UCET is a decentralized stablecoin with no pre-mining. Every time users deposit cryptocurrency on the UCET Hub, the protocol mints UCET and directs it to the pool, ensuring that each UCET is backed by cryptocurrency. UCET Hub v1 only accepts native cryptocurrencies for each blockchain, such as SOL, ETH, etc.
By depositing your cryptocurrency in the UCET Hub, you earn commissions from the pool and mine UDF tokens.
Additionally, any user can exchange their cryptocurrency for UCET and vice versa. This is facilitated through our one-way automated market maker (OAMM), which is a modified version of the well-known AMM with significant changes implemented by us. In the OAMM, the formula k = x * y is used, where k is normally constant, but in the OAMM, k is dynamic and determines the price for asset x only, while asset y remains unchanged. This dynamic nature of k causes the price of asset x to change relative to asset y, while asset y maintains a super stable position. To achieve this, we leverage the ability of smart contracts to mint and burn tokens. For example, when Alice provides SOL to acquire UCET, the UCET protocol adds her SOL to the pool and mints the corresponding UCET, which is then given to Alice. The minting process is constrained by the value of y. It is crucial to have a large pool size to ensure a secure and seamless interaction.
While UCET is highly stable in relation to cryptocurrencies, it is not pegged to any fiat currency
