Below are some common questions regarding the minting/redeeming process.
Who is allowed to mint/redeem UXD?
Users in non-restricted jurisdictions are able to access the UXD website and mint/redeem UXD. By accessing the website and minting/redeeming UXD, you are agreeing to the Terms and Conditions and acknowledge that you are not in a restricted jurisdiction, such as the United States.
Is there a minimum mint/redeem size?
Minimum size is 0.01 SOL (equivalent to ~$1.50 at the time of writing). This minimum size is due to backend integrations with the derivative exchanges. Transactions to mint/redeem UXD for sizes smaller than 0.01 SOL will fail automatically.
What asset(s) can be used to mint UXD? What assets can UXD be redeemed for?
Currently, UXD can be minted using SOL. Conversely, currently UXD can only be redeemed for SOL. Note that both mint and redeem operations require paying trading fees to the underlying derivative exchanges. UXD Protocol does not take any fees.
Are there any caps in place related to minting?
At launch, there will be a 1,000,000 UXD supply cap globally. There will also be an individual wallet cap of 10,000 UXD. These caps will be raised according to certain milestones. Full information regarding the minting cap can be found here.
Why is the mint/redeem not exactly 1 UXD = $1 of crypto asset?
This is due to the underlying derivative exchanges taking trading fees, as well as from slippage during the trade execution. UXD Protocol does not take any fees.