1. Project Introduction
UXUY is a multifunctional Web3 and cryptocurrency project, including a decentralized exchange (DEX), a social networking platform, and synthetic asset issuance, aiming to provide users with a platform for cross-chain liquidity access, automated market making, and liquidity aggregation.
The core concept of UXUY is: social network as an asset. It allows users to truly own their real-world connections and data on the blockchain. Through its MPC-based wallet and Web3 DID (decentralized identity), it solves three major problems in social networks and asset management: 1. Control and ownership belong to users; 2. Improve the trust of social interactions; 3. Be friendly to Web2 users, allowing them to easily transition to Web3. In addition, UXUY provides a zero-knowledge-based social profile privacy protection to ensure the privacy and security of users' social relationships.
UXUY recently took an important step through integration with the Tron network, which not only provides users with a wider range of transaction options, but also enhances security through its multi-party computing (MPC) wallet technology. In addition to this, UXUY recently officially launched its synthetic crypto asset program, the UXUY token.
2. Core Mechanism
2.1 Decentralized Exchange (DEX)
UXUY Decentralized Exchange (DEX) is a key component of its multi-functional Web3 project, which aims to provide a secure, transparent and user-friendly trading platform without the need for traditional centralized trading institutions.
The following is a detailed introduction to UXUY DEX:
1. Multi-chain transaction support
UXUY DEX supports transactions across multiple blockchains, including Ethereum, BNB chain, TRON, and other mainstream blockchains. This multi-chain support enables users to access a wider range of assets and liquidity while reducing the risks and limitations brought by a single blockchain.
2. Integration of Bitcoin Lightning Network
UXUY is the first decentralized exchange to implement Bitcoin Lightning Network nodes. This integration greatly improves transaction speed and efficiency while reducing transaction costs. Through the Lightning Network, UXUY can provide instant Bitcoin transactions while maintaining decentralized characteristics.
3. MPC wallet without seed phrase
UXUY DEX adopts multi-party computing (MPC) wallet technology without seed phrase, which effectively improves the security of the wallet and the privacy protection of users. This wallet technology stores private keys in a decentralized manner, eliminating the risk of loss or theft of traditional wallet seed phrases.
4. Synthetic assets and liquidity pools
UXUY allows users to create and trade synthetic assets, which can represent real-world assets or other cryptocurrencies. In addition, UXUY facilitates the trading of these assets through liquidity pools, and users can earn transaction fees by providing liquidity.
5. Decentralized governance structure
UXUY DEX adopts a decentralized governance model that allows token holders to vote on major updates and protocol changes. This increases the transparency and community engagement of the platform, ensuring that the direction and development of the project are in the interests of the majority of users.
6. User-friendly trading experience
Despite being decentralized, UXUY DEX has designed a user experience close to that of a centralized exchange (CEX), making it easy for users to trade even with a non-technical background through a simplified user interface and seamless trading process.
7. Transaction fees and incentives
UXUY DEX's transaction fee structure is designed to balance reasonable costs with incentives for users to participate in platform activities. Transaction fees are generally low, and part of the fees are returned to users who provide liquidity.
2.2 Social Networking Platform
UXUY's social networking platform is an innovative component of its Web3 project, which combines the interactive features of traditional social media with the security and transparency of blockchain technology. This platform focuses on redefining how users control, manage and benefit from their social data and networks.
The following is a detailed introduction to the UXUY social networking platform:
1. Concept of social assets
UXUY regards social networks as an asset of users, which means that users' social interactions and network connections can be regarded as resources with real value. On the UXUY platform, users can own and control their own social data, rather than traditional social media companies owning these data.
2. Data ownership and privacy protection
Using blockchain technology, UXUY ensures that users' social data and interactions are stored and managed in a decentralized and secure environment. Users can precisely control which data can be made public or shared, and who can access the data, thereby enhancing privacy protection.
3. Decentralized Identity (DID)
The UXUY platform supports a decentralized identity system where users can create and manage their own blockchain identities. These identities can be used not only on the UXUY platform, but also across multiple Web3-compatible services, achieving true identity autonomy and interoperability.
4. Social Transactions and Markets
Users can trade or sell their social assets, such as content, social relationships, and social influence, on UXUY's social network. This mechanism is implemented through digital tokens and smart contracts, ensuring the transparency and security of transactions.
5. Community Governance
The UXUY social network platform provides community governance capabilities that allow users to participate in the decision-making process, such as platform updates, feature improvements, and the formulation of community rules. This is achieved through token holding and voting mechanisms, ensuring community participation and voices are heard.
6. Assetized social layer
UXUY allows users to assetize their social interactions and network layers, such as by creating and trading NFTs (non-fungible tokens) based on their social activities. This provides users with a new way to directly benefit from their online activities and social influence.
7. Cross-platform compatibility
UXUY aims to achieve broad compatibility of its social networking platform, supporting users to seamlessly migrate their data and networks from other social media platforms while maintaining the integrity and security of the data.
2.3 Synthetic Asset Plan
UXUY's synthetic asset plan is one of the core parts of its Web3 project, which aims to create and manage derivative financial products through blockchain technology. This plan allows users to create, trade and manage synthetic assets in a decentralized environment. These assets are based on representations or derivatives of real-world assets or other cryptocurrencies.
The following is a detailed introduction to the UXUY synthetic asset plan:
1. Definition of synthetic assets
Synthetic assets are a special type of token on the UXUY platform that represent the economic value and price behavior of a certain underlying asset (such as stocks, bonds, commodities or other cryptocurrencies). These assets are created and managed through smart contracts, so that their behavior is closely related to the underlying assets they track.
2. Creation and management mechanism
On the UXUY platform, synthetic assets are generated by pledging UXUY tokens or other cryptocurrencies. Users must lock a certain amount of collateral in a smart contract to create synthetic assets of corresponding value. This mechanism ensures the stability and credibility of synthetic assets because they are backed by real assets.
3. Trading and Liquidity
Synthetic assets can be freely traded on UXUY's decentralized exchange, providing a trading experience similar to that of traditional financial markets. In addition, UXUY increases the liquidity of synthetic assets by establishing liquidity pools and incentives to ensure the depth and efficiency of the market.
4. Security and Transparency
By using blockchain technology, all records of the creation, trading, and management of synthetic assets are transparent and can be audited by anyone. In addition, the use of smart contracts reduces the possibility of fraud and errors and increases the overall security of the system.
5. Decentralized Risk Management
UXUY has implemented a series of decentralized risk management tools, including automated liquidation mechanisms and dynamic collateral rate adjustments. These tools ensure that the stability of the system and the security of user assets are guaranteed even when the market fluctuates.
6. Price Oracle
To ensure that synthetic assets can accurately track the prices of their underlying assets, UXUY integrates efficient price oracles to collect and verify price information from multiple sources to prevent price manipulation or errors.
7. Applicable scenarios and applications
Synthetic assets enable users to invest in various markets and assets without owning actual assets. For example, users can invest in foreign stock markets, commodities, or cryptocurrencies without going through traditional financial intermediaries, which greatly expands investment opportunities and market accessibility.
8. Community and governance
Token holders of the UXUY platform can participate in the governance of synthetic asset plans, including proposing new asset types, adjusting collateral requirements, or changing risk management strategies.
2.4 MPC (Multi-Party Computation) Wallet
UXUY's MPC (Multi-Party Computation) wallet technology is one of the core technologies of its blockchain platform, designed to provide higher security and privacy protection while maintaining the convenience and smoothness of user operations. The MPC wallet solves some major security issues in traditional blockchain wallets, such as the risk of leakage of seed phrases, through the method of decentralized and encrypted private key management.
The following is a detailed introduction to UXUY's MPC wallet technology:
1. Distributed storage of private keys
In traditional blockchain wallets, private keys are usually stored on a single device or location, which makes them easy targets for attacks. UXUY's MPC wallet technology uses a multi-party computing method to split private keys into multiple fragments (shards), which are stored on different devices or network nodes. Only when executing a transaction will these fragments be securely combined to sign the transaction, but no single fragment can be used alone, which greatly reduces the risk of private keys being stolen or lost.
2. No seed phrase required
UXUY's MPC wallet abandons the seed phrase used in traditional wallets, avoiding the security risks caused by the leakage of seed phrases. Users do not need to remember complex seed phrases, and can access and manage their funds through multiple authentication methods, such as biometrics or multi-factor authentication.
3. Social recovery function
UXUY's MPC wallet also introduces a social recovery mechanism, where users can designate trusted individuals or entities as recovery agents. In the event that a user loses access rights, these agents can jointly assist in restoring wallet access rights without exposing private key fragments. This mechanism not only improves the security of the wallet, but also enhances the user's control over the wallet recovery process.
4. Cross-chain transaction support
MPC wallet technology supports cross-chain transactions, allowing users to move assets securely and efficiently between different blockchains. UXUY uses MPC technology to simplify the complexity of cross-chain transactions, provide a smoother user experience, and reduce transaction costs.
5. Increase transaction speed and reduce fees
Since the MPC wallet allows transaction signing without a complete private key, this method can quickly respond to transaction requests without sacrificing security, while reducing the fees incurred by transaction verification.
6. Network security and decentralization
MPC wallet technology improves the overall security and decentralization of the network by distributing key data among multiple nodes. Even if a node is attacked, the attacker cannot control or access the user's funds because no single node holds the complete private key information.
7. Compatibility and Scalability
UXUY's MPC wallet is designed with compatibility with existing and future blockchain technologies in mind, ensuring that as the blockchain ecosystem develops, MPC wallet technology can continue to upgrade and expand to meet changing market needs.
3. UXUY Token
UXUY's token is a key component of the platform's ecosystem, with multiple uses and functions designed to support and promote activities within its blockchain network. Such tokens are often used for transaction fee payments, governance, incentives, and as the basis for synthetic assets and cross-chain operations.
Here is a detailed introduction to UXUY tokens:
1. Transaction fees and incentives
UXUY tokens can be used to pay for various transactions conducted on the UXUY platform, including cross-chain transfers, exchanges, and other smart contract interactions. In addition, tokens are also used to incentivize users to participate in the platform's liquidity provision and other network activities, such as rewarding users through liquidity mining or participating in specific trading activities.
2. Governance rights
Users holding UXUY tokens can participate in the platform's governance process and vote on key network updates, protocol changes, and the implementation of new features. This decentralized governance structure is designed to enable community members to directly influence the future direction of the platform.
3. Synthetic asset collateral
On the UXUY platform, users can use UXUY tokens as collateral to create synthetic assets. These synthetic assets simulate the price dynamics of other assets (such as stocks, commodities or other cryptocurrencies), and users can use them to speculate or hedge risks without holding the actual underlying assets.
4. Cross-chain function support
UXUY tokens support the platform's cross-chain function, enabling users to efficiently move and exchange UXUY tokens between different blockchain networks. This is achieved by establishing stablecoin center bridges and other cross-chain mechanisms to ensure the liquidity and availability of tokens.
5. Reward and compensation mechanism
UXUY tokens are also used in various reward and compensation mechanisms to encourage community members to actively participate and contribute to the platform. This includes providing rewards to users who discover and fix network vulnerabilities, or providing tokens as compensation to users who participate in certain network verification activities.
6. Long-term value storage
As an asset closely related to the development of the platform, the UXUY token is also seen as a potential long-term value storage. As the platform grows and expands, and more users and transactions join the ecosystem, the demand and value of the token are likely to increase.
Through these functions and uses, the UXUY token supports the operation and development of the entire UXUY platform, providing users with a way to trade, invest and participate in governance in the decentralized financial ecosystem. This versatility and design that is closely integrated with the overall strategy of the platform make it an attractive investment and use option in the cryptocurrency market.
3.1 Airdrop
UXUY’s latest token airdrop event is taking place on the Binance platform and is designed for Binance Web3 wallet users. The main goal of this event is to increase user interaction and engagement by rewarding participants with UXUY tokens through a series of tasks.
Airdrop event details:
1. Total airdrop amount:
This airdrop event has prepared 20,000,000 UXUY tokens, specifically for users of the Binance platform.
2. Participation conditions:
Participants need to use the Binance Web3 wallet to connect, and rewards are based on the total assets in the wallet.
Users with wallet assets less than $10 will receive 5 UXUY tokens.
Users with wallet assets of $10 or more will receive 25 UXUY tokens.
3. Daily Sign-in Rewards:
The first day sign-in reward is 16 UXUY tokens.
Continuous sign-ins on the second day will receive an additional 4 UXUY tokens.
If you sign in for 7 consecutive days, you can unlock an additional 28 UXUY tokens.
4. Total Reward Potential:
This airdrop event not only provides generous token rewards to attract and motivate users' active participation, but also increases the frequency of user interaction with the platform through daily check-in tasks. In addition, this event also ensures that all participants can easily understand and participate in the event through simple and direct task design, thereby increasing the activity of the UXUY ecosystem and user participation.
4. Team/Financing/Cooperation
UXUY's team consists of experienced engineers and product managers who provide users with innovative solutions and user-centered design in the Web3 field.
Max W is the co-founder and CTO of UXUY. She graduated from Southwest University of Science and Technology and Nantong Normal University. Kevin is the co-founder of UXUY and was previously the CEO of BitKeep.
UXUY recently completed its $7 million Pre-A round of financing, bringing the company's total financing to over $10 million. This round of financing was supported by a number of investors, including Binance Labs, UTXO Management, Bitcoin Magazine, JDI Ventures, Bixin Ventures, SWC Global, Matrix Partners, CMS Holdings, DeWhales Capital, Comma3 Ventures, Satoshi Labs, YBB Capital, GBV Capital, Web3Vision, Pentos Ventures, NGC Ventures, Alti5, Metalpha, GSR, etc. These investors are from Asia, North America and Europe.
5. Project Evaluation
5.1 Track Analysis
The UXUY project integrates multiple track fields, mainly involving decentralized exchanges (DEX), cross-chain technology solutions, Web3 infrastructure and innovations combined with AI technology. The following is an analysis of UXUY's track and similar projects:
UXUY's track field:
1. Decentralized Exchange (DEX):
UXUY provides a decentralized trading platform with multi-chain support, enabling users to seamlessly trade various assets across multiple blockchains.
2. Cross-chain technology:
By supporting multi-chain transactions and cross-chain technology, UXUY enables assets on different blockchains to interoperate and trade, greatly increasing the flexibility and convenience of user operations.
3. Web3 infrastructure:
UXUY emphasizes providing users with a seamless Web3 transaction experience, including the use of AI to enhance its services. The goal of this combination is to simplify the user interface and enhance the efficiency and security of transactions.
4. Blockchain technology combined with AI:
UXUY optimizes its platform functions through its Asian AI R&D Center, combines AI technology to enhance the automation and efficiency of smart contracts, and new functions driven by AI.
Similar projects:
1. Uniswap: As a representative of decentralized exchanges, Uniswap provides an automated market making (AMM) function that allows users to exchange tokens on Ethereum. Both UXUY and Uniswap emphasize decentralization and user control.
2. Polkadot: Polkadot focuses on cross-chain technology, allowing different blockchain networks to interoperate through its unique multi-chain architecture. This echoes UXUY's multi-chain transaction support.
3. Chainlink: Chainlink provides decentralized oracle services that connect real-world data to blockchain. Although UXUY focuses on transactions and AI, both emphasize the scalability and breadth of application of blockchain technology for leveraging external data and enhancing transaction capabilities.
5.2 Project Advantages
1. Multi-chain transaction support:
UXUY provides transaction capabilities across multiple blockchains, which not only increases user convenience but also expands its potential user base. Supporting multi-chain operations is an important trend in the current crypto market, which can effectively connect different blockchain ecosystems.
2. Decentralized Exchange (DEX):
As a decentralized trading platform, UXUY is able to provide higher security and privacy and reduce dependence on centralized institutions, which is in line with the current market's growing demand for decentralized solutions.
3. Integrated Artificial Intelligence (AI) Technology:
UXUY integrates AI technology in its platform, which helps improve the efficiency of trading algorithms, optimize user experience, and enhance security measures. The integration of AI makes UXUY more efficient in processing large-scale data and making complex decisions.
4. Strong financial support and partners:
After being incubated by Binance Labs and successfully completing multiple rounds of financing, UXUY has solid financial support and reputation in the industry. The support of funds and resources will help its technology development and market expansion.
5.3 Project Disadvantages
1. Highly competitive industry:
The decentralized trading platform is a highly competitive market, and UXUY needs to compete with many mature projects such as Uniswap, Sushiswap, etc. These platforms already have a solid user base and market recognition.
2. Technical complexity and user adoption:
Cross-chain technology and AI integration increase the technical complexity of the platform, which may pose a barrier to adoption by non-technical users. User education and a friendly user interface will be key factors.
3. Regulatory and legal risks:
As a cryptocurrency and blockchain project, UXUY faces an ever-changing global regulatory environment. Different countries and regions have different regulatory policies on crypto assets, which may affect its business expansion and user growth.
4. Market volatility:
The volatility of the crypto market is high, which may affect trading volume and platform revenue. Market downturns may have a negative impact on user activities and capital inflows.
6. Conclusion
The UXUY project has demonstrated great potential in the cryptocurrency and decentralized finance markets through its versatile Web3 platform. As a project incubated by Binance Labs, UXUY has not only successfully integrated multi-chain transaction support and artificial intelligence technology, but also provided a novel way to explore and utilize the possibilities of blockchain. Through its strong technical foundation, innovative trading solutions, and robust financial support, UXUY has set ambitious goals to strengthen and expand the crypto ecosystem.
Faced with the industry's highly competitive and ever-changing regulatory environment, UXUY must continue to optimize its technology, simplify the user experience, and intelligently navigate the challenges of the global market. Through continuous innovation and active community participation, UXUY has the potential to become a leader in promoting decentralized financial innovation, not only providing users with safer and more efficient transaction solutions, but also bringing new possibilities and opportunities to the entire crypto world.
Wilfred
