UX Chain to Shut Down by May 15 After Gradual Suspension of Operations
The Cosmos ecosystem lending blockchain said users must close open positions before platform-wide liquidation starts on April 30, while reserves and treasury funds will cover a funding shortfall.
Summary
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Terms & Concepts
Lending blockchain: A blockchain-based protocol that enables users to borrow and lend digital assets through onchain financial services.
Liquidation: The forced closing of open positions when a platform unwinds user exposures or collateralized loans.
Cosmos ecosystem: A network of interoperable blockchains designed to communicate through shared infrastructure and protocols.