How was a UXD project created? It’s what makes it unique?
It first started in summer of 2020, so it’s been almost a year since we first launched. Basically, how I came up with the idea is I was reading an article on Heather and an article that was critical of Heather, of how it had problems because they had to have bank accounts. And they have to have these bank accounts in these offshore bank rates are not like Bank of America or taking Morgan. They’re more smaller banks. That’s sometimes commit fraud. And I came to the conclusion, that, if you can create a stable point that doesn’t use bank accounts, you can you can create crypto native stablecoin. And then I came up with the idea of using the delta neutral position to stabilize the value of the stablecoin. And then by combining that, I came up with the idea for a new protocol. I mean, what makes you UXD stablecoin unique is that it’s the first stablecoin that’s on the table for entry level, which is stability, capital efficiency and decentralization. So there are currently no stablecoin that has all three items, but UXD is the protocol is the first stablecoin that make this possible.
Tell us about your role in the project. What task are your personal responsible for?
I’m the founder, CEO, so basically I do fundraising, I hire employees. I also do sales, do other DeFi projects on Solana. I also do business partnerships with research companies and media companies like yours. And most of the business as well.
Could you please describe the business model of Project?
UXD protocol issues a token called UXD, which is a governance token and the governance token which is basically the business model. We as a company don’t make money. So the governance token holder will eventually make money.
Let’s face it, your stablecoin is not among the most popular ones. It’s difficult to find it in even the stablecoin rate. So why it’s that?
We have not launched yet that’s why, you wouldn’t find it anywhere. That not will be out this month and maybe that will be out next month and then be expected to have traction.
And what are the benefits of UXD for its holders, what unique opportunities do they get?
UXD holders will receive interest from just holding the token at the stablecoin. They will receive five to ten percent interest annually, which is paid daily. And I think that will entice user to use UXD.
And what’s the price stabilization algorithm implemented in your project?
UXD is the stablecoin that back 100 percent by a our technician and how it works is we use perpetual swap in the backend to create the Delta neutral position and then that is the 100 percent back by the Delta position. It’s very effective.
Why did you settle on Salama as the platform for grating for your stablecoin?
Solana it’s a very high performance blockchain, which enables very fast transactions and keeps transactions rates for a va ry DeFi project like ours. It really requires that very high, very low transaction fees and high transaction. And also Solana scale on layer one. So it creates a lot of composability, which allows interaction between DeFi apps. And I think that that is the main reason we decided to deploy on Solana.
Could you name me the most relevant competitors on the market?
There are several. I mean, I say for algo stablecoin right now, there’s none on Solana. That’s a competitor. But if you look at Ethereum or other chains, you can say like Dai USD. These are good stablecoin, also Algo stablecoin.
How do you think how the China’s policy against a group that can take the global development of the crypto industry? What’s your opinion on that?
Well, China has always been not very favorable for crypto. It’s not the first time that is regulated, so it’s been like this for a very long time. I do think this time might be a little bit more difficult for the industry because they seem to be very serious. That said, one thing that you noticed is that a lot of Chinese users migrated to DeFi exchanges very recently. And I think it is actually very positive for DeFi.
And how do you see how it will affect the whole market, will it, slow down the process of crypto development all over the world or it’s just a regional problem?
I think it’s reasonable. I think overall, the market has already absorbed the bad news from China. No one expected China to be favorable towards crypto. So like this, new regulation is not super surprising. It’s not a big deal, in my opinion.
What do you know about the development of the crypto in the Gulf countries? Are you looking to grow your project in this region?
Yes, we would love to grow and expand and the Gulf region. My company, it is incorporated in Dubai and I definitely want to contribute to the Gulf crypto ecosystem.
Do you Consider to working together within organizations or individuals to develop your project and further. If so, what do you expect from that kind of partnership?
Well, we are actively looking for DeFi projects on Solana that we can collaborate with. That’s probably one of the main goals of what we’re trying to do. Once we achieve that, we can gain more traction and also the our stablecoin can contribute to the other project. So that’s how we intend on collaborating with other projects.
What is the main value that you are expecting to get from your potential partners, in which field do you feel you can be supported by partners to achieve better development of your project?
We first plan on integrating with other stablecoins. So there’s two project that comes to mind Favor and Mercurial finance. They’re both our investors. And we will first integrate with them and we will create a stablecoin pool on them.
What do you consider as the main risk for the UXD Project?
And every project has a smart contract risk. There’s definitely a UXD protocol and we lose the money and the protocol, that one risk, and another risk is the counterparty risk that we will be creating the Delta mutual position on mango markets. And if mango markets goes under the UXD protocol, we’ll lose money. So those are the two main risks that I see.
How do you feel to be in competition against the market giants? I mean, on the eve of the launching the project and what’s the biggest fear for you on this period this time?
I think we have to launch as quickly as possible. Until there’s no other algo stablecoin on Solana, which makes it easier for us to gain a monopoly position. But we do want to launch it quickly if possible.
What are your plans for the future project? What do you see in the next five years? What’s the focus on that?
Let’s start with what I see, what we plan on doing for the next year. First launch and then we also do a token sale. This will all be done within the year, probably by October and November. So this is our the first goal that we set. And then within a year, we plan on integrating with the major DeFi app on Solana. I intend on integrating the stablecoin with various centralized exchanges like FDX finance. I think that will take quite a long time, maybe several years. But after that, we plan on integrating more with payment providers so that people can use UXD to make payments. That’s like a final step. That’s how I foresee the next five years.
I am asking this question to the most of our respondents. It’s obvious that it’s very honorable to be the pioneer of New Era of the human society. What you would say to your grandkids, about the period of life you are having right now. How can you describe to your grandkids when everything will be dramatically different from this this time?
I think cryptocurrency is like one of those technological advancements that rivals the internet. So I think I imagine people when they first entrepreneurs that we’re working on internet 1990s, maybe 1980. I imagine they felt. Exactly, however, we’re still early and the technology advances, and if I if I’m successful, I’ll be very happy to tell my grandkids about how I was able to contribute to this industry.