain networks like Ethereum and BNB. With the upcoming Bitcoin Lightning Network, users can conduct secure, low-cost asset transfers and transactions with ease.
Why build Bitcoin infrastructure?
UXUY’s commitment to building Bitcoin infrastructure is driven by the enormous potential within the Bitcoin ecosystem. While Ethereum and EVM ecosystems have thrived with various applications, Bitcoin’s application layer has lagged behind. With the launch of Taproot Assets on the Bitcoin main network, UXUY is ready to support the growing wave of projects and asset issuance within the Bitcoin network.
UXUY’s dedication to Bitcoin infrastructure development includes:
Connecting to Lightning Network nodes and becoming the first DEX to implement Lightning Network nodes.
Becoming a core contributor to Lightning Labs.
Offering full access to Bitcoin Taproot Assets.
Launching the Taproot Assets Block Explorer V1.0.
Initiating Project Columbus and introducing a lightning address service, becoming the world’s first address service compatible with multiple chains.
UXUY’s belief is that, with Bitcoin’s robust Proof of Work consensus mechanism, the cryptocurrency market will gradually shift toward decentralization, achieving the vision of true decentralization.
Connecting Bitcoin and Ethereum Ecosystems
UXUY’s mission extends beyond Bitcoin, aiming to connect multiple blockchain ecosystems. Before supporting Bitcoin, Lightning Network, and Taproot assets, UXUY has already established connections with Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, and other public chains, as well as Layer 2 solutions. UXUY sees transactions as the key to breaking down barriers and fostering a more interconnected blockchain space.
The “UXUY Struck by Lightning” plan is an ongoing initiative, with no fixed endpoint, dedicated to building Bitcoin’s infrastructure and promoting the development of the Lightning Network and Taproot Assets.
UXUY: Prepared for the Bull Run!
Today, the price of BTC has surged past $35,000, reaching a new high since June, last year. The entire crypto market seems to be cycling back to the excitement of the early bull market. Meanwhile, it has been exactly seven months since I bid farewell to BitKeep, during which I immersed myself in the world of product development, and attempted to race against time. We know that bear markets offer a treasure trove for grassroots product builders, but It's only when the industry takes a breather that time and space truly belong to us (builders).
Today October 24, 2023, UXUY will be released officially. Before this, UXUY had gone through 6 beta updates, with over 50,000 users actively participating and providing invaluable user feedback. I would like to take this opportunity to express my heartfelt gratitude to all the users who participated in the testing. As with all things that I do, today has great significance. Releasing the official version on a date like 1024 is not only a tribute to computers but also an announcement to our users, partners, and investors: UXUY is prepared for the bull cycle.
Forged in the bear market of 2023, UXUY faced a more challenging financing environment compared to the past two years. However, we were fortunate as Bixin Venture quickly recognized my desire to embark on a new entrepreneurial journey and invested in us. Subsequently, Waterdrip Capital's Dashan not only provided financial support but also introduced valuable partners. Wang Feng of LK Venture called me from Hong Kong and decided to invest in us. UXUY is positioned as the next-generation DEX, and we unexpectedly received support from several top CEXs, from Kucoin to Pionex, and more recently joined the Binance Labs incubator. This series of recognitions has left us deeply gratified.
More challenging than fundraising is the refinement of the product. To lower the barrier of wallet usage, address single-point issues, and achieve mass adoption, we introduced the MPC mechanism to manage wallets. To simplify cross-chain transactions, we built the uPool based on stablecoins. To address the pain point of users regarding Gas, we introduced the Gas credit solution - GasPool. There are more than a hundred such product demands, and innovation is our inexhaustible driving force. Today's UXUY has only taken the solid first step. We look forward to the arrival of the bull market, but we also hope the bear market doesn't leave too soon because we're afraid we're not fully prepared, and we agonize over this fluctuating mood every day.
For projects like UXUY, perfecting the trading product is crucial, but solving the user cold start problem remains challenging. Why do users come in the first place? So, we launched on-chain Social Trading. Unlike traditional exchanges' Copy Trading, on-chain trading data is clear, complete, and tamper-proof, presenting a gold mine waiting for us to explore. We use AI technology to analyze on-chain data and provide traders with real-time trading signal alerts. You can check the real-time dynamics of each transaction just like browsing Twitter and understand the overall profit and loss situation. This feature has been brewing in my mind for fifteen years when I was still a programmer at East Money. Finally, on UXUY, I turned this dream into reality.
Creating a great product is an essential part, but it also requires courage and opportunity. The five years of working on BitKeep was the best training for me and my team. We continuously challenged ourselves and explored new opportunities. Looking back, we attempted to integrate with the EOS ecosystem in 2018, supported TRON's USDT as soon as it launched in 2019, provided mobile support for viewing Uniswap prices and trading before DeFi Summer arrived in 2020, dedicated significant development resources to integrate with the Solana ecosystem in 2021, and placed our bets on the rise of the Polygon ecosystem in 2022, becoming the most active Polygon wallet, and so on. We never missed any opportunity, continuously evolving and growing.
Now, in 2023, we are focusing on a special track, betting on Bitcoin, specifically the Bitcoin Lightning Network, and even more specifically, Taproot Assets. We have not only become the world's first DEX to implement a Lightning Network node but have also opened resources to the Taproot ecosystem. On the day Taproot Assets went live on the Bitcoin Mainnet, we completed the minting of new assets. We understand the consensus, efficiency, and low-cost characteristics of the Lightning Network, and we firmly believe that this will trigger a Bitcoin DeFi Summer. We are working to bridge the gap between Ethereum, BNB Chain, and Bitcoin, not just to simplify transactions but to make Bitcoin great again.
Unlike traditional Bitcoin maximalists, we had already fully supported dozens of public chains for cross-chain transactions before integrating with the Lightning Network. We are practical Bitcoin maximalists. We can proudly say that UXUY is the team that understands Ethereum and the EVM ecosystem the most within the Bitcoin ecosystem.
This is my sixth year of blockchain entrepreneurship and my second experience in a bear market. Every bear market makes many peers feel frustrated and leave the industry. I seem to be the odd one out, always unwilling to waste the time before the bull market arrives. I have been focused on making the product better and preparing for new narratives and new eruptions, and I don't even know why I am so committed to Crypto. This reminds me of the day I left East Money on June 12, 2008, when the Shanghai Composite Index closed at 2957 points, exactly the same as today.
Crypto is not my hallucinogen; Crypto is my lifesaver. I cherish it, even in a bear market...
Kevin A programmer
From UXUY.com
Oct. 24th, 2023, Singapore
Major Highlights of the Bitcoin Amsterdam Conference attended by the UXUY Team
The UXUY team turned up in Europe for the Bitcoin Amsterdam conference on October 13, 2023. It was on this same day that the team released the Bitcoin Lightning Network node, becoming the world’s first DEX to run a Lightning Network node. Bitcoin Amsterdam is Europe’s largest Bitcoin conference, co-organized by Bitcoin Magazine, BTC Inc., and Amsterdam Decentralized. During the conference, the UXUY team had insightful conversations with the core developers of the Bitcoin community and the Lightning Network community, consulted on BLIP proposed by UXUY, and received positive feedback.
We observed from the new faces seen at the Bitcoin Amsterdam conference that Bitcoin and decentralized consensus are gaining momentum. This is not just another conference; this is a celebration of innovations in Bitcoin.
https://void.cat/d/GqzWC7oQf8CXivWX7JvDHk.webp
Bitcoin and the Decentralization Movement
As a guest speaker at Bitcoin Amsterdam, Edward Snowden, the exile who once exposed the United States’ “Prism” program, delivered a speech titled “Edward Snowden” via the Internet. His appearance was undoubtedly the biggest event of this conference. In addition, Stella Assange, the wife of journalist Julian Assange, who was imprisoned for exposing American war crimes, and Balaji Srinivasan, the author of “The Network State”, all took the stage to give brilliant speeches.
https://void.cat/d/A461DZRUNKfEBcfonhyvDq.webp
Although they are not the core developers of Bitcoin, nor the builders of ecological applications, their speeches indicate that the significance of Bitcoin is not limited to cryptocurrency itself, but has become a weapon to break hegemony and monopoly. Bitcoin is becoming an integral part of the decentralization process.
Lightning Network in Conversation
At the Bitcoin Amsterdam Conference, a discussion titled “Limitations Of Lightning” left a deep impression on the team.
Christian Decker from Blockstream said that the Bitcoin ecosystem is becoming more and more popular, and the previous popularity of the Ordinals protocol and BRC-20 tokens exposed the Full Block problem. At the same time, the rise of the Lightning Network has given rise to a very interesting reaction to the Bitcoin protocol. He said:
That’s a very, very subtle interplay of the two protocols that it took years for us to realize that there are such attacks. And for me, that is very exciting as well, because there’s a new building site. I can sort of start building my protocols again. But looking from the outside, it might look very scary as well.
https://void.cat/d/QRBtLDks5DBkXvSadudDR4.webp
Niftynei, the founder of Base58, added, “Pinning attacks are, unlike such a niche thing. I think it’s a good way to say it. To understand what that is, this has to do with it when you’re trying to close the lightning channel and the mempool is full or maybe there’s someone who’s trying to prevent your closed transaction from reaching the miners, et cetera. In order to understand that problem with those kinds of technical issues around it, you have to understand how the mempool works. And it turns out that a lot of people don’t understand how the mempool works.”
Lightning Network core developer Rene Pickhardt expressed his views on how Lightning Network operators can better distribute liquidity. He said: “Definitely, I think liquidity adds are like a coordination mechanism, right? Like in most markets, it’s about coordination, right? Someone needs inbound liquidity, someone wants to sell that liquidity that they have available. And so it’s just helping those two parties coordinate the rate. So that’s kind of one of the cool things with markets is helping people find signals about where liquidity is needed. That’s the people that want to buy it and then where people are willing to provide it. And that’s how it was through the advertisement. “
UXUY will stand at the forefront of the industry, continue to pay attention to industry trends, and ensure the absolute security of user assets as we venture into the lightning network.
On the Road
After the conference, we left the charming city of Amsterdam. With the rapid development of the Lightning Network, crypto industry practitioners are beginning to pay attention. We left the conference with the resolve to UXUY continue to improve the Bitcoin ecosystem, promote the development of Lightning Network and Taproot Assets innovation, become an active contributor, and jointly shape our decentralized future.
UXUY Announces Full Access to Taproot Assets on the Bitcoin Network
At 15:06 on October 18, 2023 (UTC), the Bitcoin block height was 812767, and Taproot Assets was officially launched on the Bitcoin main network. Lightning Network Labs described this upgrade as opening a new era for Bitcoin:
Taproot Assets will give developers “the tools needed to make Bitcoin a multi-asset network, but in a scalable manner that upholds Bitcoin’s core values
https://void.cat/d/PmEMLmg4aDMyX2uMie6HNi.webp
UXUY Gains full access to Taproot assets
Since the official launch of the Bitcoin Layer 2 plan, UXUY has actively participated in the Bitcoin and Lightning Network ecosystem. During the Bitcoin Amsterdam Conference, UXUY officially released the Bitcoin Lightning Network node and became the world’s first DEX to run a Lightning Network node.
And now, UXUY is the first to announce full access to Taproot assets and fully open Lightning Network nodes to the Taproot asset ecosystem. As a next-generation decentralized multi-chain trading platform, UXUY will improve the trading environment of Taproot assets and launch BLIP — the definition of Bitcoin Taproot Assets. We believe the trading layer enriches the liquidity of Taproot Assets.
In addition, UXUY has exclusively created uPool to serve multi-chain pipelines. Its core is to allow stablecoins to play a more active role in cross-chain transactions. This will help users use existing assets to directly trade Taproot assets, greatly reducing the user’s cross-chain transaction threshold cost.
Jordan, co-founder of UXUY, said, “As an important breakthrough in the Bitcoin ecosystem, Taproot assets are bound to trigger a new wave of innovation. UXUY will actively build a transaction layer based on the Lightning Network and promote crypto equality through transactions.”
$TAPROOT Genesis Airdrop
While Taproot Assets was launched on the Bitcoin mainnet, UXUY officially launched $TAPROOT based on the Taproot Assets protocol:
Asset ID
a6cf54b9e77b3ef4a5309674e7b3cc7a6193a70b8df57fca5805ecd52f86c1c0
In order to promote the development of the Bitcoin Layer 2 ecosystem and encourage users to hold and trade Taproot assets, UXUY will launch the $TAPROOT genesis airdrop through the Lightning Network. Assets are listed on the Lightning Network and airdrops will be conducted in the form of mapped Tokens.
UXUY will continue to improve the Bitcoin ecosystem, and promote the development of Lightning Network and Taproot Assets innovation. — UXUY Struck By Lightning
UXUY Implements Bitcoin Lightning Node to Serve Multi-Chain Trading for Taproot Assets
Today 13th of October, 2023, the next-generation decentralized trading platform UXUY will officially implement the Bitcoin Lightning Network node named UXUY. As part of the Bitcoin Layer2 plan which we aptly named- “UXUY Struck By Lightning”. The implementation of the Lightning Network node marks UXUY’s journey to becoming an active contributor, improving the Bitcoin ecosystem, and promoting the development of the Lightning Network.
Node Name:
UXUY
Node IP:
43.128.84.174:9735
Node Public Key: 0235a13fa1e3cc0e15e088a0a72c9c732e9dd42bf5dc84330c20c4f7a1e2a91061
UXUY differs from other traditional Bitcoin contributors because we focus more on connecting Bitcoin assets to Ethereum, BNB chains, and other ecosystems. We have successfully connected to Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, and other public chains, and through our exclusive GasPool solution, we have reduced the threshold for cross-chain transactions between Bitcoin and other ecosystems.
At present, UXUY has successfully run the Bitcoin Lightning Network node and built infrastructure for trading Bitcoin Layer2 assets, actively participated in the construction of the Taproot Assets test network, and is well prepared for the upcoming Bitcoin DeFi Summer.
https://void.cat/d/NpVbkj6KNQUan7d4fnBp43.webp
The First DEX to Implement the Lightning Network Node
In 2020, Bitfinex officially announced the operation of Lightning Network nodes, and since then, major CEXs have successively connected to the Lightning Network. Currently, traditional CEXs such as Binance, Bitfinex, Kraken, Bitstamp, and OKX have completed the integration of the Bitcoin Lightning Network.
CEXs connected to the Lightning Network are mainly used in deposits and withdrawals, taking only partial advantage of the Lightning Network. With this situation, we can see that in the face of the upcoming outbreak of Taproot Assets, there is no ready solution for users.
As a next-generation DEX, UXUY is the first DEX to run a Lightning Network node and, with this move, promote the integration of DeFi and the Bitcoin ecosystem. As UXUY co-founder Jordan has said, “Currently, the scale of Bitcoin assets on the Lightning Network is only 5,000+ BTC, equivalent to US$100 million. In contrast, the size of USDT is US$86.6 billion. To promote the development of the Bitcoin Lightning Network ecosystem, we can not be limited to the existing asset scale of the Lightning Network. The advantage of UXUY is to introduce Stablecoin and Token assets to realize decentralized multi-chain transactions. This is the essential difference between us and traditional Lightning Network products (such as Walletofsatoshi, Phoenix, Muun).”
Elizabeth Stark, co-founder of Lightning Network, has also affirmed UXUY’s stance on the matter. In a statement, she said,
Taproot Assets helps Bitcoin in numerous ways, including onboarding people to Bitcoin through fiat where they can easily swap between assets. This is particularly useful in a high-inflation environment, as many people around the world live in economies where their currencies are continually losing value. Thus, Taproot Assets helps facilitate fiat to Bitcoin rails. Further, as Taproot Assets uses bitcoin liquidity to route assets issued on the protocol, there will be greater demand for bitcoin on the Lightning Network. As a result, bitcoin will route dollars, fiat, and everything in between. This is how we bitcoinize the dollar.
We believe UXUY’s move to implement a Lightning Network node may have a ripple effect throughout the industry, driving more DEXs to support the Bitcoin Lightning Network. As more and more users join the network, the Lightning Network’s node and channel scale may once again reach new heights.
Multi-chain transactions for Taproot Assets
UXUY will fully open Lightning Network nodes to the Taproot Assets ecosystem and promote the construction of Lightning Network infrastructures. As the next generation of decentralized multi-chain trading platform, UXUY will improve the trading environment of Taproot Assets, launch BLIP — define the trading layer based on Bitcoin Taproot Assets, and enrich the liquidity of Taproot Assets.
UXUY will help Taproot Assets’ asset issuers complete project deployment, issuance, and liquidity management. Significantly reducing the cost for project parties to issue assets on the Lightning Network, especially for the DeFi and RWA fields, UXUY will provide rich development tools and Bitcoin Lightning Network node support.
UXUY has exclusively created uPool to serve multi-chain pipelines. Its core is to allow stablecoins to play a more active role in cross-chain transactions. This will help users use existing assets to directly trade Taproot Assets, greatly reducing users’ costs. Cross-chain transaction threshold.
UXUY’s implementation of the Bitcoin Lightning Network node is just the first step in Struck By Lightning. If you are also a Crypto Native, join UXUY in Struck By Lightning!
About Lightning Network
The Lightning Network is a Layer2 solution for Bitcoin. Due to the limitations of Bitcoin’s scalability, the Bitcoin network can only handle 5 to 7 transactions per second on average, which is far from meeting people’s transaction needs. Joseph Poon and Thaddeus Dryja first proposed the idea of Lightning Network in February 2015 and released a white paper on Lightning Network in January 2016. Lightning Network was officially born. The Lightning Network greatly improves the transaction throughput of the Bitcoin blockchain without changing the core protocol of the Bitcoin network. The Lightning Network guarantees millions to billions of transactions per second, as well as cross-chain atomic swaps.
About UXUY
UXUY, incubated by Binance Labs, is a next-generation decentralized multi-chain trading platform based on MPC & AA wallets. Adhering to the concept of “Your Crypto, You Control”, UXUY actively participates in the construction Bitcoin Layer2 ecosystem. UXUY provides traders with instant cross-chain trading services for digital currencies and encrypted assets between public chains. It has currently been connected to Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, etc. Public chain and Layer 2. By establishing an intent-centered social trading function and creating an aggregated liquidity pool around stablecoins, the universal Gas solution — GasPool, provides users with a CEX-like trading experience. Dedicated to helping users “Follow the Smart Money”, UXUY significantly lowers the barriers to social transactions on the chain.
UXUY Sponsored Satoshi Awards Announced Telegram & TON As Winners
https://void.cat/d/C3RZbkuxpKGVJVXY9WNZTY.webp
The prestigious Web3 and cryptocurrency industry summit, TOKEN2049, kicked off in Singapore on September 13, 2023. On the same day, The Satoshi Nakamoto Awards, sponsored by UXUY, held its award ceremony at the Singapore FinTech Association, revealing all the major award winners. UXUY co-founder Jordan was in attendance and presented awards to those winners.
The TON team won Ecosystem of the Year at The Satoshi Nakamoto Awards. John Z from the TON Foundation delivered an acceptance speech at the award presentation. The day of September 13 marked a significant day in Telegram’s history, as the social app with 800 million MAU ( Monthly Active Users ) officially launched a new self-hosted wallet called TON Space. This move is set to encourage more people to engage in the cryptocurrency space. John Z gave a demonstration of the wallet at the award ceremony, and the attendees highly praised TON for its contributions to expanding the cryptocurrency ecosystem.
UXUY co-founder Jordan presented The Satoshi Nakamoto Awards — Ecosystem of the Year to the TON team on stage.
Here are all the winners from this year’s Satoshi Nakamoto Awards:
Sam Altman (WorldCoin) — Man of the Year
TON — Ecosystem of the Year
Arbitrum — Layer 2 of the Year
PEPE — Meme of the Yea
ZK rollups — Scaling Solutions of the Year
Particle Network — Infrastructure of the Year
USDC (Circle) — Stablecoin of the Year
Bitcoin
Taproot Wizard — Bitcoin Believer of the Year
Ordinals Protocol — Bitcoin Layer 2 of the Year
Shuning Hong — Bitcoin Researcher of the Year
Contributors
Waterdrip Capital — Outstanding Bitcoin Contributor of the Year
Lido — Outstanding Ethereum Contributor of the Year
UniElon — Outstanding Dogecoin Contributor of the Year
Institutional Investors & Market Makers
A16z — Institutional Investor of the Year
LK Venture — Solid Institutional Investor of the Year
Arcane — Active Institutional Investor of the Year
Tide Capital — Emerging Institutional Investor of the Year
DFW Labs — Market Maker of the Year
Exchanges
Coinbase — Compliance Exchange of the Year
Kraken — Compliance Exchange of the Year in Europe
VDX — Compliance Exchange of the Year in Asia
Pionex — AI Trading Bot of the Year
Trading & Asset Management
Greeks.live — Options Trading Tools of the Year
DeSyn — Asset Management Infrastructure of the Year
Renora Technologies — Profile Management of the Year
TokenUnlocks — The most Valuable on-chain tool of the Year
Marketplace
friend.tech — Marketplace of the year
Blur — NFT Marketplace of the Year
GoDID — DID Marketplace of the Year
ZORA — Emerging NFT Marketplace of the Year
Planckx — Most Innovative GamiFi of the Year
Public Goods
QuestN — GM of the Year ( Growth & Marketing Platform )
Coinlive — Multimedia Community of the Year in Asia
Web3vision — Builder Community of the Year
Akasha — Outstanding Public Goods Contributor of the Year
https://void.cat/d/NETi41xQT9c3YxBjDbAEXs.webp
About UXUY
UXUY is the next-gen decentralized multi-chain trading platform based on MPC wallet and technology. Guided by the philosophy — “Your Crypto, You Control” — UXUY offers traders immediate cross-chain trading services for cryptocurrencies and digital asset types across the entire blockchain spectrum. By establishing a “stablecoin-centric” environment, UXUY provides users with a trading experience akin to traditional CEX platforms. UXUY significantly reduces the barriers to social trading on the blockchain.
About Satoshi Nakamoto Awards
The Satoshi Award is the cryptocurrency industry’s first award aimed at recognizing contributors to the decentralized world. It brings together the industry’s most outstanding practitioners, innovators, and contributors. They collectively explore the future of the industry, share cutting-edge technological innovations and perspectives, and promote the convergence of ideas and the spark of creativity. At the same time, the award also serves as recognition for the outstanding builders, projects, ecosystems, and investment institutions of the year, working together to create a superior cryptocurrency ecosystem.
What does joining the Binance Labs Incubator Program bring to UXUY?
https://void.cat/d/4ShDhuAj3GBWYn6za3j3jT.webp
Binance’s News Brings UXUY a Tenfold Increase in App Downloads.
I am Jordan, co-founder of UXUY.
UXUY is a multi-chain trading platform based on MPC and AA wallets, established this year.
It has been a full 24 hours since Binance Labs officially announced UXUY’s selection for the sixth incubator program, and my emotions have yet to settle. I find myself constantly refreshing the data console on my computer. In the past day, our app has seen over 4,000 new downloads, with more than 800 users transferring their crypto assets into the UXUY wallet.
A significant portion of these users have completed their first transactions on UXUY. To those outside the crypto industry, these numbers may not seem like cause for celebration, but for a decentralized trading platform, these results have exceeded most people’s expectations. I speculate that among these users, there are blockchain explorers, industry professionals, and of course, investors in the crypto space.
Nearly 30 investors have reached out to me, either directly or through introductions from friends.
While congratulating us, they have also expressed their interest in participating in the next wave of funding rounds
In the somewhat harsh environment of the crypto industry, as a product that has only been in development for a few months, gaining this level of recognition from investment firms is something many would envy.
Vincent, the investment manager from KuCoin Venture, was among the first to call me. He’s been our long-time investor, having participated in UXUY’s seed round of financing. Not only did he offer his congratulations, but he also provided valuable advice for our next steps. Being from a CEX background as well, Vincent understands the value of being selected by Binance Labs Incubator. From the tone of his voice over the phone, I could tell that he, like me, was genuinely thrilled for us.
https://void.cat/d/QQGkXAKY2Vg5SJsJ2LBYtV.webp
What surprised me the most was that, for most professionals, using UXUY is actually their first experience with a DEX based on MPC wallets. People are still quite unfamiliar with the concept of using wallet phrases. Our team is even more convinced that UXUY is just starting out and before long, the seamless trading experience and user asset security will drive the crypto market to accelerate its shift toward DEX’s
On September 25th, Binance’s sixth incubator program will officially kick off, and the UXUY team is fully prepared and eagerly looking forward to it. If given the opportunity, I would be willing to continue sharing our experience of participating in Binance Labs Incubator.
Once again, I want to express my gratitude to Binance Labs for supporting products like UXUY and allowing us to work together to do meaningful things for the crypto world.
Thanks to everyone who has believed in UXUY and has downloaded the UXUY app. To show our appreciation for your support, we have prepared 20U of GasPool universal gas credits for every new user who downloads.
We hope you enjoy it.
Jordan
Co-Founder
UXUY
What is UXUY Token?
UXUY officially launches its Crypto Synthetic Asset Program — UXUY Token
The next-generation decentralized multi-chain trading platform UXUY has officially unveiled its Crypto Synthetic Asset Program — UXUY Token. This marks a pivotal step for UXUY in its ongoing efforts to promote crypto equity and expand its presence within the multi-chain ecosystem. The UXUY Token program will place a strong emphasis on low-Gas edge blockchains, stablecoins, and innovative assets.
https://void.cat/d/Lc7xwkSzmAPnyKbRsGuwFU.webp
The UXUY Token program not only leverages Ethereum's ecosystem for synthetic assets but also supports Ethereum Layer 2 scaling solutions (Optimistic Rollups, Zk-Rollups). It is actively exploring opportunities within other ecosystems like Base, and Linea... and also extending its reach to non-EVM ecosystems such as the Bitcoin Lightning Network and RGB.
What are UXUY synthetic assets?
UXUY Synthetic assets, also known as UXUY Token, are essentially tokenized derivatives.
Synthetic assets are the most significant innovation in the DeFi space and are becoming increasingly popular in the crypto world. In traditional finance, the value of derivatives is derived from underlying assets like stocks or bonds. These derivatives allow traders to speculate on their price movements without actually owning the assets. However, UXUY Token or tokenized derivatives take the concept of derivatives a step further by allowing them to be recorded on the blockchain and creating cryptocurrency tokens.
The UXUY Synthetic Asset Program leverages public distributed ledger technology to directly verify and record transactions on the digital blockchain. Traders need to pledge specific cryptocurrencies as collateral, and once the collateralization process is complete, the corresponding synthetic assets are created.
The operation of UXUY's encrypted synthetic assets is achieved through over-collateralization. Traders need to pledge cryptocurrencies worth more than the synthetic assets they want to create and also pay additional stability fees. This design provides a buffer in case the value of cryptocurrency collateral falls.
UXUY Token Synthetic assets are created through smart contracts that generate debt on any asset, with exchange rates determined by price oracles. In this way, protocols can provide exposure to a variety of assets through a liquid market oracle.
The inclusivity of synthetic assets opens up a broader array of opportunities and increased liquidity for investors, ushering in fresh prospects for the industry. For example, synthetic assets can be used to tokenize Bitcoin mining power, allowing anyone to participate in Bitcoin mining and earn interest without needing to own and operate mining equipment. Additionally, people can earn rewards or returns by holding or staking synthetic assets. The use of smart contracts and tokenized investments on the blockchain is improving financial accessibility and democratizing the finance industry. More and more top synthetic asset protocols are emerging and finding success, such as Synthetix, UMA, MakerDAO, and Abra...
Synthetic assets are gaining acceptance, as Vitalik said :
Synthetic assets have existed for a long time and it's clear that they work, modulo the tradeoff between tail risk and capital inefficiency. (April 2018) — Vitalik Buterin
Exception: Synthetic Asset Stablecoin
Stablecoin synthetic assets, as components of UXUY's Crypto Synthetic Asset Program, are linked to the USD. To maintain the stability of their prices, UXUY employs smart contracts to manage stability fees and regulates the savings rate of collateral assets to achieve this goal.
The Benefits of Synthetic Assets
Currently, the DeFi space is limited in terms of the number of financial assets due to its relatively short existence. The introduction of synthetic assets will significantly change this landscape. With the UXUY Synthetic Asset Program, traders can use traditional financial instruments to better formulate investment strategies and realize investment returns.
Simultaneously, synthetic assets will address issues such as blockchain liquidity fragmentation and restricted cross-chain transactions. Furthermore, UXUY actively promotes the Synthetic Asset Program, which can help more non-crypto enthusiasts and DeFi participants understand blockchain, expanding the user base of cryptocurrencies. UXUY is prepared to welcome one billion people into the crypto ecosystem.
In addition, synthetic assets offer the following advantages:
- No counterparty involved
- Decentralized
- Increased flexibility
- Enhanced risk management
- Lower transaction costs
- Increased liquidity
- Greater accessibility
Conclusion
The launch of the UXUY Token Crypto Synthetic Asset Program will provide global investors with more opportunities, offering greater versatility in asset allocation through decentralized smart contracts. Simultaneously, the UXUY Token Crypto Synthetic Asset Program will attract more traditional investors into DeFi and the crypto ecosystem.
UXUY Token Crypto Synthetic Assets will continue to drive the development of the UXUY APP, enriching its feature set and providing traders with enhanced functionality and user experience.
What problems does the “Multi-chain pipe” built by UXUY address?
https://void.cat/d/VDDAM54z2wPYwPUkyvqUkU.webp
Decentralized multi-chain trading platform UXUY connects numerous public chains, Layer 2 solutions, DeFi protocols, cross-chain bridges, and crypto assets. To enhance transaction efficiency, reduce transaction costs, and mitigate risks associated with cross-chain transactions. Recently, UXUY proposed the concept of building a Multi-chain Pipeline, also known as the Multi-chain Pipe.
This concept aligns with the views of Ethereum founder Vitalik, as mentioned by Vitalik in his Reddit post ‘I’m pessimistic about cross-chain applications’:
The problem gets worse when you go beyond two chains. If there are 100 chains, then there will end up being dapps with many interdependencies between those chains, and 51% attacking even one chain would create a systemic contagion that threatens the economy of that entire ecosystem. (January 2022) — Vitalik Buterin
Cross-chain Risks as Seen Through Vitalik’s Eyes
To prove that Vitalik’s concerns are not unfounded, In traditional cross-chain models, Cross-chain Bridges wrap native assets to generate rule-compliant wrapped assets on the target chain for achieving cross-chain asset transfers. For example, using a Cross-chain Bridge to send one ETH token to a Solana wallet would result in the wallet receiving a “wrapped” version of the token, meaning it has been converted into a token on the target chain. In this case, the Solana wallet would receive a “Bridged” version of the ETH token, which has been converted into the SPL token, the generic token standard on the Solana blockchain.
However, Cross-chain Bridges have experienced frequent attacks. According to data from Defilima, at the time of writing, a total of $2.66 billion in funds has been stolen through Cross-chain Bridges, accounting for 39% of the total stolen assets in the crypto ecosystem, and this share continues to rise.
In March 2022, Ronin Bridge was hacked, resulting in a loss of $624 million
In February 2022, Wormhole was hacked, resulting in a loss of $320 million
In October 2022, Coinbase Bridge was hacked, resulting in a loss of $586 million
In July 2023, Multichain was hacked, resulting in a loss of $130 million
Therefore, Vitalik proposes:
It’s always safer to hold Ethereum-native assets on Ethereum or Solana-native assets on Solana than it is to hold Ethereum-native assets on Solana or Solana-native assets on Ethereum. (January 2022) — Vitalik Buterin
The cross-chain risks also manifest in transactions moving away from decentralized forms of validation, increasing reliance on cross-chain bridge operators instead of the decentralized security of the underlying blockchain networks. This can have implications for the security of DeFi protocols as wrapped assets entering DeFi significantly lower security. Toxic wrapped assets undoubtedly contribute to the instability of the crypto ecosystem, as any issue with one chain can affect the entire crypto ecosystem.
UXUY Multi-chain Pipe
More and more new public chains are being created, and more people are entering the crypto ecosystem. However, due to the lack of interoperability between public chains and their inability to directly interact, the demand for cross-chain solutions in the market is growing stronger.
UXUY has proposed the concept of the UXUY Multi-chain Pipe, which is distinct from traditional cross-chain solutions. It is smaller, lower in cost, and offers higher security and efficiency, enabling cross-chain transactions to be completed in an instant.
The UXUY Multi-chain Pipe does not create any wrapped assets; all transactions originate from native tokens. It involves pre-built instant liquidity pools on two chains, and when users want to perform cross-chain transactions, they simply need to transfer digital assets to a specific address on the target chain. The protocol will then execute an algorithm to deposit the corresponding amount of assets into the user’s designated address on the target chain, making multi-chain transactions readily available.
Due to its low cost, the UXUY Multi-chain Pipe is suitable for large-scale deployment. It can connect any emerging asset with established assets, ensuring ample liquidity in the crypto ecosystem. At that point, the crypto ecosystem will no longer be a collection of isolated “islands,” but a collaborative and interconnected era where numerous chains coexist in harmony.
https://void.cat/d/QJK1vicrR8e2FFFBT5wTVR.webp
UXUY shares a similar vision with Vitalik — the future belongs to multi-chain. And trading is the only weapon that can break down barriers, allowing assets to flow freely between each public chain, driving the realization of a fair crypto ecosystem.
Core Advantages of the Multi-chain Pipe:
Trading and Holding Native Assets
Limiting the Scale of Wrapped Asset
Reducing Wrapped Assets’ Entry into DeFi Protocols, Prevent TVL Leverage Bubble
Improving the Real-time Nature of Multi-chain Transactions
UXUY’s original intention is to prioritize users and encourage them to hold native assets, providing a self-custodial environment for users’ transactions on DEX. Leveraging the security of native protocols encourages the industry to move away from evaluating projects based solely on the scale of wrapped assets and instead emphasizes practicality and the pursuit of native assets as a new industry paradigm. While leverage is promoting asset prosperity, the entry of toxic cross-chain assets into the DeFi ecosystem poses irreversible risks and is the most vulnerable link in the entire crypto ecosystem. The UXUY Multi-chain Pipe will mitigate the TVL leverage bubble to a certain extent. The real-time nature of transactions is designed to offer convenience to traders and is the most critical tool for DEX to challenge CEX, enhancing the user experience on decentralized trading platforms and attracting mainstream users to enter the DEX ecosystem, providing the infrastructure for the future development of Social Trading based on the DEX ecosystem.
UXUY proposes the UXUY Multi-chain Pipe to raise awareness about the risks of wrapped assets in the market and to encourage users to trade and store native assets, thus ensuring the utmost security of users’ funds. UXUY is ready to become the best multi-chain trading platform in the market and looks forward to collaborating with outstanding traders on this journey.
In July 2023, UniswapX released a new whitepaper, detailing ambitious visions for the development of DEX (decentralized exchanges). As next-generation decentralized trading platforms, UXUY and UniswapX differ significantly in their developmental approaches, but they share a high level of alignment in multiple objectives. Both UniswapX and UXUY are striving to expand the trading market share of DEX and drive the growth of the DeFi ecosystem.
https://void.cat/d/2oYQJWwz7CDp5gBi2AwH7L.webp
We believe that the introduction of third-party “Fillers” is UniswapX’s most significant innovation, as it embeds a new trading model into the AMM (Automated Market Maker) mechanism.
Fillers provide a competitive mechanism for UniswapX, allowing external AMM pools or private repositories of on-chain liquidity to compete with Uniswap v1, v2, v3, and v4. The Dutch auction mechanism ensures that traders get the best market price. Fillers break the traditional boundaries between order books and AMMs, driving industry transformation, strengthening DEX competitiveness, and greatly enriching UXUY’s underlying liquidity.
https://void.cat/d/3ZueHhxKkmFHika1HvJ4sC.webp
Shared Objectives
UXUY is delighted to find that UniswapX’s typical features align perfectly with UXUY’s vision. Both products and protocols share a common mission of continuous pursuit of decentralization, as expressed by Uniswap’s founder Hayden Adams in his interview with Coindesk:
“Decentralization has been part of our philosophy since the very, very beginning and still is today.” (June 12, 2023) — Hayden Adams
Gas-free Transactions Similar to UXUY, UniswapX introduces the concept of Gas-free transactions to provide traders with the most seamless trading experience. The essence of this approach lies in processing transaction requests off-chain while executing Fillers on-chain, eliminating the need for traders to interact directly with on-chain operations or pay Gas fees. This user-friendly feature is particularly appealing to newcomers in the cryptocurrency ecosystem.
Self-custody Both UniswapX and UXUY adhere to the principle of Self-custody, empowering users to have full control over their private keys without relying on custodial services. Private keys are a critical component of the cryptocurrency ecosystem, enabling users to sign and verify transactions on the blockchain, emphasizing the mantra, “Your keys, your crypto.” Both UniswapX and UXUY make the same choice in this regard.
Aggregating Liquidity The innovative nature of on-chain trading has led to an explosion of liquidity growth, prompting major trading platforms to expand their liquidity pools due to the certain user growth they bring. UniswapX and UXUY’s focus is not on building new AMM pools but rather on smart order routers combined with aggregated AMMs. By introducing Fillers to compete with major mainstream trading protocols, traders will benefit from more competitive prices.
Different Paths
The most significant difference between UXUY and UniswapX lies in their chosen paths. UniswapX supports an ecosystem based on Ethereum and the EVM (Ethereum Virtual Machine), while UXUY places greater emphasis on the introduction and trading of non-EVM ecosystem assets. Currently, the fragmentation of various ecosystem platforms hinders liquidity aggregation, and the era of cross-chain interoperability is yet to come. This poses a considerable disadvantage for value discovery.
UXUY’s co-founder, Jordan, presented a set of data showing that in the past decade, the best-performing crypto assets each year were not on Ethereum and the EVM. Even after Ethereum’s launch in 2015, this situation has not changed.”
https://void.cat/d/CjgBNXnUhKPgAAvDJExeL5.webp
Currently, the largest stablecoin, USDT, operates on the Tron network, while the growing asset of 2023, ORDI, runs on the Bitcoin network. In the foreseeable future, more ecosystems will lead to the next wave of innovation.
Based on this ideology, UXUY has officially released the ‘The UXUY Crypto Equity Manifesto’ calling for the advancement of cross-chain trading for emerging assets. In the declaration, it proposes that trading is the only weapon that can break down barriers. Only by setting aside prejudice and using decentralized means can we jointly promote crypto equity.
https://void.cat/d/WxdS1pTFAHDLiaGvHeQjbd.webpBeyond the Ethereum and EVM (Ethereum Virtual Machine) ecosystems, UXUY is also committed to driving the development of the Bitcoin Layer 2 network. Whether it is supporting the Lightning Network or .sats domain names, UXUY continues to enrich blockchain diversification and, in doing so, constructs its most unique path of development.
What problems does the “Multi-chain pipe” built by UXUY address?
Decentralized multi-chain trading platform UXUY connects numerous public chains, Layer 2 solutions, DeFi protocols, cross-chain bridges, and crypto assets. To enhance transaction efficiency, reduce transaction costs, and mitigate risks associated with cross-chain transactions. Recently, UXUY proposed the concept of building a Multi-chain Pipeline, also known as the Multi-chain Pipe.
https://void.cat/d/Mwf2RghWpzxxg7diY1yujH.webp
This concept aligns with the views of Ethereum founder Vitalik, as mentioned by Vitalik in his Reddit post ‘I’m pessimistic about cross-chain applications’:
The problem gets worse when you go beyond two chains. If there are 100 chains, then there will end up being dapps with many interdependencies between those chains, and 51% attacking even one chain would create a systemic contagion that threatens the economy of that entire ecosystem. (January 2022) — Vitalik Buterin
Cross-chain Risks as Seen Through Vitalik’s Eyes
To prove that Vitalik’s concerns are not unfounded, In traditional cross-chain models, Cross-chain Bridges wrap native assets to generate rule-compliant wrapped assets on the target chain for achieving cross-chain asset transfers. For example, using a Cross-chain Bridge to send one ETH token to a Solana wallet would result in the wallet receiving a “wrapped” version of the token, meaning it has been converted into a token on the target chain. In this case, the Solana wallet would receive a “Bridged” version of the ETH token, which has been converted into the SPL token, the generic token standard on the Solana blockchain.
However, Cross-chain Bridges have experienced frequent attacks. According to data from Defilima, at the time of writing, a total of $2.66 billion in funds has been stolen through Cross-chain Bridges, accounting for 39% of the total stolen assets in the crypto ecosystem, and this share continues to rise.
In March 2022, Ronin Bridge was hacked, resulting in a loss of $624 million
In February 2022, Wormhole was hacked, resulting in a loss of $320 million
In October 2022, Coinbase Bridge was hacked, resulting in a loss of $586 million
In July 2023, Multichain was hacked, resulting in a loss of $130 million
Therefore, Vitalik proposes:
It’s always safer to hold Ethereum-native assets on Ethereum or Solana-native assets on Solana than it is to hold Ethereum-native assets on Solana or Solana-native assets on Ethereum. (January 2022) — Vitalik Buterin
The cross-chain risks also manifest in transactions moving away from decentralized forms of validation, increasing reliance on cross-chain bridge operators instead of the decentralized security of the underlying blockchain networks. This can have implications for the security of DeFi protocols as wrapped assets entering DeFi significantly lower security. Toxic wrapped assets undoubtedly contribute to the instability of the crypto ecosystem, as any issue with one chain can affect the entire crypto ecosystem.
UXUY Multi-chain Pipe
More and more new public chains are being created, and more people are entering the crypto ecosystem. However, due to the lack of interoperability between public chains and their inability to directly interact, the demand for cross-chain solutions in the market is growing stronger.
UXUY has proposed the concept of the UXUY Multi-chain Pipe, which is distinct from traditional cross-chain solutions. It is smaller, lower in cost, and offers higher security and efficiency, enabling cross-chain transactions to be completed in an instant.
The UXUY Multi-chain Pipe does not create any wrapped assets; all transactions originate from native tokens. It involves pre-built instant liquidity pools on two chains, and when users want to perform cross-chain transactions, they simply need to transfer digital assets to a specific address on the target chain. The protocol will then execute an algorithm to deposit the corresponding amount of assets into the user’s designated address on the target chain, making multi-chain transactions readily available.
Due to its low cost, the UXUY Multi-chain Pipe is suitable for large-scale deployment. It can connect any emerging asset with established assets, ensuring ample liquidity in the crypto ecosystem. At that point, the crypto ecosystem will no longer be a collection of isolated “islands,” but a collaborative and interconnected era where numerous chains coexist in harmony.
https://void.cat/d/UotF96g8VXPdk9yof8hRJe.webp
UXUY shares a similar vision with Vitalik — the future belongs to multi-chain. And trading is the only weapon that can break down barriers, allowing assets to flow freely between each public chain, driving the realization of a fair crypto ecosystem.
Core Advantages of the Multi-chain Pipe:
Trading and Holding Native Assets
Limiting the Scale of Wrapped Asset
Reducing Wrapped Assets’ Entry into DeFi Protocols, Prevent TVL Leverage Bubble
Improving the Real-time Nature of Multi-chain Transactions
UXUY’s original intention is to prioritize users and encourage them to hold native assets, providing a self-custodial environment for users’ transactions on DEX. Leveraging the security of native protocols encourages the industry to move away from evaluating projects based solely on the scale of wrapped assets and instead emphasizes practicality and the pursuit of native assets as a new industry paradigm. While leverage is promoting asset prosperity, the entry of toxic cross-chain assets into the DeFi ecosystem poses irreversible risks and is the most vulnerable link in the entire crypto ecosystem. The UXUY Multi-chain Pipe will mitigate the TVL leverage bubble to a certain extent. The real-time nature of transactions is designed to offer convenience to traders and is the most critical tool for DEX to challenge CEX, enhancing the user experience on decentralized trading platforms and attracting mainstream users to enter the DEX ecosystem, providing the infrastructure for the future development of Social Trading based on the DEX ecosystem.
UXUY proposes the UXUY Multi-chain Pipe to raise awareness about the risks of wrapped assets in the market and to encourage users to trade and store native assets, thus ensuring the utmost security of users’ funds. UXUY is ready to become the best multi-chain trading platform in the market and looks forward to collaborating with outstanding traders on this journey.
They Create Tokens, We Build UXUY!
On CoinMarketcap, there are already 1.80 million + tokens listed, and this number is increasing at a rate of more than 10,000 tokens per week. All blockchain entrepreneurs love to design Token Economics, Staking mechanisms, unlock schemes, IEO channels, community building… Dextools’ hot lists have new faces every day. From birth to death, a token’s life cycle is compressed rapidly, but even so, builders are still keen on creating new tokens. Traders are also keen to chase new narratives, new hotspots, and new consensus.
Where would the most important value in the crypto world lie?https://void.cat/d/S5rSChxzD9E8F1LYfZgGD2.webp
We know: More important than creating tokens is creating trading platforms, and the evolution of trading platforms has never stopped.
Mt. Gox was founded in 2010 and closed in 2014
Coinbase was founded in June 2012
BitFinex was founded in 2012
Binance was founded in 2017
Uniswap was founded in 2018
FTX was founded in 2019 and closed in 2022
With UXUY, what we have built is a next-generation decentralized multi-chain trading platform, dedicated to establishing a new DEX for any token in any chain. UXUY is not only limited to Bitcoin and Ethereum ecology, but also actively advocates encryption fairness, pays attention to emerging assets, and provides trading services for edge public chains. Because we at UXUY believe that trading is the only weapon to break down barriers.
The crypto market is never short of tokens, and trading platforms that provide rich trading pairs, emerging asset support, and trading opportunity discovery will always be scarce.
Reconnecting Trader and Token
Bitcoin has become the hottest encrypted asset today. As of the time of writing, the price of a Bitcoin was as high as 30,000 US dollars. Institutional investors have entered the market. Holding a Bitcoin has become a symbol of wealth. However, when Bitcoin was created, the situation was very different. Mr. Satoshi Nakamoto, the founder of Bitcoin, once wrote in an email group to promote Bitcoin v0.1 :
“It might make sense to get some in case it becomes popular. If enough people think the same way, it becomes a self-fulfilling prophecy.” (January 2009) — Satoshi Nakamoto
Any great innovation is inconspicuous in the beginning, if you can’t predict the magnificent market of Bitcoin in the next 14 years, do you think this is just a classic “MLM narrative”?
A more realistic question is: Where is the next “Bitcoin”, and can we find it?
On the basis of supporting any Token in the whole chain, UXUY adheres to the concept of Following smart money to provide traders with social trading services. Introducing social mechanisms, as the most important part of the UXUY trading platform, not only optimizes the path for traders to discover hidden assets but also completely changes the relationship between Trader and Token.
Capturing the Value of Crypto’s “Post-Open” Era
UXUY has built a liquidity pool with stablecoins as the core, which greatly reduces the threshold for the use of DEX; and through the built-in “Gas-free” function, traders can achieve on-chain transactions without the need for main chain coins. The “ multi-chain pipeline “ concept proposed by UXUY will maximize and encourage users to hold native assets, reduce the use of wrapped assets in the DeFi protocol, and help users stay away from systemic leverage risk.
The encryption industry is entering a “post-open” era
Binance builds side chain BNB Chain (BSC)
Coinbase Build Layer 2 Bas
Bybit Mantle Layer 2 Mantle
Metamask Build Layer 2 Linea
All centralized trading platforms are trying to build their own standards, their own protocols, and their own ecosystems. UXUY still believes in encryption and openness; This is not only the value of the next generation of DEXes, but also the historical opportunity for UXUY in the “post-open” era.
Tokens are not scarce, what is scarce is liquidity, trader size, and real income. Only by capturing these values can tokens have value. This process is long, exploratory, and unstructured. The connected tokens may not be as popular as Bitcoin, but this process is meaningful.
We build UXUY to capture the value of crypto transactions. The value of the trading platform will ultimately be reflected in the value of the “UXUY Token”.
UXUY Launches DESKDAO at Consensus2023 Conference, and Officially Launches $DESK Airdrop
https://void.cat/d/TkQwqpV5EJiAY4mMAzRxbT.webpOn April 26, 2023, the annual Consensus2023 conference kicked off, and decentralized trading platform UXUY officially announced the launch of DESKDAO in Austin to promote the consensus community’s use of the $DESK token, a social token by CoinDesk. Currently, UXUY’s DESKDAO has become the organization’s second-largest holder of DESK, following only CoinDesk, and has officially launched the $DESK airdrop.
In 2021, CoinDesk held a virtual consensus conference due to the COVID-19 pandemic. This virtual conference served as a testing ground for the use of their social token. The Rinkeby testnet was used to publish the social token $DESK for the first time.
After normalcy returned in 2022, $DESK was moved to the Polygon mainnet, and its use was unveiled. The goal was to build a community around CoinDesk, connect with users through DESK, and create a new ecosystem.
At the end of 2023, the CoinDesk account system was fully upgraded to access $DESK. Users could earn $DESK tokens online by reading articles, podcasts, videos, and more. The full transition of $DESK from being just an event reward token to a reward system for the CoinDesk ecosystem greatly stimulated the growth of the number of coin holders.
As of April 2023, the number of coin holding addresses exceeded 57,000 for the first time.
UXUY co-founder Jordan said at the Consensus2023 site, "The publishing method of $DESK subverts the traditional rules. Most of the $DESK obtained by users is still in the CoinDesk account. Users need to deduct 3 tokens to complete the on-chain minting, and the number of 57,000 active addresses is just the tip of the iceberg. As the next generation of decentralized trading platforms, UXUY focuses on the Unclaimed Track. I believe that the introduction of Web3 to a large-scale of users will become the core opportunity in the next five years. CoinDesk's brilliant idea is a milestone, and UXUY's launch of DESKDAO will play a part in the formation of a new consensus."
Consensus 2023 not only provides $DESK tokens as rewards but also offers a large number of peripheral products to support $DESK payment and has created a DESK Hub to provide free drinks. $DESK holders can also participate in events such as the CoinDesk 10th Anniversary Birthday Party held at Stubb's Bar-B-Q on April 27.
Follow us on socials and join our community for more exciting news 😀
UXUY is excited to announce the successful raise of US $3.2M in seed round funding from investors including Bixin Ventures, Waterdrip Capital, KuCoin Ventures, Pionex, LK Venture, Arcane Group, Daoverse Capital, Lapin Digital, etc..
https://void.cat/d/NEfeP6HDJK22iBLtptCoHC.webp
Wang Xi, Partner of Bixin Ventures: “UXUY’s funding team are serial entrepreneurs who have experienced a complete bull-bear market cycle, and have extraordinary knowledge and technical expertise for multi-chain ecology and cross-chain transactions. Bixin Venture looks forward to working with the team to accelerate the next disruptive Web 3.0 innovation.”
Jordan, Co-founder of UXUY: “We are excited to form strategic partnership with all our investors! Our mission, ultimately, is to build a decentralized
Binance, and our vision is to build the entry portal for Web3 to welcome the mass adoption of 1 Billion users.”
Serving the Underserved
At UXUY, we are dedicated to creating the most advanced decentralized exchange (DEX) platform with our:
stablecoin-centric and liquidity-aggregation protocol
gas-efficient and gas token free trading
mnemonic-free and security-oriented MPC wallet
community-driven and insightful social trading feature
UXUY protocol is at the heart of our DEX platform. It will empower our platform with its stablecoin-centric and liquidity-aggregation capabilities, allowing for seamless cross-chain trading.
Moreover, our innovative UXUY gas pool will provide user with a CEX-like trading experience, eliminating the need for gas tokens and enhancing the overall trading experience for our users.
We will also include the social trading feature in our App, which will allow users to effortlessly unlock wealth creation opportunities by emulating the trading tactics of profitable traders addresses or follow the wealth code shared in venture club.
Our team will continue to innovate and enhance the UXUY DEX platform to provide the best trading experience for our users. We are excited to embark on this journey and revolutionize the DEX space.
About UXUY
UXUY is the next-gen MPC-based decentralized trading platform. Through the mnemonic-free and gas-free solutions, UXUY makes it easier for users to get started and conduct cross-chain transactions with a single click. We plan to create a comprehensive stablecoin liquidity pool to provide users with a “stablecoin-centric” trading environment and a CEX-like user experience. UXUY supports mainstream public chains, fully leverages the “wallet + transaction” and proactively participates in the building of the “Unclaimed” ecosystem.
The UXUY Crypto Equity Manifesto
As competition intensifies in the cryptocurrency industry, leading crypto ecosystems continue to fortify their walls with specialized wallets, plugins, stablecoins, gas fees, and decentralized exchanges (DEXs). However, at UXUY we believe that an ecosystem should not just be an isolated island. Only by promoting cross-chain transactions extensively can true equity be achieved. To welcome one billion users to Web3 without walls, we need DEXs that are barrier-free.
https://void.cat/d/T9W5AZAroEtUWLvvqqDxj7.webp
We firmly believe that trading is the only weapon that can break down barriers. Only by setting aside prejudice and using decentralized means can we jointly promote crypto equity.
Is following smart money chasing greed?
Yes, it’s driven by greed — but the mania for cryptocurrency could wind up building something much more important than wealth.
— Steven Johnson (Jan. 16, 2018)
It is important to note that we entered the world of crypto because of decentralization, cryptography, and crypto equity. We have both the ability and the obligation to solve the monopoly problems created by Twitter and Facebook in the Web 2.0 world. Entry time should not be the criterion for measuring success, and the “Matthew Effect” should not be an excuse to prevent innovation. Every compatriot who enters the crypto world should enjoy the right to innovate and explore.
We should not expect powerful centralized ecosystems to give new assets the power to sprout and grow. Pursuing hot assets is more in line with economic interests, which is understandable. However, standing on different dimensions, the market will eventually iterate. Amazon is more likely to suffer systemic risks, and Giants like Meta cannot become decentralized, nor can it breed any decentralized product. Such stories of centralization will only be repeated one after another. The consensus to promote crypto equity for all will shed light on more emerging assets.
How do you know that the new asset hidden in the corner today will not become the next “Bitcoin”?
Our promises:
1. UXUY is committed to building a decentralized multi-chain asset trading platform to prevent discrimination against emerging assets.
2. UXUY will persistently build Bitcoin and Ethereum ecosystems and actively contribute to Bitcoin layer 2 ecosystems, such as the Lightning Network.
3. UXUY will actively participate in the creation and development of emerging crypto asset communities and provide fertile ground for the diversity of crypto culture.
While fulfilling these promises, we invite other like-minded partners to join us in moving towards crypto equity. We can see that more and more people are joining the ranks to promote crypto equity. Satoshi Nakamoto published the Bitcoin white paper, and PoW ensures that every Earth citizen has the right to participate in the Bitcoin network through electricity consensus. Worldcoin created by Sam Altman achieves UBI unconditional basic income through unique iris recognition for each resident. These outstanding individuals are all pushing for everyone to join crypto. Here, there is no discrimination based on race, skin color, wealth, or education level.
Everyone on earth can become a beneficiary.