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UXUY Explained - Command Center With Bitcoin Ecosystem Focus
A review of a wallet with extensive functionality that aims to make it as easy as possible to interact with different ecosystems, with BTC ecosystem focus
🔵 Introduction 🔵
@uxuycom is positioning itself as the next-generation decentralized multi-chain trading platform incubated by Binance Labs and based on MPC wallet. As a decentralized multi-chain trading platform, UXUY provides traders with instant cross-chain trading services for сoin, tokens, and inscriptions between public chains by establishing a uPool, a liquidity pool centered on stablecoins. Thus, UXUY is aiming towards web3 superapps with user-friendly UI and UX that take in both multiple native functionality and integrate other dApps inside their app. There is a lot of competition in the web3 wallet sector, so we take a look at what exactly makes UXUY stand out.
🔵 UXUY as MPC wallet 🔵
One of the main advantages of @uxuycom is that they offer within the Launchpad wallet app for BRC20 and overall this wallet offers broad ecosystem support around BTC with Lightning Network and Taproot. Also UXUY is a next-generation decentralized multi-chain trading platform incubated by Binance Labs and based on MPC wallet. As a decentralized multi-chain trading platform, UXUY provides traders with instant cross-chain trading services for Coin, Tokens, and inscriptions between public chains by establishing a uPool, a liquidity pool centered on stablecoins. Also, UXUY, unlike a lot of MPC wallets, supports different chains: Tron, Ethereum, BSC, Polygon, Arbitrum, Optimism, Avalanche, Fantom, Base, Linea and others.
Before we go any further, let's take a look at what exactly makes MPC wallets unique and how they differ from other types of wallets: Multi-party computation (MPC) or secure MPC (SMPC) is an essential cryptographic security measure that enables multiple parties to assess a computation without revealing any private information or related secret data held by each party. In addition, MPC Wallet allows you to do without seed-phrase/private key, which makes the UI much easier. As a result of technological advancements and the proliferation of the internet - data security and privacy protection have proven challenging, especially when data is spread across large distributed networks. MPC is a critical technique that provides a trustworthy solution to the problem of data security and privacy, especially in the context of blockchain applications. MPC support is implemented through strategic partner @Safeheron.
UXUY also has plans to launch an AA wallet to provide a more convenient and secure decentralized infrastructure.
Another notable feature is the decentralized GasPool solution, which allows users to make transfers and transactions without any gas limits. GasPool even provides users with an exclusive $10 gas credit with zero barriers for transaction gas fees. Furthermore, as part of the SuperApp paradigm, @uxuycom offers UY SWAP with liquidity provision in Upool and several other technologies and tools, which we will discuss below.
Thus, UXUY currently uses a 2-2 key sharding model where users own one shard and Platform Validators own another; users can choose different backup methods for their user segment, and Platform Validator segments are replicated across multiple clouds to ensure asset security. UXUY is currently developing a version of social recovery that will be upgraded to a 2-3 segmentation model. The third shard will be secured by a third party designated by the user, thereby providing diversified security and wallet recovery.
@uxuycom charges a transaction fee of 0.03% of the transaction amount, which is primarily used for the operation of UXUY services, marketing operations, and commission rebates from transaction fees. The miner's fee is collected on-chain and covers the cost of network gas for on-chain synchronization. It is collected by the blockchain network's nodes and miners, and UXUY does not charge users any additional fees.
🔵 UXUY as a SuperApp 🔵
Among the many wallets available, UXUY stands out by integrating several cross-chain DEXs and offering its own Multi-chain Pipe bridge. Additionally, it places a significant emphasis on the BTC ecosystem.
Another notable feature is the decentralized GasPool solution, which allows users to make transfers and transactions without any gas limits. GasPool even provides users with an exclusive $10 gas credit with zero barriers for transaction gas fees. Furthermore, as part of the SuperApp paradigm, @uxuycom offers UY SWAP with liquidity provision in Upool and several other technologies and tools, which we will discuss below.
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Pingu Exchange will drop 5% of $PINGU total supply to $MOBY stakers in a giga-size Alpha Chest.
Learn more about Pingu impressive statistics and rapid growth:
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🐧🐳
No more CEX, New Onboarding
-The Gateway for EigenLayer and Babylon -
Hana Network enables chain abstraction with seamless onboarding in a single interface to @eigencloud and @babylon_chain ecosystems.
More details👇
https://t.co/AaTe0LvLM3
Partnership? Did someone say PARTNERSHIP?
🔄 Retweet x ❤️ Like x 📜 Follow
10,000,000 $SCROLLY to be distributed among those who engage.
If Scrolly sees that you appreciate his first partnership, he might share more details later today.
$SCROLLY🌴
Dewhales announces strategic partnership with @KelpDAO!
Realising the importance of infrastructure for restaking and the thorough approach of @staderlabs and Kelp in building infrastructure for LST and LRT, Dewhales members decided to partner with KelpDAO and provided 1300 ETH to KelpDAO.
Kelp is a collective DAO designed to unlock liquidity, DeFi and higher rewards for restaking assets. This is combined with the convenience of a single token with restaking for accepted LSTs. rsETH, previously introduced by Stader, will now be developed under the Kelp brand.
Kelp is powered by @eigencloud technology. And for the average user, direct interaction with Eigen Layer's restaking protocol can be quite complex and costly due to users having to rely on different node operators, also the complex reward structure requires a lot of digging and care given the high gas commissions, and the re-staked ETH itself loses liquidity.
Kelp solves this problem with rsETH, which offers to simplify the entire process for users - a single restaking liquid token (LRT) that can be issued against LSTs taken as collateral on Eigen Layer. rsETH allows partial ownership of the delivered assets, provides easy access to both restaking and DeFi, and utilises the ability to compose in DeFi. It also addresses issues such as the complex remuneration structure and high gas commissions. In addition, the LRT DAO selects validators and services to recapture ETH with possible options for validators to join in the future without authorization. An architecture with multiple pools can facilitate this process.
The main modules managing rsETH include the deposit pool, node delegator, rewards marketplace and withdrawal manager contracts.
You can read more about organising the architecture in Medium KelpDAO: https://t.co/INL80bCVa3
With LRT, Kelp offers a solution that enhances liquidity, flexibility and the ability to earn higher rewards.
Since the launch of LSTs such as Lido, Rocket Pool, primitives from Frax and Coinbase, a huge LSDFi infrastructure has been built around liquid staking, which has already spun off into a separate area of the crypto industry. And protocols working with staking are a new round of evolution of this direction.
@ravers1917@FatManTerra Absolutely correct. Everyone who reports directly to him most likely submits expenses to him. There are probably even secondary approvers. Regardless if it is a $60 or $6000 expense. All he does it probably go into the system, and clicks approve. Probably even in bulk.
🎉 GIVEAWAY 🎉
We have two Ledger NANO Xs to giveaway for #NoCEXNovember
To enter the competition:
➡️RT, like and follow⬅️
Ledger was the FIRST hardware wallet to support StarkEx L2s like rhino🦏
And following the #FTX collapse, @Ledger just had their busiest ever week!💪
On our quest to onboard the next 100 million citizens to the Metaverse, we are delighted to be accompanied by an incredible group of backers led by @dragonfly_cap, @PanteraCapital and @hashed_official.
Join us in our journey to build the #Metaverse! 🚀
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