Universal Protocol to Cease Operations on November 17

The token wrapping protocol Universal Protocol has announced its decision to shut down due to the failure to achieve a scale that meets the requirements for long-term sustainable operations. The Universal Protocol will officially terminate on November 17, with a transition period of 60 days during which uAssets will maintain a 1:1 backing with the underlying assets, and the infrastructure will continue to operate normally. Users can sell uAssets through the Universal app or directly redeem the underlying assets via the minting and redemption interface; large redemptions can be processed by contacting the official email. After November 17, any remaining uAssets will be redeemed through smart contracts, with six types of uAssets on the Base chain (uSOL, uXRP, uDOGE, uADA, uBTC, uLTC) being exchanged for their corresponding bridge assets, while the remaining uAssets will be converted to USDC.

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