How the Token Sale works
The token sale will span for 48 hours. During this period, anyone can deposit/withdraw USDC into/from the vault. After 48 hours have elapsed, you will be able to redeem the UXP tokens. The number of tokens you will receive is proportional to the amount of USDC you contributed to the vault.
Example: If you commit 100,000 USDC and the total amount in the vault is 10,000,000 USDC, then your share is 1% and you will receive 1% of the token sale. The total amount of USDC in the pool will therefore fluctuate until the very end.
What will the funds from the token sale be used for?
The funds will be used to capitalize the insurance fund. UXD Protocol requires the insurance fund so that the protocol can pay out negative funding rates. With the insurance fund, UXD holders will never have to pay a negative interest rate and will contribute to the growth of UXD.
How much UXP tokens will be sold in the token sale?
We will sell 300 million UXP tokens, which is 3% of total supply.
What purpose does the UXP token have in UXD Protocol?
UXP token is the governance token for UXD Protocol. UXP token holders will be able to vote on proposals to grow the UXD Protocol.