October 8, 2023

Community AMA: September-October Edition

We believe that open dialogue is the cornerstone of any thriving ecosystem. That is why we value your questions and we are committed to providing transparent, insightful answers. In our September edition of the Community AMA, we had the privilege of addressing your questions about UX and its leadership.
By Cris

Hey UX Community,

We believe that open dialogue is the cornerstone of any thriving ecosystem. It is the questions, concerns, and ideas from all of you that shape UX’s path forward. That is why we value your questions and we are committed to providing transparent, insightful answers.

In our September edition of the Community Ask-Me-Anything (AMA), we had the privilege of addressing your questions about UX and its leadership. Your questions touched on various aspects, from project tokenomics to the direction of UX's development. We understand that these questions are a reflection of your commitment to the UX ecosystem, and we're here to address them one by one.

Let’s dive right into it:

Question 1: How does Ojo accrue value to the UX protocol & the UX token? What percentage of ownership does UX have in Ojo?

Answer: Ojo provides oracle services to UX, ensuring the functionality of our lending and borrowing platform. It's a key infrastructure for UX's success. Ojo is open source and currently incubated by the UX core team with no ownership structure established yet.

Question 2: Is UX spreading its resources thin by incubating other things rather than scaling & building out the lending platform?

Answer: Everything we are building at UX is centered around leverage. Ojo, for example, provides the life blood of oracle services to the UX platform for lending and borrowing. Without an oracle, UX can’t function.

Question 3: What is the strategy for scaling TVL?

Answer: We are releasing a series of new products which will further enhance the functionality of UX. We are actively in discussions with other ecosystems for expansion and strategic partnerships. Stay tuned for announcements in the future.

Question 4: Why are certain discussions from the UX commonwealth forum not brought to a vote as a formal governance proposal? I'm talking about discussions regarding frax eth, somm, steth, etc.

Answer: The commonwealth forums and the governance proposals are the platforms for thorough discussions and expression of opinions.

Question 5: Can we have a list of team members working on UXs lending platform?

Answer: You can find our engineers on our Github: UX GitHub

Question 6: How is UX going to onboard Ethereum assets? Metamask & other Ethereum wallets are supported, and we have a bridge. What are the efforts to bring these to the UX platform?

Answer: Any assets we add require an oracle. If there's no native liquidity to generate valid prices, we need to build support to collect prices from other chains. We have been extending our oracle support for those bridged assets in order to list more assets.

Question 7: Is joining the AEZ still on the table? If so, when can we see a formal proposal?

Answer: We have been in discussion with various stakeholders on this topic. To join AEZ, we need to have technical clearance, as unlike other Cosmos chains, the UX chain has custom modules our validators run. Having said that, community is an essential component for pushing for AEZ. Any proposals and discussions from the community will be greatly helpful!

Question 8: How can UX be a part of AEZ and be secured by BTC via the Babylon chain?

Answer: We are pursuing the possibility of both as both require significant technical undertaking and we are validating the best route. Any feedback on this topic is welcomed and the best place for such a discussion is Commonwealth.

Question 9: Could you please tell me how your project tokenomics will change and why are you doing this? How will it affect investors, team, users of UX project?

Answer: We have recently made significant adjustments to UX’s tokenomics to better align with our project’s goals and the evolving marketing conditions. Please find all the detailed information about these recent changes in our official announcement. Users will experience changes in staking rewards, lending, and borrowing opportunities, and so staying informed is vital. We are actively working to enhance liquidity on UX by implementing strategic partnerships, attracting more users, and expanding our ecosystem. Our goal is to provide a vibrant and liquid marketplace for our community's benefit.

Question 10: When is UX integrating native USDC? Any incentives or strategies to kickstart this?

Answer: This is one of the next tokens we are going to list.

Question 11: What is the value thesis of the UX (UX) token? Asked another way, why would one want to invest in the UX token?

Answer: Similar to other Cosmos tokens, UX plays a crucial role in validator infrastructure, network fees, and governance.

Question 12: Would you consider burning UX to drive value for the token?

Answer: Absolutely! A big token burning event is already planned and ready to go. See this blog for more details.

It’s important to note that these tokens are not from the Community Pool, but from founders allocation and early backers!

Question 13: Would you consider building an outpost in Injective or some other economic symbiotic relationship?

Answer: We are definitely considering it! We are actively exploring an UX outpost strategy!

Question 14: Will you add the Injective token?

Answer: We always maintained an open stance towards new partnerships and token listings, with the ultimate aim of serving our community’s best interests. As of now, a discussion surrounding the listing of INJ is already live on UX’s CommonWealth, so only time is limiting us.

Question 15: Can we get closure on Tabu as it was highly touted and we feel let down?

Answer: We decided that Tabu should and needs to be led by the community. It is part of the Core UX team’s decision to focus on our core functionality, which is leverage.

Question 16: How is OJO connected to UX? I hear it's an independent business, so does it drive any value to UX?

Answer: Ojo is its own blockchain. It provides oracle service to UX so that our lending and borrowing functionality can function. Ojo is a key infrastructure for the success of UX.

Question 17: Is the 18-month roadmap still relevant (the same)?

Answer: We have been delivering based on the roadmap.

Question 18: Will you be hiring a new Spokesperson to be the face of rebranded UX?

Answer: We will! Know that we are active in all other fronts in communicating and delivering to be the best lending platform in the space. If you know someone fit for this position, please redirect them to UX Careers.

Question 19: Can you provide us with a 'State of the Union' speech for where we are with UX and where you see it going?

Answer: The UX chain is built to be the highest functioning lending and borrowing platform in Web3. Leverage can be applied to all core functionalities in DeFi, combining the power of AMM, derivatives, RWAs, NFTs, and many more. The UX chain is further deepening its collaboration with the Cosmos projects and expanding to new ecosystems through strategic partnerships with prominent stakeholders.

Closing Thoughts

Your engagement drives UX's growth, and we remain dedicated to our mission. Your input is invaluable, and together, we will continue building something remarkable.

Thank you for being an essential part of the UX community.

Warm regards,

The UX Team