May 6, 2024

Growing from a bear market to a thriving protocol — How UX is transforming the DeFi lending landscape

Discover the substantial progress made on our roadmap, with nearly 90% of the Marina and Hali phases complete. Our latest developments include advanced DeFi functionalities, the implementation of the CosmWasm interface, and the introduction of meUSD, a pioneering index for stablecoins in Cosmos. Learn how these innovations are shaping UX's role in a decentralized global debt market.
By Cris

Dear UX community, 

Last year, we unveiled our three phase roadmap, which encompassed ambitious development efforts for 2023-2024. We wanted to provide a progress update, as we are happy to announce a full completion of our first two phases based on our roadmap.

The Marina phase focused primarily on laying the technical infrastructure for the DeFi primitives that we wanted to build and how they would interact with the rest of Cosmos:

- Our Historacle branched out into its own interchain oracle - Ojo - and continues to be foundational for the accuracy of our price feeds and, inherently, the security of our protocol.

- Additional custom parameters have been added, allowing the Risk DAO to fine tune each asset according to its risk profile. To enhance chain security, we further optimized our IBC rate limiting implimentation.

- In order to expand the leverage use case, we needed smart contract compatibility; hence the CosmWasm interface was deployed on the UX chain. This allows developers to start building applications on the UX blockchain and tap into the largest and most secure leverage liquidity for the IBC tokens. Additionally, this sets the stage for new DeFi capabilities (e.g. flash liquidations).

- Our infrastructure has been optimized, both from an end-user perspective (i.e. sunsetting Gravity Bridge and transitioning to Axelar’s General Message Passing), as well as from a validator perspective (i.e. lowering costs and overall friction for running a UX validator).

- The newly launched UX Incentive Module allows users to earn additional rewards from community-funded programs. This incentivizes active participation while enhancing network stability and security

The Hali phase further enhances the functionalities of UX:

- UX gained access to additional price feeds (e.g. Kujira), boosting its resistance against bad actors and potential exploits.

- Our safety parameters helped make UX’s TVL among the safest in the industry, while also allowing us to list more than 20 IBC tokens with smaller mcaps (and we’re not stopping here).

- With the advent of liquidstaking, UX quickly integrated our partners’ LSTs (i.e. Stride, Persistence One, Quicksilver, MilkyWay), making them readily available for our community to explore various strategies to maximize their capital efficiency and airdrop farming while offering the utmost borrowing capacity

- UX successfully launched meUSD, the first Cosmos index for stable coins that minimizes risk, and offers a hefty 90% LTV.

- Our governance and voting system became even more robust, gradually preparing the stage for the emergence of DAOs within our community (more details soon).

- UX aims to become a cross-chain lending protocol, while sticking true to its values. We acknowledge the vibrant communities outside of Cosmos and we want to ‘open our borders’ to greet them (again, more details soon 🦊).

Looking ahead to the Yara phase, we are navigating through ever-shifting market dynamics with dedicated focus and determination. We are closer than ever to fulfill UX’s vision of replicating the $200+ trillion global debt capital markets, on a strong, transparent and decentralized foundation. We are excited to share more information with you, as soon as possible.

We hope you enjoyed our roadmap progress check, and make sure you stay tuned as we have plenty more epic stuff coming your way!


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