The Sunset of Soteria & The Dawn of UXD
After a successful proof of concept exploration, the Version 0.1 of Soteria, and the Soteria brand, will sunset on August 27, 2021. The new brand, UXD Protocol, will launch with the private testnet in early September, followed by a public mainnet shortly thereafter. Starting today, there is a 2-week grace period for users to withdraw their funds. The grace period will last from now until 2021/08/27 10:00 UTC.
The core development team owes a huge debt to all of our alpha testers who helped build the first stablecoin backed by a delta-neutral position. We received a ton of valuable feedback during the alpha that helped get the project to testnet phase. One of those important pieces of feedback was that there was already another Soteria in the market. As such, the brand will evolve to UXD Protocol when the network launches into testnet.
The v0 was a successful test run. Here are some of the core usage stats about the v0:
- Registered users: 665
- Number of users that converted: 62
- Total USDS conversion count: 256
- Total USDS conversion amount: $503,338
- Total interest paid out: $6,133
As you can see, there is a ton of organic interest in delta-neutral stablecoins!
With the upcoming launch of v1, which is a vastly improved version of v0, we expect the community and the enthusiasm around delta-neutral stablecoins to grow by at least an order of magnitude. We are working hard on v1 and can’t wait to release it to the public.
The v1 will be released on Solana, and will be the first algorithmic stablecoin backed by a delta-neutral position in the history of the project.
We need your help to bring this idea to fruition. Join the community. Follow us here on the blog or on Twitter, Discord for more updates on timing (and some more exciting news in the works). Stay tuned!
