Universal's Wind-Down Tests 1:1 Token Backing Promise
Universal has announced that it will be winding down its operations by November 17, giving holders of its uAssets 60 days to decide how to exit. The company's decision comes after two years of operation and failed adoption at a sustainable scale.
The protocol will continue operating through the wind-down period, with existing infrastructure and reserve backing remaining available. Holders can sell their uAssets through the Universal app or redeem them for the underlying cryptocurrency before November 17.
After this date, holders will need to use a forthcoming smart contract to redeem their uAssets. The company has listed six Base tokens that are expected to become redeemable for corresponding bridged assets, while other uAssets will be redeemable for USDC.
The value of USDC redemptions is still unclear, with the price source, valuation time, and any fees or minimum redemption amounts yet to be published. The company has warned that larger redemptions may take longer than usual due to increased activity.