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UX Chain
About UX Chain
UX is a blockchain-based lending platform prioritizing safety and programmability. It serves as a foundational blockchain, enabling application creation and financial tools, facilitating cross-chain leverage, liquidity, and debt instruments. UX promotes interoperability with various blockchains, including Cosmos, Ethereum, and layer two solutions. It operates on Tendermint BFT consensus, managed by validators who stake tokens for Proof of Stake consensus, ensuring network decentralization. Users can delegate tokens to validators, participating in governance and earning rewards in UX tokens. These tokens are used for governance, voting on protocol changes, and influencing DeFi parameters. Brent Xu, a veteran in blockchain and a former key member at Tendermint and ConsenSys, founded UX, originally named Umee, envisioning a versatile blockchain ecosystem.
UX is a blockchain-based lending algorithm prioritizing safety and programmability. Serving as a foundational blockchain, it enables the creation of applications and financial building blocks, offering access to cross-chain leverage, liquidity, and debt tools. The UX chain promotes interoperability among various blockchain environments, including the Cosmos ecosystem, Ethereum, side chains, layer two scaling solutions, rollups, and other foundational blockchain protocols.
The UX chain operates on a network of validators who implement Tendermint BFT consensus within the protocol. These validators, drawn from a diverse pool of contributors and infrastructure providers, stake tokens to enable Proof of Stake consensus across the network. Users can delegate tokens to these validators, actively participating in the consensus process and aiding in maintaining the network's decentralization. Validators earn network fees and block rewards in UX tokens, mirroring the transaction fee process in traditional blockchain systems. The UX token serves a dual purpose: it is both a governance token for the UX chain and a tool for voting on protocol changes and enhancements. In addition to shaping the blockchain's infrastructure, the UX token also influences the DeFi parameters of applications built on the UX chain, as well as decisions regarding community grants and future developments.
The UX token exists in two forms: a Cosmos native version (the native UX token) and an ERC-20 token version native to Ethereum. The two forms of UX tokens can be freely converted to one another.
The primary function of the native UX token is to engage in the Proof of Stake (PoS) consensus process, aiding in the security of the UX blockchain while earning yields from PoS staking. Additionally, it is used to cover gas fees required for executing cross-chain decentralized finance (DeFi) transactions on the UX blockchain. The token also grants holders the right to vote and partake in governance decisions related to the protocol.
The primary objective of the ERC-20 UX token is to enhance user experience, facilitating UX's integration with decentralized finance (DeFi) components on the Ethereum network. This design enables users to effortlessly acquire, hold, or trade the UX token as an ERC-20 token, including on centralized exchanges.