Introduction to UX
What is UX?
UX is a cross-chain decentralized lending hub built as its own Cosmos-based blockchain. UX leverages the Inter-Blockchain Communication Protocol and various bridging solutions to facilitate interoperability between the Cosmos Ecosystem, Ethereum network, and alternative base layer protocols.
What Does UX Do?
UX is a decentralized lending hub as a base layer blockchain. Initially UX's decentralized money market will enable anyone to lend and borrow assets trustlessly, without the need for permission from a centralized third party like a bank. As a base layer blockchain created with interoperability in mind, DeFi applications can be built on top of UX in order to serve various needs that cannot be met by digital banking products or DeFi apps built on top of other more limited blockchains.
UX's decentralized money market users are able to lend and borrow assets trustlessly because, unlike traditional money markets which allow borrowers to borrow more funds than they provide as collateral, decentralized money markets require proper over-collateralization before a loan can be issued. This means lenders won't be left hanging if borrowers fail to pay off their loans since the borrowers' collateral will automatically be auctioned off to repay the loan.
By removing the need for a centralized third party to facilitate lending and borrowing agreements, UX provides a more seamless and transparent experience for all debt market participants. UX enables lenders to earn a greater portion of interest generated from lending their assets, and borrowers to access rates that are often more favorable than those offered by banks. Anyone is able to access services provided on the UX chain regardless of things like their location or financial history.
Who Should Use UX?
UX is ideal for:
- Builders in search of steady long-term focused capital;
- Investors looking to diversify their risk/return profiles;
- Debt market participants seeking cross-chain liquidity;
- Crypto users holding idle assets.