Unity ("UTY") Overview
Last updated
Last updated
$UTY, also known as Unity, is a digital synthetic dollar (DSD). Unity is a delta-neutral asset and serves as the synthetic dollar at the center of XSY’s ecosystem of decentralized financial products.
Whitelisted users can mint $UTY with various assets, starting with AVAX, USDT, or USDC, that are used to construct the synthetic delta-neutral backing of $UTY.
By using $UTY within XSY’s defi partners, like LFJ and Aave, users can earn a portion of the rewards available for early $UTY adopters.
A synthetically delta-neutral asset is a financial position built using derivatives such that changes in the underlying asset price has little to no effect on the position's overall value. In Unity’s case, It works by splitting the collateral backing the assets into two offsetting positions:
A long spot holding of the native protocol asset, e.g. AVAX, and
A short of native protocol asset perpetual future.
Minting of $UTY is not available to the general public today but you can register for our waitlist by sending an email to: info@xsy.fi to be one of the first users.