General FAQ
What is UX?
UX is a cross chain DeFi hub that interconnects between blockchains.
As a base layer blockchain, applications and money lego primitives can be built on top of UX to access cross chain leverage and liquidity. The UX chain facilitates interoperability between the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols. As a Cosmos SDK blockchain, UX is interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from Day 1.
The native UX token is a Proof of Stake asset that can exist as a Cosmos SDK token and an ERC20 token on Ethereum.
Why was UX created?
UX was created to address three main issues that exist in DeFi:
- Detached Yields
- Concentrated Systematic Risks
- Isolated Capital
UX plans to break the inherent silos between blockchains by utilizing bridging solutions towards interconnecting blockchains and encouraging better capital efficiency. The eventual goals will be to enable interchain lending and borrowing, multi-chain staking and delegations, plus cross chain defi rates.
What does the name 'UX' mean?
The name UX was inspired by the Japanese word “Umi”, which translates to ocean. We use this water analogy to refer to the vision that transactions can happen without being restricted to specific systems; i.e. money can flow freely like water across different blockchains.
How can I get involved?
UX releases new community programs and events on an ongoing basis to gather the community for fun events, new product testing, or to simply crowdsource wisdom on various topics. Join the discussion on Discord and follow UX on X to learn more. All of UX's official links can be found here.
UX Token FAQ
Where can I purchase the UX token?
The UX token is currently AVAILABLE for purchase. The Coinlist public sale has ended, and the TGE occured on February 15th, 2022. More information about where UX can be purchase can be found here.
Has UX been issued?
The UX token has been issued. The token was issued to Coinlist buyers during the TGE that occured on February 15th, 2022. You are now able to purchase UX on available markets.
What is the UX token used for?
UX tokens are used to pay for network fees on the UX blockchain, to provide Proof of Stake consensus to the UX network, and for protocol governance. You can read more about UX token uses in UX's documentation
What is the total UX token supply?
10 billion. You can learn more about the inflation and deflation mechanisms in place here
What is the initial distribution and release schedule of the UX token?
Details about UX’s token distribution and release schedule can be found here
What is the blockchain configuration of the UX token?
The UX token will exist in both ERC20 and Cosmos SDK format. Find more details here
I have another question that’s not answered here.
Take a look at the official documentation - if you can’t find the answer to your question here, share it with us in the #support-chat on Discord or in the UX Telegram.